Marinas Need Liability Coverage for Visiting Watercraft

While a marina may not handle large passenger or cargo ships, that does not mean marina liability insurance is not important. A docked boat that stays a day, a week or longer requires some amount of protection. Here are some common types of marina liability coverages.

Ship Repairer’s Legal Liability

A ship that docks for repairs is still at risk for further damages. Liability insurance covers any accidents involving negligence of workers or other boaters in the area. Any marina that performs repairs needs this kind of coverage to prevent losing money for their services.

Marina Operator’s Legal Liability

It is one thing for marina insurance to cover damages to marina property, but what about when non-marina property is damaged? When watercraft not owned by the marina is at the marina, then the marina could be liable for any damage that happens. Some reasons watercraft may be present include:

• Alterations
• Maintenance
• Storage
• Mooring
• Refueling
• Launching
• Hauling

Marina liability insurance is important to protect a marina from costs associated with damage at a dock or other marina property. Whether customer watercraft is present for repair or some other reason, accidents that cause damage can be covered by the marina’s liability insurance. A marina protected by the right liability coverages is less likely to incur excessive costs when something goes wrong.

How to Keep Your Business Afloat

marina liability insurance

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.