Marina Insurance

Operate a Marina? Get expert guidance from John B.Wright Insurance today.

Complete Guide to Marina Insurance

Owners and operators of marinas need to be sure that they have suitable insurance to protect their business. Every marina is different and has its own needs, making it vital for owners and operators to understand how to find the best partner for their insurance requirements. It’s also important to understand how marina insurance can help, and what types of insurance are on offer. John B. Wright Insurance offers insurance to those in the marina business, customizing insurance policies to match the individual circumstances of each marina.

The Importance of Reviewing Your Marina Insurance

It’s important to review the insurance for your marina business regularly. Taking a look at your current policies and the ways in which your business is covered means that you can avoid any overlaps in policies and coverage. You don’t want to be paying twice for different types of coverage, so being vigilant about reviewing your insurance can save you significant amounts of money. It’s also important to check that you have adequate coverage for different parts of your marina business, especially if you have had any changes in circumstances, assets, staffing or anything else.

Types of Marina Insurance

There are many different types of insurance that you can choose for your marina business. The various types of insurance are designed to protect your business in different ways, offering protection from natural disasters, crime, litigation and anything else that could threaten the finances, reputation or daily operations of your business. Understanding the types of insurance available will help you to ensure you have the correct coverage for your business.

Let’s take a look at the different types of marina insurance that are available for your business.

Your Marina, Protected.

With so many options, finding the right insurance provider and policy can be difficult.  Navigating what’s available for marina insurance can be even harder.  Our expert advice will help you to make a decision about the insurance that you need and protect your marina business. We are experts in marina insurance, with plenty of experience and knowledge of the industry. When you come to John b. Wright for marina insurance, we start by discussing your business and your needs to find the ideal insurance coverage for you.

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How to Pick Insurance for Your Marina?

When choosing insurance for your marina business, there are many things to consider. The first thing to know is that specialist insurance providers are the best option for your marina business. They know the industry inside and out, and they understand the particular needs an quirks of a marina business. They have the necessary experience and knowledge required to offer you guidance and provide you with the advice you need on which types of insurance cover are necessary for your business.

There are many types of coverage you can choose to include in a single policy or different policies that you can select. One of the difficult things to do can be ensuring you don’t have any overlap between different policies. When this happens, you are wasting money by having certain aspects of your marina covered twice. That’s why it’s so important to have an expert in marina insurance who can assess the needs of your business and your insurance to determine whether you can make any changes and possibly save some money.

Marina insurance protects your business from a broad range of different problems that could cost you money and your business reputation. Some types of insurance are similar to the coverage that any business needs, regardless of the industry or anything else. However, some insurance policies are designed specifically for marina businesses, meeting their specific needs. Your marina business should have insurance coverage that matches the demands of your operations, covering everything from staff to products and property. A good insurance provider will get to know your business and listen to your requirements so that they can create the best insurance policy or policies possible.

Partnering with John B. Wright Insurance helps you to create a specialized marina insurance package. Whether you need to review your current insurance or you are looking for protection for a new marina business, we can help you with your insurance needs. Our marina insurance experts start by having a conversation with you about your business and how you operate, and what types of insurance cover you might need. We can explain anything that you need to know and make it easier to select and build the right type of insurance package for your marina.

Insurance Types

What is Business Income 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.

What is Legal Liability Insurance?

Marina Operators Legal Liability (MOLL) provides protection if you should become legally liable if boats and their equipment are damaged as a result of your negligence. Boats held for sale, commercial vessels or towing operations are EXCLUDED. Coverage should be considered under an endorsement in certain scenarios. Limitations include loss limits when incidents take place away from the premises as designated on the declaration page, and coverage limitations to a maximum for any one vessel and any one catastrophe.

What is Inland Marine Insurance?

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.

What is Owners and Contractors Protective Insurance?

When an independent contractor is carrying out work for another party, you need to be able to protect your marina business from liability. An Owners and Contractors Protective insurance policy is designed to cover your liability for injury and property damage that might be caused by the independent contractor. This area of marina insurance can get complicated, and it’s essential to have the right advice. At John B. Wright, we can help you to ensure you have the right information and advice if you require this type of insurance.

What is Products Liability Insurance?

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.

What are Surety Bonds?

Surety bonds can be useful for marina businesses. A surety bond guarantees performance, especially when a building or construction project is being carried out. The insurance is a guarantee that you will deliver what is promised in a contract. Surety bonds include bid bonds and performance bonds, as well as payment bonds. These surety bonds can protect your business and clients when carrying out work. John B. Wright can help you with different types of surety bond and help you to get the right products.

What is Systems Breakdown Coverage?

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.

What is Bailees Insurance?

If you use bailees when carrying out operations for your marine business, you may need a specialist insurance policy. Most property insurance policies don’t offer coverage for the benefit of a bailee, requiring a separate policy. A bailee is any person or organization that is entrusted with possession of the property of others. Many marina owners and operators need to use these types of services when carrying out their business. It’s important not to assume that other types of insurance will cover these circumstances, so speak to a marina insurance specialist to find out how to make sure your business is protected.

What is Building and Business Property Insurance?

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.

What is Commercial Vehicle Insurance?

If your marina business operates vehicles of any type, having the correct insurance to cover these vehicles and their drivers or operators is essential. No matter what types of vehicles you use for your business and how many of them you require, you should check that you have adequate coverage. This will protect you against damage, loss and liability if anything happens and legal action is taken, including a road traffic incident, theft or criminal damage to the vehicles that you use for your marine business. Coverage is necessary since it is specifically excluded within the Commercial General Liability policy. Contract provisions can also be extended to provide protection for physical damage to your own vehicles. Physical damage protection is divided into two specific coverages: Collision and Comprehensive damage.

What is Dock and Bulkhead Insurance?

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.

What is Hull and Machinery Insurance?

Commercial property insurance may not always protect the heavy-duty equipment that a marina business requires. While some policies can offer cover for this type of asset, you can’t guarantee that yours will. Expert advice can help you to determine whether you require a specialist policy, with a review of your current insurance coverage.

What is Tools and Equipment Coverage?

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.

What is Workboat Insurance?

Any types of workboat aren’t likely to be included in your standard commercial vehicle insurance. Vessels such as tugs and fishing boats, or anything else that you use to make an income, require the right insurance policy to protect them and their operators and crews. The right coverage will protect your business from damage, liabilities and injury relating to the use of your workboats.

What is Employment Practices Liability Insurance (EPLI)?

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).

What is Jones Act Insurance?

The Jones Act exists to protect crew members against injury or disability caused by negligence. This specialized type of insurance is a necessity for many businesses that involve Merchant Marine crew members working on or from vessels. When you have this insurance coverage, you protect your business from the costs that you could face if you are found liable for a crew member’s injury or disability. You ensure that captains and crew members are protected too so they can feel safer while carrying out their work. Coverage is typically endorsed on your Protection and Indemnity Policy.

What is General Liability Insurance?

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.

What is Pollution and Environmental Insurance?

Taking steps to avoid environmental pollution is one of the key responsibilities that marinas and other businesses using waterways need to consider. There are laws and regulations that you need to follow, and there is also your business reputation to think about. Pollution and environmental insurance will help you in the case of an accident such as oil, fuel or any pollutant that you or your customers discharge from a vessel on land or water. It will ensure you will be able to cover any associated fines and penalties and quickly reduce the impact that it has on your business. A specific policy could help with this, or this type of coverage could be included in your insurance package. This coverage excludes underground or above tank discharges and must be reported within 72 hours of occurrence.

What is Underground and Above Ground Tank Insurance?

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.

Do I need Longshore Insurance?

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.

What is Worker's Compensation Insurance?

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.