Yacht clubs are busy places. Along with the daily ins and outs of club members and guests, you may have a restaurant or snack bar, retail or supply store and more to manage. Then there are the events: Regattas and boat shows, fishing expeditions and tournaments, fund-raisers and a variety of celebrations are always part of the mix. Insurance coverage for yacht clubs is a unique mix because the insurance needs of yacht clubs are unique.
An important part of your insurance strategy should be ensuring you have adequate insurance should there be a major weather event, accident or another catastrophe. The very nature of your organization means that members have some expensive watercraft that need to be accounted for. Your club needs sufficient replacement insurance, not simply coverage for the actual cash value of these assets; this prevents depreciation costs from being applied to claims, which leaves the insured with less money to replace a lost boat. It’s also critical that you have sufficient liability coverage for accidents on the water, which carry the same injury potential as a car crash and resulting medical needs.
Insurance coverage for yacht clubs must cover a barrage of different needs, including illegal acts of vandalism and theft, as well as accidents and injuries. You need an insurance carrier who can account for all of your needs by tailoring a coverage plan to fit.