Operating a business on or near large bodies of water can create a few specific obstacles. In order for you to protect your slips and docks, it is important to take time to review how to best insure your establishment. Marinas and similar businesses must adhere to specific regulations that dictate how insurance works. For example, individual liability policies for anyone who owns a slip under your marina is a very wise idea to protect yourself and your assets.
Create Balanced Contracts
Before you work up any marina slip contracts, you want to review the ins and outs of all aspects of your potential policy. If you want to create good relationships with those who rent slips or docks under your business, you absolutely want to keep this in mind with your insurance coverage. If you offer a policy that seems heavily in your favor, it may dissuade potential clients from working with you. Creating a fair and sensible policy that protects you and your renters is the best way to see success. Other areas to pay attention to include:
- A waiver of subrogation
- Options on prorated refunds
- Methods of handling slip fees
Understand Your Options
Taking out a sensible plan of insurance for your marina begins with research. Give yourself time to weigh out each option presented to you and see how easy it is to find a perfect fit.