Your business as a yacht or boat builder likely includes strategies to build high-quality and outstanding craftsmanship into the vessels you are manufacturing. To protect all of your hard work, you owe it to your business to choose specifically designed insurance for yacht builders.
Comprehensive Policy Coverage
Policies tailored to yacht builders offer broad coverage for perils specific to this segment of the marine industry. A typical yacht builder’s policy includes general commercial property coverage and general liability, hull builders risk, piers and docks coverage, and protection and indemnity for vessels. Additionally, a comprehensive policy will cover risks more specific to yacht builders, such as coverage for sea trials, delivery, and even environmental risks such as sudden accidental pollution.
Why You Need Coverage
Whenever you offer a product to the public, there is always a potential for liability. Accidents can happen, parts can fail, or things can just go wrong. The boating industry continues to become more regulated and complex. All it takes is one large settlement and you could be out of business overnight.
Choosing the proper insurance for yacht builders can protect your business from the beginning stages of development through to sea trials and delivery. A comprehensive policy will also offer workers compensation coverage for your employees and liability protection for your directors and officers. Meet with a local licensed marine insurance specialist and build a safe harbor for your business.