Every builder or manufacturer faces risk and liability, but with the right boat manufacturer insurance, you wonât have to worry about gaps or inadequate coverage.
At the same time, you donât want to pay too much or over insure your business. A marine business insurance specialist who has expertise with boat manufacturer insurance can help you navigate the complexities of acquiring the right coverage for your manufacturing business. After all, boat manufacturing companies are not all the same. There are small artisanal operations, while others are large, high volume operations.
Other needs are universal. The need to protect your employees, your business, and your customers throughout the boat manufacturing process and afterward. Assessing the unique risks your business faces requires knowledge and experience. An experienced marine business insurance specialist will consider everything from what you build, the materials needed for production, your location, facility, employees, and customers.
Boat manufacturing requires property coverage to protect your facility and contents from fire, smoke damage, vandalism, theft, or natural disasters. Other considerations include business interruption and equipment breakdown coverage.
You will want to consider coverage not only during assembly but also when the boat is traveling to a boat dealer or client. You may also need extra coverage if you live in an earthquake area, for example, or you may want additional coverage to protect any inventory.
Liability is another consideration, from general to product liability (including pollution or during test trials). Excess liability marine bailee coverage (for builders who may also do side work repairing vessels for other clients) and workers compensation might also be advisable.
Ready to review your coverage needs? Contact the marine business specialists at Global Marine Insurance today.