A marina owner has the important task of providing a safe place for others to store their vessels, and that’s why it’s vital to purchase the proper marina liability insurance to protect yourself and your business in the event that something goes wrong. While you try to provide the best service possible, accidents or mistakes can take place that are beyond your control.
Marina liability insurance is designed to protect you from damage done to vessels while they are in your care, custody, and control (the three C’s). It includes damage that occurs while docking, mooring, test driving up to a certain distance from the marina, dry docking, fueling, and launching out. When examining your coverage options, it’s also a good idea to keep in mind that coverage may change depending on whether a vessel is privately owned or for commercial use. There is also a difference between marina operators legal liability coverage (MOLL) and protection and indemnity (P&I). P&I typically refers to third-party liabilities a vessel’s owner is exposed to during operation.
Understanding your options and how your coverage works helps you make the best decision for your business and ensures your success well into the future. Purchasing the insurance coverage needed to properly protect your business, even if it costs a few more dollars, is worth every penny.