As a marina operator you are charged with providing a safe berth for the vessels that moor at your location. With that responsibility comes a heightened exposure to liability in the event of an accident or incident that damages a customer’s boat.
Batten the Hatches
Legally, your business is liable for damages related to vessels in the “care, custody and control” of the marina. Without a comprehensive package of marina liability insurance, you could face potentially damaging financial consequences in the event of a large claim.
Coverage can be tailored to meet the needs of your business, but some general standards exist. Typically, a policy should cover damages suffered during:
- Storage, on land or in the water
- Dry dock maintenance
- Launching or removing from water
- Limited “test” drives within a designated range from the marina
Many options exist within marina liability insurance. Endorsements to provide coverage for regattas, sailing schools, charters and marina-owned, borrowed or rented vessels can be added. In addition, protection can be provided for your facility and grounds. Depending on your location and the scope of your operation, the following endorsements may be considered:
- Workers compensation
- Pollution/fuel spill
- Directors and officers
- Errors and; omissions
Take a long look at your business’s risk exposures. Consult an experienced agent or broker who can recommend a comprehensive policy of marina liability insurance.