Watercraft & Boat Insurance
Watercraft & Boat Insurance Information
If you rent boats, it is critical that you have the proper watercraft liability protection. This operation is probably your biggest risk of loss due to your rental boat being occupied by potentially numerous people. If there is an accident with another boat, that other boat may have numerous people on board. Of course, if any person is ejected from a boat, the chance of severe injury or death is dramatically high.
Dealer inventory boats
If you sell boats, you will also have risk associated with demo rides for potential customers. These are generally the same types of risks as listed above, but also include the added risk associated with commercial auto (driving the people to the waterway where the demo ride will occur).
You most likely have a workboat(s) that are used by you or employees to work around the marina or to travel away from premises to tow boats or do boat repairs. You need to be insured properly so that all risks associated with the boat operation are covered.
Umbrella / Excess Liability
Due to the severe risk associated with the above operations, it is very important to discuss purchasing an Umbrella / Excess Liability policy. In the unfortunate situation that your marina is sued due to a boat rental accident, if multiple injuries or death has occurred, the claim could be in the many millions of dollars. A standard liability policy will likely be limited to $1 million per occurrence and could be insufficient in a severe claim situation putting the survival of your business at risk.
Fortunately, there are many things you can do to reduce or eliminate risk associated with your boats and we can help you design a risk reduction program as part of our normal customer service.
Due to the severe risk associated with these operations (especially rental boats), it is extremely important to consult with a marina insurance specialist! We are ready to be your specialist! Please call toll-free 1-855-903-7170 or email Doug Timmons to discuss your insurance program.