Maintaining a marina or yacht club can take a lot of money, time and expertise. Even if you take precautions, a number of incidences can occur. If damage occurs to a member-owned boat or if a member falls, those incidents alone could damage your reputation, but what if those members claim that you were negligent? Would you be able to afford court costs? Even if you aren’t deemed at fault by the end of the long and tedious process, you’ll still have spent money on a lawyer and other fees. Yacht club liability coverage can help in these cases, which is why you should speak to your insurance company about getting a policy or updating your old one.
There are numerous variables within the industry that can change, which is why you should regularly check your coverage and policy limits. If your risk increases or decreases, it may be worth it to change your limits. Aside from accidents and injuries, you may want to make sure your property is covered for theft and vandalism. This type of damage could inhibit business operations and disgruntle your members. Even if you’re not concerned about any of these issues occurring on your property, yacht club liability coverage can come in handy for those situations you never expected.