There numerous risks and liabilities for commercial watercraft contractors, and it is in the best interest of each construction company to invest in a comprehensive insurance plan. With the right boat contractor insurance policy, you can protect your company from the financial liabilities associated with watercraft construction projects.
Types of Risks
There are many different types of contractors and services included in the watercraft industry, and each will require their own specific coverage plans according to the nature of their operations. Boat contractor insurance covers those who design and manufacture boats and vessels.
Others who would benefit from a marine-based insurance policy include:
Oil and Gas Contractors
Pollution Remediation Contractor
Vessel Assist Tow Boats
Municipality Patrol and Fire Rescue
Building and Marine Contractors
Aquatic Foliage Control Contractors
Insurance policies for those who construct seafaring vessels are needed because of risks associated with building, sea trials, marine liability, property damage, repair work, commercial auto, products liability, and environmental hazards. Comprehensive coverage options could include add-ons such as cargo liabilities, excess liabilities, additional insured, and workers’ compensation or benefit plans.
Boatbuilding and other watercraft-related business operations are ventures that carry extreme risk and liabilities. A comprehensive insurance plan is one way to financially address these exposures and minimize the loss in the event of an injury, damage, or accident to either property or persons.