Operating a shipyard comes with risks and exposures not evident in other lines of business. Determining the type of shipyard insurance your business needs can be complicated. Here are some common types of insurance coverage your shipyard needs.
Ensure you have a general liability policy specific for marine companies. As a business that operates both on and off the water, you need a policy that addresses those risks.
As a business with employees, a workers compensation is required. The policy premium depends upon the risk management strategy of the company, number of employees and their classifications.
Pollution insurance is necessary for the shipyard and any vessels the shipyard owns. The nature of pollution insurance has changed, speak with your agent about any policy changes you may need to make to stay in compliance.
Repairing and maintaining ships puts your shipyard at risk for legal liability. A company’s vessels are in your care and if something goes wrong during your care, they can sue your company. Protect your business with legal liability insurance specifically for marine companies.
While not a comprehensive list, these shipyard insurance policies can help your company stay in business. When in doubt, ask your experienced agent or broker about the inherent risks and required policies you need.