Marina and yacht club owners run a wide range of risks in offering their services to boat owners. Accidents and injuries are unfortunately an ever-present threat during regular operations. By covering for these risks, insurance for marinas provides peace of mind for marina and yacht club owners.
The two main risk areas that a smart marina owner should manage for are property damage and liability. A careless or inexperienced boat owner may cause damage to the marina’s property or to another yacht club member’s boat. Insurance can cover the cost of these damages. Inclement weather, such as severe storms, can also cause inadvertent damage to boats that are stored at a marina.
Liability policies insure a marina owner for costs related to injuries that occur on marina property. A third party may file a lawsuit as a result of an injury that occurs at a yacht club, and insurance can cover for legal expenses due to these types of accidents and injuries.
Insurance for marinas is an essential way that marina and yacht club owners manage the risks of doing business. A policy that takes into account both property damage risks and liability goes a long way to ensure that marinas are covered in the event of an accident or damage.