Ship repair is an in-demand skill. However, like most skilled craftspeople, those who do such work can benefit greatly from having a robust insurance package. Comprehensive ship repairers’ insurance programs may include such policies as general liability, professional liability, workers’ compensation and property coverage.
Any marine repair facility that has employees will want to consider employee coverage. Depending on whether workers are employed on shore or at sea, workers’ compensation or Jones Act insurance may be the way to go.
Shipyards handle many vessels, many of which are privately owned, and may need liability coverage against accidental damage or loss. If company vehicles are used in the yard’s operations, commercial vehicle liability may also be needed. No matter what the ship repairers’ area of expertise is, professional liability coverage can provide peace of mind for both the insured and the end customer.
Any docks or moorings that are owned or maintained by the ship repairer may need insurance coverage. The same goes for equipment and tools used in the business, whether they are related to electrical systems, rigging, sail making, mechanical systems, engine repair or some other facet of marine repair.
Ship repairers’ insurance programs are an important facet of any marine repair business. Finding the right combination of coverage is a significant part of the process.