While owning a marina can be an incredibly rewarding experience, it also presents unique challenges. Unlike other businesses, marinas and yacht clubs are partially submerged in water by their very nature. Therefore, these companies are at an increased risk for environmental damage that can reduce the quality of the marina and, ultimately, the revenue it brings in. By investing in marina liability insurance, you can transform your property into a safe harbor.
Examine Your Options
There are many different types of insurance available to marina owners. While some types of insurance are beneficial to all types of marinas, others are more specialized. Depending on what services you provide, try to find a company that offers the following options:
- Facility and grounds coverage
- Worker’s compensation
- Pollution and oil spill
- Member property
- Hull and liability coverage
- Regatta liability
- Sailing school training
Know Your Insurer
The best insurance companies will have a well-established history of insuring marina owners. Look for companies able to provide coverage specific to your needs. Ideally, the staff of your insurer will have plenty of experience on the water, making them better equipped to suggest marina liability insurance that will cover any damages to which you may be susceptible.
Don’t let your unprotected marina sink your business. Find a reputable insurance company able to help you protect your investments and keep you, and your business, above water.