When your business is building luxury boats, you can’t rely on a generic insurance policy. You need coverage that’s specifically designed for your operation and the work you do. Insurance for yacht builders has to cover not only the products being made and the liabilities associated with said product, but also all the space and labor that goes into making a boat. With Florida’s weather and the risks associated with boat ownership, you have no choice but to get the best possible coverage. Anything else will leave you high and dry, and that’s no place for a yacht builder to be.
In addition to the various liability coverages necessary for anyone building recreational boats, insurance for yacht builders has to address various maritime acts and the unique risks that come with working in this industry. Crimes committed in a harbor result in specific types of damage, and employees working on boats need to be covered against a variety of incidents. Unless you work with a provider knowledgeable about these matters, you can expect to end up with an insurance plan that only meets some of your needs.
Before settling for a one-size-fits-all insurance policy, meet with someone who truly understand maritime business and maritime insurance. Once you see what an extensive policy looks like, you’ll be glad you went the extra mile.