Boat owners and yacht owners are right to have questions about their insurance coverage, such as looking into the right kind of programs to keep their vessels safe and what to do when an accident happens out at sea. But what about when a boat is docked in a boatyard? Is it the boatyard’s fault in any way?
Coverage for boatyards is a necessity for those who offer harboring to boat and yacht owners. But trying to figure out which coverage is needed in this very specific area can be tough to understand.
Types of Marine Insurance
Local coverage for southeastern boatyard owners, such as marine insurance carriers, can provide comprehensive coverage to protect against any number of liabilities and risk exposures. Marine insurance is a broad category that includes many different types of specified coverages. Key coverages include:
- Cargo Insurance: This product offers coverage for product losses when products are being shipped overseas or kept in a warehouse prior to or following overseas transportation.
- Marine Liability: This is a broad piece of coverage for specific types of marine businesses, such as boat dealers, terminal operators, and rental companies.
- Pollution: The new regulations on pollution throughout the shipping industry with IMO 2020 are also bringing up the conversation of pollution in the marina industry. This insurance covers costs related to pollution from fuel spills and other related events.
- P&I: Also known as protection and indemnity insurance, P&I is usually offered in conjunction with marine hull insurance and covers ship owners against liabilities for damage to property as well as bodily injury.
- Hull and Machinery: This covers damage to a vessel’s hull, machinery, and equipment caused by collisions and other ocean-related accidents.
Boatyard owners and operators should also be sure to invest in marine general liability coverage. There are many different forms of marine general liability coverage due to there not being a standard form of coverage. Usually, the forms cover liabilities for operation of non-owned watercraft with no length restriction or a certain length of time for coverage.
For ships and yachts that are docked in a boatyard and are waiting to be repaired or are just being stored, there is ship repairers legal liability insurance. This program offers coverage for the gap left over by the marine general liability insurance policy, which can exclude any vessel in a boatyard’s care, custody and/or control.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.