Marina Insurance

Business income insurance or business interruption insurance helps to provide income for your marina business if there is any reason that your business cannot continue to operate. Even when you have plans in place for business continuity, there can be various situations when you might have to temporarily shut down your business or reduce your activity. Business income insurance replaces lost income while you are trying to get your business back to normal again. You shouldn’t be without income for months while you carry out repairs, rebuilding or anything else required to get back on your feet. Loss because of flood is typically excluded.

Some marinas are involved with the transportation of goods delivery of cargo away from ports. Inland marine insurance can cover the goods that you transport from port to destination to provide protection at all times. Inland marine insurance can protect property in transit, as well as property in the custody of a bailee, property deemed to be an instrumentality of transportation or communication, mobile medical equipment and contractors equipment.

Many marina businesses handle products as part of their operations, whether importing, manufacturing or distributing them. Product liability insurance protects your business if someone claims that your products have caused them damages. It’s especially useful to have this type of insurance if your products have a higher risk of causing harm to the user or their possessions. This policy is the initial layer of defense against lawsuits, whether or not they have merit. Bodily injury or proper damage is required to trigger coverage and defense.

There are various mechanical and electrical systems required for the running of your business, from HVAC to your security system. Systems breakdown insurance is designed to help you if you have any problems with these systems by covering costs to repair or replace equipment. Commercial property insurance can help to protect these systems in some situations, but won’t always provide coverage if damage occurs. Having a separate insurance policy to cover the systems helps keep your business running. Equipment breakdown insurance is increasingly replacing traditional boiler and machinery (BM) insurance, in part simply because the title is more descriptive of the coverage provided.

Protect the buildings and property of your marina business from events such as fire, theft or adverse weather. This type of insurance is one that any business needs, but marina businesses can have special needs  If you want to choose an insurance policy designed for your business, working with an insurance expert that understands the marina industry and offers appropriate insurance coverage will help. When you require repairs or replacements for buildings and property, your insurance will help to cover the expense. This includes direct physical damage to listed building structures and attached equipment. For your buildings, It’s important to check for reconstruction value, to include coverage for any required ordinances requiring you to bring structure up to current code, and watch for wind and hurricane deductibles. Regarding property, covered is anything on on or within 100ft of your premises such as desks, tools, equipment, supplies, computers and phones. Keep property values up to date to avoid penalty’s for not maintaining adequate limits and sub limits on employees and property of others.

The various structures of your marina business such as docks, bulkheads, piers, wharves, marine railways, floats, platforms, gangplanks, pilings, wiring, pipes, moorings, buoys, ground tackle and other property crucial to care for. These are often expense to buy and install, and can be expensive to maintain and repair. They also make up an essential part of the service that you offer your customers, ensuring they have the structures and amenities that they require. You can protect these parts of your business with a Dock and Bulkhead policy, covering both these structures and equipment associated with them and providing actual cash value replacements. Common exclusions are damages due to ice, vermin & wear & sometimes flood.

If the tools you need to run your business are lost, stolen or damaged, it could interrupt your business continuity. To avoid losing money because you don’t have access to the necessary equipment, you should have tools and equipment coverage. You need insurance coverage that includes both owned and non-owned items such as scheduled mobile equipment and travel lifts. Items that cannot be included are trailers, yard trucks and vehicles initially designed for use on public roads. The equipment is not restricted to a particular location, so it applies at job sites, other locations and while in transit.

When an employee has a problem with their employer, the employer needs to be able to protect themselves financially. Employment practices liability insurance helps to protect an organization when they’re facing claims of discrimination, sexual harassment, wrongful termination, failure to promote/hire, acts against American’s with disabilities and a range of other issues. When you need to defend your company, your insurance coverage will help with the legal costs, defense and remedy to ensure you are able to respond to any claims as quickly as possible. Claims are initially filed with the Equal Employment Opportunity Commission (EEOC) or other federal, state & local agencies. Civil litigation is often filed after these proceedings on all levels (federal, state and local).

Marine general liability insurance offers a broad policy for your marina business. It is designed to give basic liability coverage for your business so that you can feel reassured that some of the most important things are covered. A general liability policy such as this can be a good starting point, but it’s not always the most suitable option for your business. It’s often better to consider more specialized types of insurance for your marina business. It will allow you to choose insurance coverage that is designed for a business like yours and takes into account the specific needs of a marina.

If you have any underground or above ground tanks as part of your business, a leak or rupture could cause serious problems for your company. Since you have a legal liability to clean up any oil, fuel or pollutant that is discharged accidentally from a tank or piping, you can protect your marina business by ensuring you have the right coverage. Storage Tank Liability Insurance also provides coverage for third-party bodily injury and property damage from pollution conditions emanating from scheduled storage tanks. It’s smart to look at this type of insurance coverage together with coverage for pollution and environmental issues.

The requirement to have the proper insurance varies depending on the nature of your business operations, your location, and many other factors dictated by case law. You should discuss your situation with an experienced insurance broker. We also encourage you to talk directly with your nearest Longshore District Office, so that you can explain the specifics of your worksite and employment situation. Get in touch with an expert agent at John B. Wright and we’ll guide you through the process.

Every business needs to have workers’ compensation insurance if they have any employees. It protects workers while they’re working, ensuring they are cared for if they are injured or disabled at work, or that their family is provided for if they happen to have a fatal accident at work. This includes protection in your office, yards, stores and other areas. Although you may already have workers’ compensation insurance, it’s a good idea to review it regularly to check that it is offering your business the level of coverage that you require. Also, check for proper payroll allocation between marina, store, clerical and boat repair.