Inquiring About Yacht Club Insurance Options

Yacht clubs provide a lot of services, including boat rentals, storage and repairs, along with a multitude of other services for their unique clientele. Your clients, whose livelihood exists in the operating of yacht clubs, need a comprehensive insurance package tailored to give them the protection that they need. Because these businesses are fraught with risks and exposures, both on land and at sea, they need to be insured against a number of hazards associated with this line of work.

It would be ashamed to under-insure a client, but having them buy too much coverage can increase premiums and that can lead to customer dissatisfaction as well. Therefore, most brokers look at their clients on a singular basis to determine what exactly needs to be insured against and this helps when making decisions about which types of coverage are needed and what may amount to an unnecessary expense. Investigating a client’s claim history and receipt of payments is always a good idea.

Make sure to get them the coverage they need

Yacht club general liability is essential and that includes club members, volunteers and directors and officers as insureds. The club’s liability for sailing regattas, sailboat races and boating instructional programs is also included and therefore protects the owner from various liability concerns.

Protection and indemnity for boats owned, borrowed, loaned, or rented by the club for use in their normal club operations is also needed coverage. Crew coverage should be included in this package as well. Your client will also benefit greatly by securing marina operator’s legal liability for third party boats at the club’s facility.

Pollution is among one of the greater concerns in the yacht club industry. Limited pollution liability will provide for clean up expense, damage to owned property and damage to third party property as well. This policy should never be overlooked as noncompliance to the laws can result in heavy fines.

You should also take the time to re-evaluate all yacht club insurance policies with your clients every year and determine if all of their current needs are being met.

Cannabis Growing Guides,marijuana growing guide, News and Community

Marina Insurance and Running a Safe Operation

The recreational marine coverage needs of your clients should be your first priority as a broker. The proper marina insurance coverage will help them deal with any and all concerns related to owning and operating a marina, as well as watercraft destined for the high seas. This is an industry fraught with risks and exposures and there are many policies that can help deal with these important concerns.

One of the primary concerns of any good broker is keeping your clients happy year in and year out, and this can be accomplished by going over their coverage annually and ensuring that their current needs are being addressed. You gain their trust by providing solid insurance solutions and protection along with responsive service.

The success of their business may hinge on your providing the expertise and experience required to assist the various segments that make up this market in mitigating and transferring risk. Your goal should be to deliver a comprehensive insurance program with broad coverage forms, along with exceptional customer service to ensure that your clients’ needs are always being served.

Boating safety tips can prevent claims and save lives

Adhering to boating safety guidelines helps keep your clients out of hot water. They can benefit by observing some simple safety habits intent on avoiding costly lawsuits as well as saving lives. Motorized vessels should always be operated at safe speeds while always maintaining a proper lookout. The person captaining the vessel should know the boat’s limitations (as well as their own).

Whenever on the high seas it’s important to take note of visibility, traffic density and the proximity of navigation hazards like shoals, rocks or floating objects, and anyone operating a boat must never drink alcohol while boating. Make sure everyone traveling on the boat always wears a life jacket and this includes the crew and all guests.

Whenever yachts and other watercraft are going out for a cruise check the weather conditions as they can change quite rapidly and without notice. By adhering to a few necessary safety measures and procedures everyone can greatly reduce the risk of any damage or injury occurring. This will make for a much more pleasant trip on the open waters.

Marina insurance helps to ensure that, when a problem does arise, your clients have the necessary protection in place to deal with any and all issues.

Covered Losses and Boat Builder Insurance

As most boat manufacturers understand, upon completion of building a new boat, there are a lot of potentially hidden issues that can go unnoticed. While they may test the boat strenuously and determine that all parts are working properly and that the boat is seaworthy, there is the possibility that problems may surface later on.

When a boat owner reports a loss or malfunction of some type to the manufacturer, boat builder insurance would be required to cover the cost for repairs, and the company could also be liable for any damages or resulting losses. In many cases, a hidden defect can be viewed as either a manufacturer’s defect, in the sense that it was due to a mistake of the manufacturer, or a latent defect.

Most marine insurance covers a wide array of losses

Unless there is a specific exclusion that applies (this is known as an “all risks” policy), any losses are considered covered. Most policies provide a broad range of coverage, while some may exclude a loss caused by a manufacturer’s defect by excluding coverage for damages caused by a manufacturer’s “defect in design.” At the same time, many policies exclude latent defects, but cover any damage that is a result of a latent defect, if that defect was the cause of the damage to the insured property.

Testing the propeller for maximum efficiency

A boat propeller is perhaps the most important component of a boat and is most critical to the overall safety and performance of the vessel. Having the right propeller in working condition allows the boat to properly navigate the waterways. The engine should run within the manufacturer’s designed RPM at Wide Open Throttle (WOT) or the propeller may need replacing. This is the proper way to test the propeller performance:

  1. Make sure gas tank is full, but keep the overall load in the boat slightly lighter than the maximum.
  2. Start up, and run boat for approximately 5 minutes to ensure engine is properly warmed up.
  3. In a wide-open spot on the water, with little to no boat traffic, give the engine full throttle and get it up to maximum speed.
  4. When at maximum speed, note and record the RPM.

If the RPM at full throttle and speed is outside of (either below or above) the manufacturer’s recommendation, it is time to replace the propeller. Boat builder insurance can pay for the replacement cost for a new propeller.


photo credit: cc