Comprehensive programs for marinas and marine contractors can get complex. The Marine experts at DRS Insurance Group list coverages that a marina, boat dealer, yacht club, or marine contractors may benefit from having. Here are the types of coverages that we recommend for this industry:
Commercial property insurance protects your company’s physical assets from things like fire, explosions, storms, theft and vandalism.
Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy.
Also known as business liability insurance, this coverage protects your business from a variety of claims including bodily injury, property damage, personal injury and lawsuits that can arise from your business operations.
General Liability will not protect you from liability due to professional mistakes (aka Errors & Omissions). So if you give clients advice or provide professional services like Marine Contracting, you may want to consider also adding Professional Liability to your program.
Commercial Vehicle Insurance covers business-owned vehicles. It provides protection against auto liability, medical payments, collision coverage, comprehensive coverage, and uninsured motorist coverage.
It does not cover personal vehicles used for business purposes unless that’s their primary use. If your employees use their own vehicles for work errands, they may need hired and non-owned auto insurance.
Workers Comp insurance covers medical expenses and a portion of lost wages for employees who become injured or ill on the job. Coverage also includes employee rehabilitation and death benefits. Workers’ Comp insurance protects not only your employees but your small business too. For example, if your insurance is compliant with state law, an employee who receives benefits can’t sue you for their injuries or lost wages.
Longshoreman Insurance is a federal workers compensation law that applies to maritime employees who work on or over navigable waters in or adjacent to the United States. However, it does not apply to sailors, seamen, masters and crews of any ship, vessel or watercraft. The workers subject to this Act are usually not eligible for state workers compensation benefits because they work on or over navigable waters.
Workers Compensation does not cover suits by employees for allegations of Discrimination or Harassment in the workplace.
Cyber insurance protects your business against the unauthorized release of Personal and Confidential information belonging to customers or employees. This can be caused by electronic intrusion to your computer systems, data base or theft of your hard files. These threats can lead to monetary damages to your customers and employees and reputational harm to your business.
Cyber coverage often excludes Fines and Penalties assessed by Governmental bodies resulting from the release of confidential information.
Small business owners often choose to bundle D&O insurance with employment practices liability insurance (EPLI), another type of management liability insurance. EPLI can cover your legal costs if an employee sues your business over unfair hiring practices, sexual harassment, or the violation of employee rights. A management liability insurance bundle usually costs less than purchasing the policies separately.
Directors and Officers coverage typically does not cover suits by partners or stockholders against each other. Additionally, Employment Practice Liability suits often do not cover Wage and Hour disputes.
Crime-related losses are not typically covered under your Commercial Property Insurance so you may want to consider purchasing this coverage. Commercial Crime can protect against things like employee dishonesty, forgery, theft of money/securities, burglary, or computer fraud.
Employee Dishonesty and Commercial Crime coverage is an essential part of any business package. However, attention to the coverage forms is essential to ensure proper coverage for prior acts, computer-initiated thefts and social engineering incidents.
Tools and Equipment Coverage, commonly known as Inland Marine Insurance is property insurance for items in transit over land such as the Tools and Equipment used on the job site or while in transit.
P&I liability insurance is specifically designed to address the unique needs of the marine industry. It covers practically all maritime liability risks associated with the ownership and operation of vessels on the water.
What’s not included?
P&I does not cover risks that would fall under a workers’ compensation policy or under the collision clause in a traditional hull policy. The coverage may include both land and waterborne exposures located at the marina.
Protection against fire, wind, theft and vandalism for your boat dealership inventory. Because many Boat Dealerships are located in coastal areas, your policy may exclude damages due to floods – which can save money on your policy.
This coverage insures the liability exposures associated with the operation of a marina including those related to the care, custody, and control (CCC) of watercraft. MOLL protects you against damage to your Customers’ property for which you may be legally liable.
If you have a pier, wharve, or dock on your premises, you likely know how expensive they can be to replace or repair. If a hurricane or heavy storm were to destroy them, the cost to replace them could be more than losing a key building. This coverage can help you recoup fees related to repairs or replacements.
A Bumbershoot insurance policy is a specialized kind of umbrella coverage intended for risks associated specifically with wet marine liability (but it could also apply to non-marine risks). Bumbershoot policies provide broader coverage than underlying primary liability insurance policies. Because it is designed for marine risks, a Bumbershoot may offer coverage for unique expenses related to collision and salvage.
Equipment breakdown coverage is an optional part of a business insurance policy that may help pay for the costs of repairing or replacing damaged or broken-down equipment after a covered incident.
Sudden & Accidental coverage is tied to a discovery and reporting period, and generally covers bodily injury and property damage caused by a pollution loss.
A claims-made policy refers to an insurance policy that provides coverage when a claim is made against it, regardless of when the claim event occurred. A claims-made policy is a popular option for when there is a delay between when events occur and when claimants file claims.
The Jones Act Coverage is essentially the maritime version of workers’ compensation. The Jones Act is a US federal statute that provides a means for crew members, who are injured as a result of negligence, to recover for damages caused by injury.
This policy covers your organization and its officers, directors, judges, sponsors, volunteers, employees and the race management team in the course of their duties on the water for any legal liability to third parties. This policy also pays for legal expenses to defend associated lawsuits.
EDP insurance covers damage to computers, media, and data. This coverage is important if your business depends on computers to carry out its day-to-day operations. It fills many of the gaps that exist in standard commercial property policies with regard to electronic equipment.
Foreign liability insurance will protect your company in the event an employee faces a foreign lawsuit or injury. If you manufacture or distribute products outside of the U.S., you may want to explore this coverage.
Marine kidnap for ransom and hijacking are significant and real threats to shipowners’ vessels and those who serve on them around the world. Properly managing a kidnapping or hijacking for ransom is essential to protecting the life and well-being of the crew as well as an organization’s assets.
Coverages range depending on size and structure of your organization.
For a customized quote start a quote online or call DRS Insurance today.
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