The boating industry has a lot of risks, despite the glamourous lifestyle that those who own yachts and private vessels share with society. For marine contractors and those who engage in commercial or resident construction activities around the water, there are a number of exposures that can threaten construction and interrupt a way of life for many open water fans.
Coverage in Time of Need
It is estimated that about 40% of all business owners will shut down their business after experiencing a disaster. With weather events and fire potential being great threats to marine contractors, the information found at https://www.marinersins.com/ recommends that each business purchase boat builders insurance. It is best to have something you don’t need than to need something you don’t have.
Areas of Coverage
Most commonly, the following areas are included in marine contractors’ coverage.
- Marine general liability includes coverage for both completed work and products.
- Marine contractor’s liability takes care of property damage for marine structures.
- Commercial hull/protection and indemnity protect a vessel owner from legal liability and physical damage to the ship.
- Marine umbrella is excess liability protection.
- Property and casualty coverage includes property and auto situations as well as business interruptions.
Any marine contractor needs to check with an agent for a comprehensive coverage policy. It could save your business.