Marina Dock Age, March 2006
What marinas should include in their marina insurance programs
By Mark Yearn
Every marina operator has a basic understanding of how to buy business insurance and what their policies should include — right? Not necessarily! A lot of the insurance programs marinas purchase are either missing critical elements or have simply been purchased on price alone.
This article describes what marinas should include in their marina insurance programs. Some of this information will be very familiar and some not so familiar.
Property insurance typically provides protection for buildings, business personal property, equipment/inland marine (travel lifts, tractors, trailers, unlicensed vehicles, etc.), docks, business income, and extra expenses.
In this area, marina operators should make sure they purchase:
| • | Replacement cost coverage, |
| • | Special perils/all risk perils, |
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Deductibles – $ 1,000 or $5,000 (dock deductibles will be higher), |
| • | Co-Insurance – 80%, and |
| • | Agreed value. |
Depending on the marina’s situation, the owner should also request the following insurance-ice coverage:
| • | Sprinkler leakage coverage – if any of your buildings have sprinklers; |
| • |
Machinery breakdown coverage – many carriers provide this as an extension of their property forms, otherwise, owners should purchase this coverage as part of a boiler and machinery coverage form; |
| • |
Blanket Limits – depending on the size of the marina operation, this option may not be available, but ask if it is and if so, purchase insurance on a “blanket” basis. Continue » |