Hurricane Irma’s Effect on the Boating Industry

Hurricane Irma plowed into the Caribbean Islands and Florida on Sunday, September 10, 2017. Just a week ago, boat owners and marinas alike were taking all of the necessary precautions to protect their belongings and their business from yet another disaster. However, all of the preparations and precautions weren’t enough. Hurricane Irma was one of the strongest forces in U.S. history, causing devastating damage in her wake. Boats that didn’t sink were left pulverized, creating a jigsaw of fiberglass for owners to find on the surrounding beaches. This industry, which the National Marine Manufacturer’s Association says generates approximately $11 billion for Florida each year, is left to pick up the pieces and start on the road to recovery. As seasoned veterans in catastrophic weather-prone areas, business owners understand that a Marina Insurance program can be a saving grace after the storm.

The full extent of damage from Hurricane Irma has yet to be determined, but the losses faced by marinas and boat owners are substantial. Not only have some boats become completely totaled, their dislodged parts have created a safety risk for the entire city.

Boat ownership is an emotional investment, which affects the marine industry more than similar ones. The scope of loss is immense, and people need to recover the loss of their personal assets just as marine businesses will need to rebuild their businesses.

Relative businesses, such as fishermen and yacht clubs, are also suffering the effects of Irma. Property damage, vehicle damage, flooding, power outages, and more are going to be discovered and repaired for months to come.

Moving forward, marinas might be adopting a new law that requires boat owners to respond immediately to hurricane warnings. Once a hurricane warning is issued, owners would be required to move their boats to safe harbor, and if they don’t they would be evicted, explains the Miami Herald.

As leading insurance experts in the industry, we will provide more updates as they unfold. We understand the major risks that boaters and marine businesses face when it comes to disasters, which is why we offer comprehensive solutions to give you some peace of mind.

 

 About Mariners Insurance

Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts, and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.

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