Multifaceted insurance for boat and yacht builders can be vital to the continued success of the business. The unique complexity of this industry often creates specialized needs that require these companies to seek out experts in insurance for yacht builders. It is important for them to find an insurance provider that specializes in the marine industry, which is able to cover the business, its assets, as well as the boats, from the design phase, through construction, sea trials, and the delivery to the dealer’s or customer’s location.
The insurance needs of these businesses likely include the usual provisions for workers compensation, liability, theft coverage, business property, and inventory loss that most other businesses normally require. Insurance for yacht builders should also include coverage for additional items such as the piers, docks, lifts and other special equipment that can be affected by flood and wind damage. Any boats or yachts under construction that could be lost or damaged due to weather or theft incidents need to be protected by the policy as well. Hull coverage and protection and indemnity insurance are usually required as is legal liability coverage for Marina Operators and Ship Repairers.
Regardless of whether the company builds boats for commercial or recreational interests, finding an insurance company that is experienced in the unique needs of the boat and yacht construction industry and can deliver a high performing product at competitive rates is integral to the yacht builder’s future success and stability.