There are many difficulties facing boat builders today. Environmental regulations and competition from other companies both here and abroad can create concerns related to the cost of doing business. Yacht builders’ insurance wholesalers are trying to reduce these issues by providing a carefully constructed and high-performing insurance product at reasonable prices. These companies usually work with a network of carriers that can provide coverage for the yacht building business, which drives competition and can result in a lower cost policy for the builder.
Using a firm that specializes in the complexities of protecting the boat building sector can help ensure a good fit between the company’s current and future insurance needs and the coverage provided by the policy. Yacht builders’ insurance wholesalers are generally experts in the usual property, liability and inventory coverage that any other business would want, as well as the specialized products needed by commercial and recreational boat builders. Coverage for the yacht throughout construction and sea trials to delivery to its final destination is essential. The policy should also include safeguarding against flood and wind damage to buildings, docks, piers, lifts and other equipment. A specialty agency would likely provide a policy that involves coverage for protection and indemnity issues as well as legal liability for ship repairers and marina operators.
Complex businesses require specialty insurance. Finding a professional insurance provider that can issue a quality comprehensive policy to protect all aspects of the yacht building business is crucial to the firm’s success and longevity.