If your business provides maintenance and repair services for water vessels, you need to have a ship repairers liability policy. This coverage minimizes risks associated with mishaps that can cause damages to boats, property or people under your care.
Who Needs Liability Coverage?
This type of marine insurance benefits companies or individuals who provide the following watercraft services:
- Marina operators
- Electricians, plumbers or mechanics
- Cabinet makers, upholsterers or other tradesmen
- Ship repair businesses
What Protections Does This Policy Type Provide?
Insurance of this kind protects against liability risks associated with your repair activities. Your business is responsible for events that occur while you are working on the boat. Ship repairers liability coverage reduces potential financial losses stemming from:
- Damage to a vessel while in your care
- Destruction or loss of cargo present on the ship during repairs
- Damage to machinery removed from the watercraft for repairs
- Damage to third party property during work duties
- Expenses associated with wreck removal
- Costs stemming from bodily injury or death
- Legal fees required to defend any lawsuits or claims brought against you
Despite efficient operational techniques and processes designed to reduce risks within your company, accidents still happen. Prepare for unexpected events that can result in financial and legal obligations by obtaining the necessary insurance.