All over the world, along costal settlements, you can find marinas. Marinas serve as a place where both private and commercial boat owners can moor their vessels. If you own a marina, it is vital that you have good marina insurance in case something goes wrong.
What is Marina Insurance?
While owning a marina can be a great way to make money, they are not always entirely safe places. Marinas face a wide variety of hazards that include theft, damage to boats, and damage to the marina’s structures. If something happens, you would usually be responsible for paying for the damage out of pocket. However, marina insurance can pick up the bill for you. Financial loss can easily sink a marina so insurance is a vital part of any good financial risk management strategy.
What Types of Coverage Do You Need For Your Marina?
Choosing insurance for marinas can be quite overwhelming because there are many different options available for insurance coverage. In addition, there is no one size fits all option for marina insurance because insurance needs differ depending on the specific marina. However, there are some types of coverage that all marina owners should consider:
- Commercial property insurance
- Flooding insurance
- Hired vessels and barges insurance
- Business interruption insurance
Running a marina can be difficult and stressful. Having good insurance can make all the difference.