As a marina owner, you typically provide a valuable space for boat owners who may not have waterfront property to store their boats. Unfortunately, you may also be held liable if these boats get damaged. Having marine insurance can significantly help in these situations.
When boat owners leave their vessel in your care, they usually expect that their boats will be in the same shape when they return to it. If they’re not, the marina may be held responsible. Paying to repairs these damages can be a substantial expense. With the proper insurance, on the other hand, you would usually just need to pay monthly premiums and deductible, and the insurance company will normally deal with the rest.
Your clients’ boats may not be your only concern. The marina may have its own boats that it rents out to potential boaters. If they get damaged in an accident or a storm, there may be a severe reduction in profit. Obtaining the necessary cash to get the boats fixed so they can start generating income once again can be extremely important.
Whether you are dealing with other people’s property or your own, damaged boats can lead to substantial loss in income or significant expenses. Having the right marina insurance can potentially mitigate these issues.