Ship building and repair is a highly skilled trade, and the work men and women employed in it often apprentice for many years before they are deemed ready to work on their own. The best boat builders produce products that are beautiful, functional, and safe, but they face some unique challenges as well.
Boat builder insurance is an insurance policy specially designed for companies that build and repair ships, yachts, and other types of boats. Here are a few of the special coverage you can expect to be offered by boat builder insurance.
Builders risk insurance
This covers vessels for the entire time they are under construction, from the laying of the first boards to the final delivery to the customer. Vessels are also covered during water trials and protected under a collision insurance policy both while in the water and while docked.
Even the best boat builders may unknowingly sell a faulty product once in a while. If a customer is injured or killed while using one of your products, then boat builder insurance liability coverage can help offset the legal fees and cover any monetary settlement that you may be required to pay.
This part of the policy covers all the unique machinery and equipment that you use for construction and storage of vessels. This includes warehouses, docking facilities and any heavy machinery you may use.