Commercial Property Insurance
Commercial Property Insurance Information
Land Property or Floating Docks – You need to make sure your assets are properly protected!
Land property can be in the form of buildings, outdoor signs, inventory, equipment, etc. Threats to these assets include, but are not limited to, fire, wind, hail, vandalism, theft, weight of ice/snow. If you experience a loss of assets due to one of these perils, it is critical that your assets are insured properly.
Floating docks are at a greater risk of loss due to many factors including structural movement from wind/wave, different types of dock construction, different anchoring systems, different floatation designs, and different weather patterns. Wind and weight of ice/snow are primary threats to floating docks, but fire can also be a huge threat due to your fueling operations and fueled boats being stored in dock slips at your marina.
Some things that are critically important to protect your property and docks are:
1. Is your property insured at replacement cost or actual cash value (or something else)?
2. Does your policy have a coinsurance clause in it? If so, do you understand how that can affect you in a claim situation?
3. How were your property and dock values determined?
4. What type of deductibles do you have and how large are your deductibles?
5. Do you have the appropriate amount of debris removal coverage?
6. What steps have you taken to reduce risk of fire?
7. Do you have “loss of business income” coverage?
There are many more that need to be addressed by your agent and only someone specializing in your industry can properly do that!
Of course, having the best available insurance is terrific, but due to high deductibles (especially on floating docks), coinsurance, potential depreciation, and rising insurance rates due to property claims, it is very important for marina owners/operators to take steps to reduce or eliminate the risk of property loss whenever possible.
Marina Insurance Specialists is focused on providing tools to our marina clients to reduce or eliminate risk. These tools are free of charge to our clients, and help to lower your long-term costs of insurance.
We look forward to working with you to design the very best insurance program at the best value available! Please call toll-free 1-855-903-7170 or email Doug Timmons to discuss your insurance program.