MARINA INSURANCE

Dec 01, 2019

Originally Posted On: https://johnbwright.com/marina-insurance/

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 cover 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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BUSINESS INCOME

LEGAL LIABILITY

INLAND MARINE

OWNERS & CONTRACTORS

PRODUCTS LIABILITY

SURETY BONDS

SYSTEMS BREAKDOWN

BAILEES INSURANCE

BUILDING & PROPERTY

COMMERCIAL VEHICLE

DOCK & BULKHEAD

HULL & MACHINERY

TOOLS & EQUIPMENT

WORKBOAT INSURANCE

EMPLOYMENT PRACTICES

JONES ACT INSURANCE

GENERAL LIABILITY

POLLUTION & ENVIRONMENTAL

TANK INSURANCE

LONGSHORE INSURANCE

WORKER’S COMP

Choosing 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

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.

Legal Liability Insurance

Legal liability insurance for marina operators protects your business in interactions with members of the public. They will be using your marina in a variety of ways, from refueling to visiting, and your business has a duty to make sure that they are safe. If anything happens and there is an injury or property damage, your business could be found liable. A Marina Operators Policy can help you to access the coverage that you need to prevent disaster in this type of situation.

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.

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.

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.

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.

Systems Breakdown

There are various 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. 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 that keep your business running.

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.

Building and Business Property Insurance

Protect the buildings and property of your marina business to protect them from events such as fire, theft or adverse weather. This type of insurance is one that any business needs, but marina businesses can have specialist needs. If you want to choose an insurance policy that is designed for your business, working with an insurance expert that understands the marina industry and offers appropriate insurance cover will help. When you require repairs or replacements for buildings and property, your insurance will help to cover the expense.

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 vehicle you use for your business and how many of them you require, you should check that you have adequate cover. This will protect you against damage, loss and liability if anything happens, including a road traffic incident, theft or criminal damage to the vehicles that you use for your marine business.

Dock and Bulkhead Insurance

The various structures of your marina business, such as docks, bulkheads, piers, marine railways and more are crucial to care for. These are often expense to buy and install, and can be expensive to maintain and repair too. 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.

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.

Tools and Equipment Coverage

If the tools that 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 cover that includes the types of tools and equipment that you use. You can get in touch with John B. Wright Insurance to find out more about what assets you can protect with specialist tools and equipment coverage.

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.

Employment Practices Liability Insurance

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, harassment, wrongful termination, and a range of other issues. When you need to defend your company, your insurance cover will help with the legal costs and ensure you are able to respond to any claims as quickly as possible.

Jones Act Insurance

The Jones Act exists to protect crewmembers against injury or disability caused by negligence. This specialized type of insurance is a necessity for many businesses that involve Merchant Marine crewmembers. When you have this type of insurance coverage, you protect your business from the costs that you could face if you are found liable for a crewmember’s injury or disability. You ensure that crewmembers are protected too so that they can feel safer while carrying out their work.

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.

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 will be 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. It will ensure you will be able to cover any associated costs, 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.

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 big problems for your company. You can protect your marina business by ensuring you have coverage for this type of problem. It can be smart to look at this type of insurance cover together with coverage for pollution and environmental issues.

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. 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.