During the process of building a boat, the follow-up sea trials, and the final delivery, a lot can go terribly wrong. Whether it be a setback that delays the completion date or accidental damage to a portion of the completed, marine builder have a lot to consider when taking on new projects. A risk management evaluation can help identify some of the key areas of concern.
The Primary Liabilities
When considering the work environment of the boat builder, you have to consider the exposures of both the open sea and the marina or dock. Should a mast fall over or the mooring comes loose, you will be facing a lot of property damage. If you are on a sea trial and a fire occurs, you are facing additional damage and recovery costs. For the most part, product liability coverage isn’t enough protection to address the serious liability for marine builders.
The Risk Management
Rather than just hoping your insurance plan will cover an accident or incident, having a risk management assessment done can help you target key areas of concern before they become an issue. The report will consider the dangers of fire, water, weather, safety, and material, as well as other concerns unique to the marine industry.
Boat building has its own share of liability concerns. Just like any other industry, proper insurance and proactive strategies can reduce the risk.