Yacht clubs have quite a few risks to consider in their line of business. They work hard to provide useful services to their membership, making liability concerns both, unique and varied, and the need for having proper yacht club insurance crucial. In addition to considering the needs of their own members, they also have guests and workers, and it is not unusual for them to have members of other yacht clubs (with reciprocal privileges through Yachting Clubs of America, for example) on the premises and aboard vessels on the sea.
Situations where coverage is essential
What if a boat breaks free of its mooring during a storm, a visitor falls on the dock and is injured? Perhaps someone claims that the mooring was defective, or if someone at a social event gets sick and says the food wasn’t prepared properly, making claims that areas of the club are not properly cared for and this was the cause of an injury or illness.
Then there is the added concern that a theft of valuable equipment might occur, or a building becomes vandalized with graffiti, as well as the possibility of a fire consuming property or boats moored in the marina. These are all issues that having the right policy will help in recovering damages or protecting owners in the event a lawsuit is filed.
Yacht clubs, like any other private clubs, have many potential legal issues to consider when purchasing insurance through an independent insurance agent. It is imperative to the success of these types of businesses; that yacht clubs be properly protected in the event of a crime, accident or other event that can have damaging results.
When reviewing any policy with an agent, ask questions about the type of coverage being provided, and by all means, make sure there is enough coverage in place. Owners should know whether or not they need the following policies:
Property Coverages Available:
- Real and Personal Property
- Yacht Dealer
- Equipment / Lifts / Tools
- Boat Show/ Exhibition
- Owned Watercraft
- Piers, Wharves and Docks
- Business Income
Liability Coverages Available:
- General Liability
- Products Completed Operations Liability
- Marina Operators Legal Liability
- Protection and Indemnity
- Ship Repairers Legal Liability
- Commercial Automobile
Employee Coverages Available:
- Workers Compensation
- United States Longshore and Harbor Workers Act
- Jones Act
Yacht Club insurance policies are vital to any business recovering from a calamity and it can cover everything from boats owned by the club, to slips and moorings to liability for club members and guests.