ALIGNED Insurance is pleased to offer boat manufacturers and boat builders comprehensive insurance policies. From liability coverage to property coverage, we can find a flexible insurance solution for your boat manufacturing company and the unique risks that come along with it.
Insights 101 | Boat builders insurance explained
Not sure whether you need boat builders’ insurance? Let’s consider the following: operating any business in the manufacturing sector, including boat builders, comes with inherent risk. From the equipment in your boatyard being damaged in a fire to a third party filing a lawsuit against you, many things can go wrong when operating a boat manufacturing business. Purchasing boat builders insurance can help you mitigate some of these risks by providing you with financial protection in the event of a lawsuit or property damage.
Who is boat builders insurance for?
Boat builders insurance is for boat builders and manufacturers of all sizes. Whether you build boats for leisure, luxury, or industrial purposes, or your customer base is primarily private individuals or commercial clients, boat builders insurance can benefit you.
What to know about boat builders insurance coverage
As insurance experts, ALIGNED understands what coverages you need to protect your boat-building company from risk and can help navigate the unique marine insurance market for you. Below is a list of coverages that may be included in your boat builders insurance policy:
- Commercial general liability insurance: Commercial general liability coverage protects your boat building company against third-party bodily injury and property damage claims. It covers the cost of injury or damages to a third party, as well as the cost of a lawsuit.
- Product liability insurance: Product liability insurance is often part of commercial general liability coverage. If your boat building company sells vessels to customers, this type of coverage can protect you if one of your boats causes bodily injury or property damage to a third party and they sue you.
- Commercial property insurance: Commercial property insurance protects your boat building facility, as well as any business-related contents, such as electronics or building materials. Specifically, it will protect your boatyard if it is damaged by a covered loss, like fire, theft, or vandalism.
- Commercial auto insurance: Commercial auto insurance is another type of coverage that might be useful to boat building companies, especially if you transport building materials or completed vessels by car. Exact coverage varies but can include third-party liability coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and comprehensive coverage.
- Business interruption insurance: Business interruption insurance can protect your boat manufacturing company from lost income if it is forced to close down after being damaged by an insured loss. Like commercial property insurance, insured losses vary but may include theft, fire, vandalism, and windstorms.
ALIGN your boat manufacturing company with boat builders insurance
What are you waiting for? Contact ALIGNED to learn more about boat builders insurance, or click here for a free quote.