The 5 Most Important Types of Boatyard Insurance

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boatyard coverage

Just because a ship is docked in a harbor doesn’t mean that it’s completely safe. It’s important to be protected in case an accident does occur, making boatyard coverage absolutely essential.

Any number of various accidents could occur in a marina. Luckily, there are just as many types of boatyard coverage to help protect you from liability. The most common types of coverage include:

  • Protection and indemnity (P&I): This is basic accident coverage for personal bodily harm and damage to property. 
  • Machinery/hull insurance: Due to their similarities, this type of insurance is often offered alongside P&I. It specifically covers physical damages to the ship itself. 
  • Liability insurance: This policy primarily applies to boat and harbor-related businesses. Rental companies are a good example.
  • Marine cargo insurance: This type of boatyard coverage offers protection to business owners with lost or stolen cargo.
  • Pollution insurance: This policy protects against any type of accident that could harm wildlife in the marina, such as an oil spill. 

While the policies listed above are definitely important, they’re far from your only options. Talk with your insurance provider to discover the breadth of other coverage types, as well as to gain additional information about the policies listed above. Learn the facts so you can pick the right insurance policies for your boatyard.

This post was written by , posted on June 30, 2020 Tuesday at 8:55 am