As a marina operator, having the proper marina liability coverage is essential for protecting your business should accidents occur in the course of your daily operations. You have the responsibility of watching over others’ property and providing a safe environment to store their vessels. Having the right insurance coverage can save you from financial disaster in the event something goes wrong.
While marina liability coverage, also known as marina operators legal liability (MOLL) coverage, offers a great amount of protection, there are some exclusions you need to be aware of beforehand. Common exclusions include damage done to vessels by insects or vermin, damage done to vessels being stored at your marina free of charge, and repairs performed by a third party. Protection and indemnity (P&I) is also typically excluded from MOLL coverage. While MOLL coverage protects marina operators from damage that occurs during such activities as docking, mooring, fueling, and storing vessels, P&I coverage applies to third-party liabilities that an owner, rather than the marina, is likely to be exposed to while operating a vessel.
Examining and understanding exclusions in your coverage will help you fill in any gaps that could leave you exposed so you can operate your business with peace of mind. There are many options available to keep you fully covered so you can focus on the important task of providing excellent service to your customers.