Are you a boat builder, boat dealer, lessor or shipyard or boat repair service? Of course, the main focus of your business is doing business. To do well without the worries of all the associated risks, you must have specialized insurance coverage that will protect you from any of the related business liability risks.

Below you will find a brief synopsis of each of the different types of insurance in relation to the specific industry niche.

Boat Manufacturers Coverage

The most difficult exposure related to the boat manufacturer is product liability. This insurance is generally written on a claims basis and as specialty insurance. Also, due to the material used in the construction, as well as the flammable bonding agents. Due to the variety of materials used and the flammable adhesives and paint used in the construction of the boats, insurance companies have considered property risks as high exposures.

Boats in storage may also need coverage that includes those sold at the dealer.

Boat Dealer Coverage

Related insurance covers new boats as well as second-hand or third-hand boats sold by the dealer. Vessel coverage includes vessels operated for land and water use. Insurance policies are designed to protect the boat dealer’s inventory of boats, as well as associated accessories and supplies that are also sold to the public. Correlated insurance incorporates property and marine coverage and is generally written on an all-risks basis. Boat or watercraft dealers insurance is similar to open car loss insurance and garage attendants legal liability insurance coverage.

Boat Rental Coverage

Boat rental companies rent boats on an hourly or daily usage basis or as an extended rental throughout the summer season. Due to the hazards of the water and the inexperience of the novice operator, the related exposure is at a higher level. Many commercial boat rental establishments are located in resort or hotel areas, limiting the rental business to the summer months. But because ships and boats need maintenance, repair, and storage after the season ends, exposure to physical damage exists year-round.

Vessel/Shipyard Service and Repair Operations Coverage

Shipyards and commercial boat repair and service centers repair and service boats ordered by customers. These operations haul boats ashore in the fall, store them through the winter, and launch them in the spring as well. The associated commercial general liability is similar to that of the auto shop, plus the risks associated with water activities.

Insurance companies view the dangers of boat mooring and storage as major risks.