The entire marina industry enjoys continual growth opportunities with every coming year. It also faces new challenges with this growth, often leading to unpredictable costs, and the possibility that anyone involved in the business could one day experience a catastrophic loss. This means investing in the protections that can keep a business profitable and able to withstand any storm that comes its way. By utilizing risk management solutions specifically for the maritime industry you’ll reduce many of the exposures that could one day be an issue.
This requires enlisting the aid of an insurer with specialized marine expertise. By working with a knowledgeable broker you can be assured that he or she will help you in determining and prioritizing exposures that you may face and also help to decide how much risk your balance sheet can retain. Your purchase of insurance for marinas can keep you afloat and keep you riding high on smooth waters.
Most marine insurance policies provide coverage in the event of a sinking. But the extent of the coverage depends on the reason why the vessel sank. An accident will generally be covered, while a yacht that is left in bad repair, or is deemed “unseaworthy” and winds up lost at sea will probably not be covered under most policy agreements.
Many smaller boats and personal watercraft can, if not properly stored, be easily stolen. This is why most policies for insurance for marinas will include additional security requirements for these types of vessels. For example, there will often be a requirement that the vessel is anchored to an immovable object and fitted with a proper locking device.
The last thing you would want to have happened is a situation where your insurer rejects a claim because it says the security requirements were not being met by you, the insured. While the security requirements should have been brought to your attention, this may not always be the case. Since you value your expensive property it would behoove you to take the necessary precautions to ensure that all valuable equipment is kept under lock and key.