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Marina Insurance 101: Coverage Basics

Every business needs a comprehensive business insurance policy to protect themselves and their customers. The exact type of marina insurance you need depends on the type of business you run. There are different risks, liability issues, and hazards you face that are unique to your industry. Marinas are no exception, but you need to understand what this industry-specific insurance offers if you’re starting to explore your coverage options.

It Protects Your Entire Facility

OC marina insurance gives your facility general liability protection and property protection for all of your buildings, docks, equipment, and fleet vehicles. The insurance also protects you, the business owner, from having to pay for any injuries suffered on your property or damage done to the boats kept in your facility. The amount of coverage you need depends on your marina’s size and the types of activities you host each year. If you open the facility to public events or work with clients that own expensive luxury yachts, you’ll want a larger policy with higher coverage limits. 

You’re Able To Control Your Costs

The most important part of finding great insurance coverage is making sure the policy fits your unique needs and your budget. You’re able to control how much your coverage costs you each month by making adjustments to your deductible amount, coverage limits and any security measures you put in place.

The lower your out-of-pocket deductible is, and the higher your coverage limits are, the more expensive your pemium payments will be. When possible, avoid choosing low coverage limits to save money. Your insurance agent will be able to help you identify other ways to lower your costs without sacrificing the quality of your coverage. 

Standard Marina Insurance May Not Be Enough

Every marina is different, and the exact types of coverage you need may not be a part of a standard marina insurance policy. You don’t have to go without protection. Instead, you’ll need to look at supplemental coverage to fully protect your business. This may include the following coverage types:

  • Business interruption insurance
  • Umbrella liability insurance
  • Race management insurance

If you’re not sure what you need, your insurance agent will assess your risks and identify the right coverage options for your marina.

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 (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.