Because yacht clubs provide a variety of services to members and their guests, such as boat rentals, storage of, and repairs to vessels, along with a number of other valuable services, they have a need for yacht club liability coverage. Your clients may be lifetime members, or have recently signed on to enjoy the experience of having a yacht club where they feel safe and comfortable. Having a comprehensive insurance package ensures them that they’ll be provided with the protection they need.
Many businesses in this industry face risks and exposures on a daily basis, and accidents, both on land and at sea need to be insured in order for your company to remain solvent. It would be reckless not to carry the sort of coverage that will aid you when an incident occurs, but also having too much coverage will likely increase premiums leading to your dissatisfaction.
The right broker will look at your particular circumstances and help you to tailor a policy designed to address your exact needs. The last thing any business owner needs is insurance that only amounts to an added unnecessary expense.
Understanding which types of coverage you may need
Yacht club general liability is perhaps the most essential coverage and covers owners, managers, club members, volunteers and directors and officers as named insureds. Any liability for sailing regattas, sailboat races or instructional programs on boating activities run and operated by the club is also included and protects you from many serious liability issues.
Protection and indemnity can be purchased to address concerns for boats borrowed, loaned, or rented by the club for use in their normal club operations. Crew coverage is another item that should also be included in this package. You will need to acquire marina operator’s legal liability for third party boats moored at your club’s facility.
Polluting the air and waters are of great concern to all and can occur unintentionally in the operating of a yacht club. Purchasing limited pollution liability will aid you in any efforts to clean up after a spill, make repairs to equipment that fails inspections, as well as any damage occurring to owned property and third party property as well. This policy should never be overlooked as noncompliance to local laws can result in heavy fines.
Re-evaluate your current yacht club liability coverage each year to determine if your current needs are being properly addressed.