If you operate a boat dealership that sells new or used boats; repairs and maintains boats for clients or rents watercraft, our boat dealer insurance plans can keep liability and property damage from sinking your business.
Business Risks and Potential Liability Facing Boat Dealers
Examples of potential loss and liability scenarios facing boat dealers in Canada include:
- A potential client trips on a dock plank and breaks their wrist.
- While taking a boat out for a test run, a customer collides with another boat in the marina, in the water or the dock itself.
- You arrive at your facilities to find that some of your inventory along with boats owned by customers that were in your care were stolen or vandalized.
- A windstorm causes damage to several boats resulting in massive repair costs.
- A customer claims that when he brought his boat in for repairs, damage was done to its engine by one of your mechanics.
- When transporting vessels from your showroom to the marina, the boat is damaged beyond repair in an accident.
Our boat dealer insurance plans can help protect your operations from the above examples and more. Some of the most common policies found in insurance for boat plans are described below.
Common Boat Dealer Insurance Coverages
Regardless of the size and location of your boat dealership, we can provide you with the coverage solutions you need. Some standard boat dealer insurance coverage in Canada includes:
Commercial General Liability Insurance – This is a basic coverage for all businesses and can protect your boat dealership if you’re served with a lawsuit that alleges personal injury, property damage, false advertising and libel or slander. A CGL policy can provide coverage for:
- Medical expenses and property repair or replacement costs
- Lawyer’s fees and defence costs
- Out-of-court settlements
- Awards for damages.
Keep in mind that you could be served with a lawsuit even if you’ve done nothing wrong. Unfortunately, it still costs large sums of money to prove it in court.
Property Insurance – The value of your inventory is too high to leave unprotected. Whether you own or lease a marina or a dealership property on land, a commercial property insurance policy can protect your building, structures and contents from perils such as fires, floods, vandalism and more.
Coverage can also include protection for your boats while in transit to and from marinas and boat shows.
Hull & Machinery Insurance – This is simply a must for boat dealers as it’s the only protection your boats have while in the water. To further protect you from liability in case of personal injury or damage to fixed installations like piers, you will also need protection and indemnity coverage.
Additional Boat Dealership Insurance Coverages You May Need
Bumbershoot (Umbrella) Liability Insurance – provides coverage for costs of a claim that exceed an underlying policy’s limits.
Pollution Liability Insurance – in case of oil, gas, cleaner, solvents or other spills that can result in cleanup costs and legal liability.
Commercial Vehicle/Auto Insurance – which covers your trucks and trailers. If you use a personal vehicle for business purposes like transporting boats, your personal auto policy may not cover you for an accident.
Get ALIGNED With the Life Preserver Your Boat Dealership Needs
When you choose ALIGNED, you get a commercial insurance specialist who will ensure that you don’t overpay for boat dealer insurance or that you’re underinsured. We work with Canada’s top insurance companies to get you comprehensive boat dealer insurance at affordable rates. Contact ALIGNED’s customer service team to get a free quote on boat dealer insurance in minutes or get started right away by using our free online tool.
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