Marinas face many hazards, which can result in legal liability for marina owners and operators. Understanding the marina insurance requirements helps owners mitigate potential losses related to unexpected events and accidents.
What Are the Potential Liability Risks of Marinas?
Even with strict safety protocols in place, marinas still face many possible risks, such as:
- Storm damage
- Damage to vessels
- Flooding damage
- Erosion from tidal surges
- Guest injuries
- Damage to docks, buildings or storage areas
What Types of Insurance Do Marinas Need?
Due to the wide variety of exposures, there are many available marina policies to meet the unique needs of each owner. Traditional commercial property insurance covers the standard risks of any business operation. Marina insurance typically covers wharves, docks and piers. It protects against potential disasters that result in expensive damages. Liability coverage safeguards the operator against lawsuits.
The marina insurance requirements vary greatly depending on the business specifics. Marinas may have unique coverage needs based on the kinds of vessels they accommodate. For example, marinas that focus on commercial operations have different insurance needs than those that cater to luxury yachts.
It is best to speak with an insurance agent to determine the policies marina owners need. Each marina has different exposures that require comprehensive coverage to protect the business and prevent financial losses.