Yacht Club and Marina Insurance
Yacht clubs and marinas require a number of different types of insurance in order to provide protection from all the different exposures that they have to face. If you own, operate or are considering starting your own yacht club or marina, it is important that you have all the facts regarding proper Yacht Club Insurance and what types of coverage can be included with your policy.
A commercial insurance policy that is specifically designed to address the needs of a yacht, boat or sailing club is the first product that you need to consider. The first type of coverage that you will want to include in this policy is standard Commercial Property Insurance. This will protect your business against fire and other hazards. You will have coverage for your building, the contents of your building as well as loss of business income coverage.
Inland marine insurance is also a good type of coverage to include in your sailing, yacht or Boat Club Insurance policy. This will provide you with coverage for your mobile properties, such as your golf carts, trophies and radios just to name a few.
Perhaps the most important type of coverage to include in your policy is General Liability Insurance. However, it is important to note that this type of coverage is very broad. It will not sufficiently protect your yacht club or marina from all of the various types of liability associated with the public, visitors and members of your club. Tom and Keith Amirault of Fairway Insurance Services Inc. in Digby, Nova Scotia, will help you to adequately assess your liability coverage needs to make certain you have the type and level of protection to meet the needs of your unique business.
Finally, another type of Commercial Insurance that you may want to consider for your Sailing Club Insurance policy is employee dishonesty coverage. With this type of coverage, you will be protected against the loss of property or finances at the hands of an employee.
Additional Coverage Options To Consider
There are some things associated with your yacht club and marina that may require you to obtain separate coverage. In most cases, a yacht club will also own boats that are used as committee or patrol boats. Your Yacht Club Insurance policy will need to include coverage for any boats that you lend to sailors either for racing events or instruction.
Your liability coverage may be secured under your general liability insurance policy or under the main policy as "protection and indemnity". You will also need to consider coverage to protect any club employees that are considered to be the crew or master of any vessel that is owned by your yacht club.
Fairway Insurance Services Inc. has been providing Boat Club Insurance to associations and marinas for a number of years. Our brokers can provide you with valuable advice and a risk-free quote.
Non-owned and borrowed vessels may come to your club in a variety of ways. Members may volunteer their boats to serve as rescue boats or committee boats. In addition, someone may lend a boat to your club for racing or some other purpose. Your policy will need to include liability coverage and hull coverage, according to any arrangements that are made with the owners of such vessels.
As with the case for most yacht clubs, it is likely that you provide dock slips to your club members. This will expose your club to risks on the same level as those of a marina. Your club as a responsibility and a duty to provide secure and safe mooring to your members. This unique exposure will be protected through Sailing Club Insurance. The vessels and other items that are left in your control, custody or care will be covered.
If your Nova Scotia yacht club has one or more employees, there are a couple of other types of insurance that you will need to include in your policy. DAS Legal Expense coverage will help to protect you against any claims made by employees that are injured on the job at your yacht club. In addition it will protect you against claims made by existing, former and prospective employees that may include wrongful termination, failure to hire, harassment and other employment related claims.
If you want be a successful yacht club owner, you need the right Boat Club Insurance policy to protect everything that you have worked so hard to create. In order to find out which types of coverage you need to protect your business, click on the quote request button to connect with Fairway Insurance Services Inc. and get started right away.
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