Boat Insurance Coverage For Marinas – Here in Florida, boat owners are not required to obtain insurance to operate their boats. But, if you have financing against your boat, or just want to make sure you’re always covered on the water, there are some basic boat insurance items you really need to have.
Our waterways can be very busy, so you need to protect yourself and your boat against mishaps. Add to that the annual hurricane and state storm risks and not investing in basic boat insurance could result in a huge loss if your boat were to be damaged or destroyed due to bad weather.
Boat Insurance Coverage For Marinas
Finally, many marinas often have boat insurance clauses, which means you will need to provide proof of liability cover in case you or your boat cause injury or damage to others. The same is true if you are planning to charter a boat, most charter companies will insist that you pay extra for insurance before you put the boat on the water.
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Finally, some homeowners insurance policies may cover your boat while it’s stored in your driveway or garage, but you can’t rely on them if you’re on the water or traveling to or from the coast. .
If you’re wondering what type of boat insurance is recommended here in Florida, here’s our guide to protecting your prized possession.
Because we are home to some of the most beautiful stretches of ocean in the world, it should come as no surprise to learn that our state also has one of the highest numbers of floating ships. It also leads to a high number of accidents involving registered pleasure craft. Although the state does not require boat insurance, it does not limit the boat owner’s liability in the event of an accident.
Whether from theft or storm damage, Florida has one of the highest rates of boat loss and damage in the country. Because there are also many high-end vessels floating in marinas in and around Florida, these are often high net losses that cost a fortune to repair or replace.
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Boat insurance policies are not all the same and different companies offer different types and levels of cover. If you’re shopping for boat insurance in Florida, at the very least make sure your policy has a provision for injury and damage, both to you, your boat, and other boat owners and their vessels. Some policies will offer emergency services such as a towing service, and most will vary in hull value, actual cash value and replacement costs.
Boat insurance should cover most types of watercraft, including motors, yachts, small fishing boats, motorboats, houseboats and pontoons. Look for a policy that covers at least:
If you would like advice on the level of coverage you need to keep your boat, passengers and other waterway users safe, speak to our agents today at 561-391-4661.
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Of course, having and maintaining the right insurance is a crucial part of your marina’s risk management strategy.
Commercial General Liability Insurance – can cover attorneys’ fees, settlements and damages if your marina is sued for injuries such as a slip and fall, damage to third party property, false advertising and/or defamation and slander.
Pollution Liability Insurance – this is vital cover for marinas and can cover pollution liability clean-up costs, fines and legal costs.
Property Insurance – is another fundamental cover for marinas and can provide cover for buildings, docks, boats in storage, etc., in the event of fires, floods, windstorms and other perils .
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Business interruption – if your marina suffers damage from a peril named in your property insurance policy, business interruption insurance can reimburse you for lost business income while your marina is closed for repairs.
Hull and machinery insurance and protection and indemnity insurance – provides coverage for damages and legal liability if your marina boats and barges and non-marina boats are involved in collisions in water or with a facility such as a dock or pier and can protect you from legal harm. liability if one of your boats or barges is involved in a collision resulting in bodily injury or death.
Trade Assurance is all we do. When you choose ALIGNED, you get an attorney working with Canada’s top insurance companies to get you comprehensive marina insurance that covers your commercial liability and business risk at competitive rates.
ALIGNED’s commercial insurance specialists can save you the time, money and hassle of finding the right marina insurance at the best rates. Contact an ALIGNED attorney to get a free marina insurance quote in minutes.
Boat And Yacht Insurance
We offer online insurance products for multiple industries, just complete a simple request form and get a quote today! Marina owners and operators have a lot to manage on a daily basis. There are docks, boat storage, building maintenance, utilities and facility employees. Not only is it important to keep the property well maintained, but it is also necessary to consider liability risks such as injuries or accidents that occur on site. For this reason, in addition to boat insurance, several types of property insurance and liability policies are required.
Marinas are continually susceptible to damage, both by people and by the environment. People are constantly coming and going from the facility and accidents can happen. Salt water and fresh water can also wreak havoc on infrastructure over time.
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The aforementioned risks are encountered on a daily basis in the operation of a marina. Damages such as water cleanup or weather damage can be manageable, but boating accidents that damage docks or boathouses can be a tough bill to pay on your own. This is where marina insurance can come in handy. Marina insurance is not a single policy, but rather a bundle of many. Insurance companies will often call it “Marina Operator’s Liability Insurance” or “MOLL”. MOLL will be the primary liability policy for docks. If someone’s boat were to be damaged while moored in a marina, a MOLL policy would cover it. The main point of MOLL insurance is to provide coverage for the three “Cs” of boat storage in your marina.
Factors To Consider When Choosing A Boat Insurance Policy
Every marina owner should be familiar with the maintenance, care and control of the watercraft under their care – or the three “C’s”. This is not just a business practice, but a legal liability. Make sure that the MOLL insurance covers what is called the “CCC clause”.
In addition to the marina operator’s liability insurance, there are other insurance policies that will be useful to protect your docks.
It is difficult to say exactly how much insurance is needed for a marina as it depends on many aspects. A marina with a refueling station or water sports activities will pay higher premiums than a marina that is only used for boat storage. It also depends on the location. A saltwater marina may have higher rates because it is prone to hurricanes and there may be more storm preparation. For the best commercial marina insurance, it helps to get more than one quote, as the provider can also be a deciding factor on the cost. Find a provider with plenty of experience helping marina managers and good service to ensure the best coverage. Although most states do not require you to carry a boat insurance policy, your bank or marina may require hull or liability coverage on a watercraft.
Arkansas and Utah require at least a basic liability policy only for any boat over 50 horsepower. Specifically, Arkansas requires liability coverage of at least $50,000, while Utah requires boaters to also carry minimum limits for bodily injury and property damage.
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Outside of Arkansas or Utah, no other state requires you to purchase a marine insurance policy for your boat, yacht, or personal watercraft. However, if you are going to finance the purchase of your watercraft or keep your boat at a marina, you will likely need to purchase boat insurance.
If you are looking to finance your watercraft purchase from a bank or credit union, they will most likely require you to provide proof of insurance. They will usually require you to insure the full value of your boat. Some financial institutions may have additional requirements regarding your coverage terms. Your bank or credit union will also require it to be listed
