Insurance

Insurance Coverage Directly Related To Marinas, Boatyards, And Boat Dealerships. 

Marine Operators Legal Liability (MOLL):

• Your liability arising out of the care custody and control of other vessels. This includes slip rental, dry storage, repair, launching and removal, fueling operations and transportation.

Marine General Liability (MGL):

• Your liability to the general public arising out of your work or premises in which your work is being preformed. Usually consisting of protection against people suing you or your employees because your work caused them injury (bodily injury) or damaged their property because of your work.

Boat Dealers Physical Inventory:

  • Sometimes known as “floor plan” coverage, this covers against physical loss or damage to vessels and related property held for sale. Coverage amounts are limited to locations and values shown on the policy. Coverage is usually provided at designated locations, in transit, and at exhibitions such as boat shows. Premium is determined by average monthly or annual amounts reported to company annually. Premium audit adjustments are common.

Docks, Piers and Slips:

  • Provides physical damage coverage for property over the water. Property can be floating or on pilings. Most policies cover for depreciated value and may not include the loss of revenue the slip or slips generated. Consideration should be given to dock business interruption coverage as well as debris removal limits. Dock coverage is where many losses occur. Wind and fire can cause major losses. Check your policies for common exclusions such as ice, vermin and wear.

Basin Pollution (POL):

  • This is your legal liability to clean up any oil, fuel or pollutant you or your customers’ discharge from a vessel on land or water. This coverage excludes underground or above ground tank discharges. A claim must be reported within 72 hours of the occurrence.

Above/Underground Fuel Storage Tanks:

  • Your legal liability to clean up any oil, fuel or pollutant that is discharged accidentally from a tank of piping. The value of the lost fuel is typically excluded.

Protection & Indemnity:

  • (P&I) Your liability arising out of the operation or use of ANY boat or vessel. Coverage can be for dealer, rental and marina operations. Care should be taken to list all types of operations including towing or launching operations.

Maritime Employers Liability (EL):

  • Your liability to employees working on or from vessels. This is referred to as the Jones Act, your maritime employee acting as a crew can sue the owner/captain of a vessel. Coverage is typically endorsed on your P&I policy.

Longshore (USL&H):

  • Your legal responsibility to employees & subcontractors working on the boats in your marina 65 feet and over.  A Longshore claim can be used in lieu of  a Workman’s Compensation and has a  higher claim payment. Coverage may also  be required for sellers of vessels, which exceed 65 feet.

Flood:

  • Buildings & or contents damaged by flood which occupies 2 acres or adjoining property. Are your contents covered?

Business Income:

  • Covers increased expenses and loss of revenue that property generates because of an insured peril. Limits should be adequate to cover expenses for the time it takes to resume operations and recover loss of customers.

Excess/Umbrella/Bumbershoot:

  • Provides excess limits over GL, MOLL, P&I, AL. Can include pollution and employment practices liability by endorsement. Check that all underlying policies and language pays on behalf and not indemnify insured.

Insurance Information Provided by John B. Wright Insurance – http://www.covermymarina.com