Boat Dealers & Brokers
Boat dealers have numerous liability exposures from which they must protect themselves. Your liability to the public is likely the area that is of greatest concern. Customers can be injured while on your premises, your docks or while going on demo rides. In addition, your exposure continues for many years after your customers take their boat home. If they or someone else are injured by your product or the work of you service department, you could be held liable for the injuries.
A dealer may also have auto liability exposures, employment liability exposures, and pollution exposures. A dealer also needs boat broker insurance to protect both the property they own and the property of others against loss. In many cases your own inventory is your biggest asset and must be protected from a loss. Because inventory values can fluctuate greatly, they can be covered on a monthly reporting form, which means you will only pay premium for the exact value of your inventory. You may also need to cover buildings you own, contents, docks, vehicles, owned vessels and various equipment.
While the exposures are numerous, many insurance companies offer boat dealers package policies which will tie all the necessary coverage’s together in a single, cost effective policy. Packages include but are not limited to the following: Commercial General Liability, Dealers Inventory, Bailee Coverage, Commercial Property, Commercial Auto, Piers, Wharves, and Docks, Marina Operators Legal Liability, Longshore and Harbor Workers, Owned vessel coverage, Protection & Indemnity, Profession Liability, Pollution and Bumbershoot Coverage.
Marina Operators and Boat Yards
Marina owner’s face many exposures and need several different forms of insurance. Among these are a potential for loss to their docks, piers, bulkheads, buildings and contents from a variety of Hazards. In addition, they face numerous liability exposures, such as liability from injury to the public, customers and visitors. The marina also has a duty and responsibility to provide a safe and secure mooring and may be held responsible for damage to customer’s boats that are in its care custody and control.
A marina may also have commercial auto exposures, owned vessel exposures, employer’s liability exposures and pollution exposures, just to mention a few. While the exposures are numerous, many insurance companies offer marina insurance package policies which will tie all the necessary coverage’s together in a single, cost effective policy. Packages include but are not limited to the following: Commercial General Liability, Dealers Inventory, Bailee Coverage, Commercial Property, Commercial Auto, Piers, Wharves, and Docks, Marina Operators Legal Liability, Longshore and Harbor Workers, Owned vessel coverage, Protection & Indemnity, Profession Liability, Pollution and Bumbershoot Coverage.
A boat or yacht builder faces numerous exposures which may require multiple lines of insurance to properly cover. The first is Builders Risk Insurance, which covers a vessel from the start of construction through the final delivery to the customer. The boat builder insurance coverage also includes launching and sea trials area as well as Collision Liability and P&I.
In addition to builders’ risk, a builder will need General Liability, Products Liability and may need various property coverage’s, commercial auto coverage’s, inland marine coverage’s, pollution coverage, and employers’ liability coverage. The various aspect of insuring a builder are too numerous to discuss on this page, however; we help builders assess the full range of their needs and assist in placing its coverage with one of several companies that focus on insuring builders.
In short Ocean Cargo insurance provides coverage against physical damage or loss of goods during shipping. Insurance is necessary because various laws limit the liability of carriers. In many cases the carriers’ liability is limited to either $500 or none. While we have the ability to insure all types of cargo, however; our expertise is in insuring vessels as cargo. Because of the increased hazards and substantial values at risk, many insurance companies are reluctant to insure yachts while being shipped.
Below are some of the coverage highlights:
We have several programs designed to cover marine artisans, which are individuals or small businesses involved in boat maintenance, service and repair. All need marine artisan insurance coverage. Typically, they will work at the vessels location in marinas or yards owned by others, work on private pleasure or small commercial watercraft and have gross receipts of $500,000 per year or less. Some examples include businesses that:
The owners of these businesses need three different types of liability insurance to cover their exposures.
What does a Marine Contractor Insurance policy cover?
Where Does The USL&H Act Apply?
For a claim to be within the jurisdiction of the USL&H Act, the accident must have occurred on or adjacent to navigable waters of the United States. This is often referred to as meeting the “situs test.”
Who is Subject to the USL&H Act?
Employers who have employees engaged in full or part-time maritime employment are subject to the USL&H Act. The term “employee” means any person engaged in maritime employment, including any longshoreman or other person engaged in long-shoring operations, and any harbor worker including a ship repairman, shipbuilder, and ship-breaker. Generally, the following types of employees are excluded if they are covered by a state workers’ compensation law:
Possible Maritime Employments
The USL&H Act provides workers’ compensation coverage to land-based maritime employees, while the Jones Act provides tort remedies to sea-based maritime workers. There are many additional situations involving possible coverage under the USL&H Act. Some of the more frequent are:
Casual visitors on vessels: Casual business visitors are generally subject to state workers’ compensation laws. Other visitors, employed by a maritime employer, who make frequent trips to vessels or maritime sites to transact business may be covered by the USL&H Act. These include:
Dredging operations: Historically, injuries to persons employed in dredging operations have been compensable under the USL&H Act when such operations are carried out in navigable waters. However, under certain circumstances, injured workers may be able to pursue Jones Act remedies when dredging is conducted from a vessel in navigation.
Maritime construction: Injuries to persons employed in marine construction are generally compensable under the USL&H Act when such construction is conducted upon, or adjacent to, navigable waters. This includes the construction of piers, bulkheads, breakwaters, and other structures over water. However, Jones Act remedies may be available for injuries sustained while working from a vessel, work platform, barge or dredge.
Contact us to learn more about the right commercial marine insurance for you.
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