Boat dealers buy and sell new and used boats/motors/trailers. This places some very real risks on the marina owner/operator and a properly written insurance policy can reduce and eliminate these risks.
You need to make sure that the inventory value is sufficient to cover any potential loss due to theft, fire, wind, hail, flood, or over the road accident.
Does your policy have a coinsurance clause? If so, if the inventory is not properly valued, you could be penalized many thousands of dollars in a claim.
Is the coverage replacement cost, actual cash value, or agreed value? This can have a dramatic effect on how any claim is paid and you need to have a clear idea of how this can impact you.
Water Risks Associated With Demo Rides, Weather, or Repair Operations
As a marina owner/operator who sells boats/motors/trailers, you may offer demo rides to potential customers. Anytime you have people on board a moving boat on a waterway, there is a risk of injury or death in the event of an accident. Accidents can be related to mechanical failure, operator error, the weather, or from another boat operating on the waterway. There are concrete things you can do to reduce or eliminate risks associated with demo rides.
On the water repair operations also come with risk including your own workboat, employee concerns, watercraft operation, and liability during the repair operation as well as after the work has been completed.
Auto Towing of Boats/Trailers
You may be towing inventory boats/trailers to boat shows, or to deliver newly sold inventory. This towing comes with significant risk due to driver issues, towing hitch and truck/trailer lighting, trailer brakes, road conditions, traffic, and weather. There are many things you can do to reduce and eliminate risk associated with towing.
As a marina owner/operator with boat/motor/trailer sales, it is critical to choose an insurance agent who specializes in your industry and can help design a risk reduction/elimination insurance program. We want to be your specialist! Please call toll-free 1-855-903-7170 or email Doug Timmons to discuss your insurance program.