Marinas need comprehensive insurance coverage as part of their risk management strategies. Adequately coverages may require a package of multiple policies that are commensurate with the risks inherent to a marina’s operations.
Property Damage
Physical damage to the premise can be costly to repair, and use of some or all of a facility may be impossible until restoration is complete. Marina insurance essentials must effectively address the financial harm caused by physical damage to a property.
General Liability
A policy that provides general liability insurance can pay for basic claims that a third-party could bring against a marine. A claim initiated by a slip renter alleging that the marina’s negligence resulted in damage to his or her vessel could fall under the parameters of a general liability policy.
Business Interruption Coverage
Inability to generate revenue due to unforeseen forced closure can represent catastrophic losses for a marina. Business interruption insurance makes it possible for marinas to continue meeting outstanding obligations until they are able to resume bringing in revenue.
Workers’ Compensation
Participation in workers’ compensation is an indispensable safeguard for businesses. Depending on a company’s size and activities, participation in a state’s program may be a legal requirement.
Marinas should review their coverage to identify possible gaps. Supplementing coverage can mitigate risk exposure considerably
