When operating marinas and yacht clubs, most owners are fortunate if they never have to file a claim due to an injury or another unforeseen event. Unfortunately, accidents can and do occur in and out of the water, and having insurance is necessary and can only be of help before disaster strikes. Insurance should be looked upon as a cost of doing business, and in many cases it may even be the largest slice of your entire budget.
If you come from a sound background in business then understand how important it is to purchase insurance for yacht clubs because of the tremendous risk and the odds at stake. Currently there are several marina insurance programs that provide adequate insurance at a reasonable price. Don’t rush into securing a policy; instead take the time necessary to find the best possible deal on better-than-adequate yacht club insurance.
There are ways to reduce your premiums
Safety practices, safety training, and proper risk management will help to greatly reduce insurance costs. Each marina has its own unique characteristics and therefore cannot simply be served by some sort of standard liability coverage. Each operation has it’s own separate exposures to consider. Whether we’re talking about a small marina, or a large recreational resort with a golf course, a casino, and a hotel, today a marina can be everything from a boatyard, to a spectacular multiplex with several dozen slips or more to provide for customers needing to dock their boats.
Knowing what a marina business involves is the first step in determining how much insurance is needed to cover the business. Most insurers will look at all facets of your club to help determine what amount of insurance is needed for the risks facing your particular operation.
As a yacht club owner you need to take some time to get to know your agent, spend some time interviewing him or her, so that you feel comfortable discussing your business and determining your needs. Deciding upon insurance for yacht clubs doesn’t have to be difficult, but the time spent making these decisions will help you get the protection you desire at a cost you can afford.