California marinas see a lot of action. That’s because the weather is good year round, and boats line the harbors up and down the coast. But it takes a lot of effort and hard work to run a marina and owners need to protect their yacht clubs and marine-based operations. With the many risks and exposures faced in this dynamic industry, there’s a need for several forms of California marine insurance.
Purchase policies to cover the many different California faced. Start with a commercial property policy that responds to hazard concerns. This policy is vital in that it covers the building, contents, and any loss of business income from losses, including fire damage, wind, explosion, and acts of vandalism. Most marina owners enjoy the benefits of an inland marine floater to help cover mobile property, as well as general liability, which can provide coverage that protects the club from numerous liabilities that could affect the public, along with members and visitors to the club.
Coverage for all exposures that you may face
The club has a duty and a responsibility to provide a safe and secure mooring for boats harbored on their docks. Having a marina operator’s liability policy addresses these concerns as it covers boats and marine items of others that are in your care, custody, or control. Any club located in areas that may become flooded should also purchase flood insurance. A flood policy specifically provides coverage to the building and the contents inside (it does not cover boats, docks, bulkheads, landscaping or any property outside the walls of the insured building).
Another popular marine insurance policy is one that covers commercial autos. Many clubs own trailers used to transport boats to other areas for regattas and other sailing events. There are instances when the insurance of the owner of any vehicle pulling a trailer provides coverage. But when the club takes over responsibility for the trailer they’ll need commercial auto. This can be written to include liability, comprehensive, collision and medical payments coverage.
An umbrella liability policy or the broader Bumbershoot liability policy is great as it will provide higher limits than any standard liability policy. These policies offer broader protection against lawsuits resulting in higher settlement amounts. Navigating the waters of California marine insurance is best accomplished with a licensed professional.