Working in the Marine Facilities industry comes with plenty of inherent risks from both property and liability exposures. Unlike typical business coverage, there is simply more to consider when protecting your investment in this industry, and appropriate Marina Insurance is a fundamental part of risk management for marina owners.
From quiet rural lakes to larger bodies of water found across our region, marinas serve the needs of thousands of boat owners. For a marina operation, exposure to liability claims, property damage, or environmental issues is a unique challenge, and understanding your insurance options can feel overwhelming. The R. Barga and Company team at Peel & Holland bring you experts with decades of experience who can help identify the critical hazards you face.
Unique Hazards and Risks for Marinas
Credible marina operators always have a safety-oriented mindset. Yet, even the most diligent management cannot protect a marina from some significant hazards and risks. Some examples include:
• structural damage to buildings, docks, boat storage areas
• flooding, property damage, and erosion due | boat wake damage
• fire damage | storm damage | electrical hazards
• pollution discharge | environmental damage
• commercial auto accident
• vandalism | theft
• guest or staff injury
• business interruption
• other legal liabilities
Sadly, an enjoyable day on the water can quickly turn into an adverse situation resulting in damage or destruction of property. A loss could easily exceed millions of dollars – a risk you must properly address.
Marinas Become Target for Criminals
Because marinas can be accessed from both land and from water, securing these facilities poses an extra challenge. Theft taking place from criminals entering from the water are on the rise. Not only do they target personal belongings and equipment, but also entire boats. The crime picture is further complicated by the nature of marinas and boatyards themselves. Boat owners are often lulled into a false sense of security, seeing gates and fences surrounding the properties. Marina guests may forget that the waterside is wide open to entry and may also forget to secure their boats and personal property. As a result, criminals are having a field day, stealing thousands of dollars in boats and other property. Are you taking precautions to combat crime at your facilities? Do you know if you are liable? If not, let’s discuss some important tactics.
Customizing Your Marina Insurance
Your needs are obviously unique. Some offer only offer basic services like fueling, moorage, and off-season storage, while others will have a broad range of amenities available to customers. Some of these additional services/amenities may require specific insurance coverage. For example, the insurance needs of a basic marina operation differ greatly from those that offer restaurants, entertainment, recreation, and live-aboard options to their guests.
Also, each state sets guidelines for marina owners. Federal Maritime Laws may also impact certain marina operations. Even more important, there are several federal regulatory authorities that govern marina operations, including the U.S. Coast Guard, the Department of Homeland Security, the Environmental Protection Agency (EPA), and the Occupational Safety and Health Administration (OSHA). Marina owners must comply with specific insurance requirements and coverage amounts. You’ll want to feel confident that your insurance advisor has helped you pinpoint the exact coverages needed to meet established regulatory standards.
Other Marine Facilities Coverages
Yes, marinas top the list of those we typically help in the marine facilities world, but it doesn’t stop there. A much broader scope of insurance coverages are available across many facets of the marine industry. Our team is a trusted partner to many of these types of businesses as well:
- Boat Builders
- Boat Dealers
- Boat Product Manufacturers
- Charter / Rental
- Dock Builders
- Ferry Service
- Marine Contractors
- Outboard / Diesel Mechanic
- Repair / Refurbishing
- Sailing Instruction
- Terminal Operators
- Yacht Brokers
- Yacht Clubs
Do you know the range of insurance options available? Are you confident in the decisions you’ve made for selecting coverage? If not, our expert team can help you develop a customized insurance plan. We are ready to talk when you are.
Download our BOAT SAFETY CHECKLIST to share with your clients.