Know Your Risks When Shopping for InsuranceJuly 17, 2018
Your yacht club is a great place to meet up with friends and hang out on your favorite boats, but without the proper insurance coverage, you could face extensive legal costs when things go wrong. Insurance coverage for yacht clubs offers protection against the threats and accidents that yacht clubs face every day. Regattas, sailing schools and charting services are just a few of the specialty services provided by yacht clubs that require special insurance protections. Among the more mundane sources of liability risks are employee injuries, accidental fuel spills and theft of member property. The right insurance package can go a long way towards keeping your marina afloat when it faces a lawsuit.
It’s important to remember that the legal dangers to your marina extend beyond lawsuits. Regulatory fines, workers’ compensation claims and liability claims are just some of the other ways that penalties, judgments and settlements can drain the coffers of even the wealthiest yacht clubs. For these reasons, insurance coverage for yacht clubs is a necessity. Smart yacht clubs also take out policies to safeguard their directors and officers from liability risks. It’s in the best interest of your yacht club to regularly review your policy’s coverage to ensure your club has the right coverage, no matter how your club changes over time.