Providing bespoke shipbuilding services can be an exciting way to express your creativity, but it is a niche in the industry that is not as widely understood as commercial ship repair or standard shipyard services for commercial vessels. At the same time, the market for custom yachts has been growing as a new class of super consumers comes of age, so it’s no surprise if your business has been growing steadily. Finding boat builders risk insurance for companies focused on the private yacht market is the best way to make sure your insurance is built to suit all your needs, without any gaps or over-insured areas.
Unique Features of the Yacht Market
While yacht builders cater to both individuals and corporations, their commercial contracts are not like those for other commercial vessels, which are used for purposes like commercial fishing or shipping. Instead, they’re still built to cater to a luxury recreational experience, and that changes the kinds of third party liability you encounter. The best coverage for yacht builders will be able to distinguish the liabilities you face for both private and corporate clients with nuance, including coverage for repairs and renovation operations as needed. That includes fine-tuning coverage if you add services like at-sea repair calls or drydock maintenance. Those changes are easy to make when your insurer has already worked with businesses that provide services like yours.