Yacht builders take pride in the craftsmanship and quality of their work from the beginning through to the finished product. Those seeking to own a yacht often expect the best. Here are some tips to help you find the right yacht builders insurance programs to protect your employees, your property and yourself.
Regardless of whether you have one or a thousand employees, accidents and mistakes still happen. Your insurance portfolio should include a policy that covers the United States Longshore and Harbor Workers Act, Jones Act/MEL/USL&H and Workers Compensation.
Whether building yachts for luxury, industrial or leisure purposes, insuring the property against the elements, natural disasters and accidents is essential. A comprehensive policy should cover things such as:
- Docks and piers
- Builders risk/boats under construction
- Business property/buildings
- Crime coverage
- Wind, hail and flood
- Business income
- Mobile equipment/lifts/tools
- Business personal property
In addition to general liability, additional coverage is necessary to decrease risks. Consider reducing liability with insurance that covers:
- Pollution liability
- Marina operations legal liability
- Protection and indemnity and hull coverage
- Umbrella and bumbershoot
- Ship repairers legal liability
When seeking yacht builders insurance programs, look beyond just what is covered in the policies. Seek an agent and agency that understands the unique risks of the industry. A tailored policy provides the benefits and coverage for a complete risk management solution.