Marina insurance is purchased by the owner of a marina to cover the buildings, other structures and docks in the event of an accident or disaster. Marina insurance can be expensive, due to the change in marinas over the years. Some marinas are just a place to dock boats, get some gas and maybe store a boat out of the water. But, newer marinas are located near hotels, casinos, restaurants and bars, which often have hundreds of slips for docking when boaters come ashore for dinner. The cost of coverage is based on each marina's features.
Marina insurance, as with most general business insurance policies, typically covers hazards such as fire, theft, and other standard threats. If the property is mortgaged, the owner will be required to maintain enough coverage to protect the property for the lender.
Flooding is a major issue for marinas, which are also more likely to sustain wind and hurricane damage. There is no way to completely guard against flooding, but the owner is responsible for minimizing possible damage when a storm approaches. For marinas located along the ocean, hurricanes and tsunamis can pose a serious threat. In some locations, it may even be difficult to find an insurance company that is willing to offer a policy at any price.
Like other businesses, marina owners have a variety of options to consider when deciding what dangers they wish to insure against. Fire damage may not be as likely on the water as elsewhere; however, a fire on the docks could quickly spread to boats and cause a great deal of collateral damage. Legal and general liability insurance, as well as worker's compensation coverage, are as important as they would be for a land-bound business.
While marina insurance will cover boats that are damaged when docked, boat insurance is designed to protect your individual investment in your boat, just as car insurance protects your cars.
A business insurance specialist can provide the best advice about protection for a marina of any size. Start by comparing rates online to find the coverage you need. And, look for a company that specializes in commercial insurance, with a strong track-record of financial stability and customer service. We recommend only companies that have been rated "Excellent" or "Superior" by A.M. Best Company.
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