Marinas and yacht clubs can face considerable risks of protecting the boats, docks, and visitors to their property. Storms can damage boats, guests could be injured with a fall, or theft could occur. Recreational marine insurance programs can cover the financial damages due to fire, wind, injuries, theft, vandalism, and other recreational marine risks. In addition to basic liability coverage for accidents and injuries, and basic property coverage for fire, wind, theft, and vandalism, marinas and yacht clubs should consider additional types of recreational marine insurance such as flood or hurricane damage, dock insurance, and general commercial liability for community and event spaces.
It can be vitally important to have proper insurance coverage before an accident or loss occurs. Marinas and yacht clubs can be liable for damage to boats and other property owned by members and other guests. Many insurance coverages cannot be claimed retroactively, and any business may find themselves served with a claim or lawsuit. Even if the business is not found liable, many types of insurance can also help cover legal defense costs. Since each marina and yacht club can have different risks than another because of location, size, or state regulations, marinas should invest in an experienced insurance provider which specializes in options for recreational marine insurance programs.