Manufacturing boats means planning, designing, finding suppliers for parts and materials, keeping your staff and boatyard safe, test runs and so much more. Don’t let a single mistake or malicious act sink everything you’ve worked so hard to accomplish with time. ALIGN your boatyard with a brokerage in Canada that will build a boat manufacturer insurance plan that won’t drown you in coverage you don’t need and will help keep you afloat should your boatyard need a lifeline.
Common Insurance Policies for Boat Builders in Canada
Whether you manufacture canoes and kayaks, inflatable boats and rafts, motorboats or yachts, you face similar risks that come with boats under construction in general. The following are basic coverages for boat manufacturers.
Commercial General Liability Insurance
This is a common coverage for all businesses and can cover you in case a visitor to your boatyard is injured or a neighbouring property is damaged because of your company manufacturing services. Other protections include lawsuits alleging false advertising and libel or slander.
Even if your boat manufacturing is mostly automated, mistakes can still happen, mistakes that aren’t realized until it’s too late. This can protect you in case of consumer injuries, bodily injury to others and/or damage to third party property.
From fibreglass, wood and other highly flammable materials, to working outside, exposed to the elements, having the right property insurance for your boatyard is crucial to protect your inventory, supplies and equipment. You may also need to add:
Business Interruption Coverage – to help cover your expenses in case of property damage caused by a covered peril.
Extra Expense Insurance – for the costs of setting up a temporary operations following a peril.
To protect you from liability and your boats from the costs to repair damages during test runs.
Disposing of chemicals like coatings, solvents and thinners or insulating materials like asbestos can lead to spills that require costly cleanups and result in litigation.
In claims involving legal liability, our insurance on boat builders can cover:
- Lawyer’s fees and defence costs
- Out-of-court settlements
- Awards for damages
Keep in mind that all businesses in Canada face the risk of frivolous lawsuits that can cause severe damage to their operations without the right liability coverage.
Additional Coverages for Boat Manufacturers
Depending on the types of craft you build and the size of your operations, the following policies may need to be added to your boat builder insurance plan.
- Accounts Receivable Type of Insurance
- Boiler & Machinery / Equipment Breakdown Insurance
- Cargo Insurance
- Commercial Auto Insurance
- Crime / Fidelity Insurance
- Cyber Liability & Privacy Insurance
- Product Recall Insurance
Related Articles
At ALIGNED, Commercial Insurance Is All We Do
When you choose ALIGNED, you get a commercial insurance specialist advocating for your boatyard to get you comprehensive boat manufacturer plans at affordable rates. We work with Canada’s top insurance companies to ensure you get reliable protection services when you need it the most. Contact an ALIGNED advocate to get a free quote on boat builder insurance in minutes or get started right away by using our free online tool.
