When you are in business providing boats or yachts to the public, there are many risks and liabilities that accompany everything from the initial contract to the manufacturing process and the final delivered product. As these numerous exposures are much too specific for a general liability policy, the industry experts at Merrimac Marine Insurance advise securing several policies or specific endorsements to address each area of liability.
If your specialty is your ability to construct high-quality watercraft, your first area of liability can be addressed through boat builders insurance. This a coverage that will accompany your project from the start of the construction all the way through to sea trials and the final launch of the vessel.
Areas of Exposures
Beyond the physical construction of the boat, your company will face liabilities in the areas of paperwork, contracts, employee concerns, federal regulations, and land-based operations. Your company will want to have a general liability plan in place to help with areas of injury or property damage, as well as:
- Employee benefit plans
- Commercial auto
- Product liability
- Pollution Coverage
- Inland marine coverage
The extent of the insurance protection you secure should be adequate to the total loss or exposure your company faces given its size and operations. A broker specializing in marine-related insurance will be able to guide you on what coverage needs your business has.