Boats and yachts must be expertly constructed to meet the demands of sailing and withstand the harsh conditions of the sea. As design and construction standards increase, the process becomes riskier and more complex. The manufacturers of these vessels not only continue to improve their materials and techniques but also their insurance coverage. Learn more about why boat and yacht builders rely on insurance plans specially designed for their industry.
Preparing for Any Situation
Boating may be a relaxing, peaceful experience for their operators, but the seas, lakes and other bodies of water present dangers that ship designers and builders must consider, such as rock formations, animals and weather. Additionally, there are other factors that should be covered, including the construction of the vessel, injuries, boatyards and more. You can choose an inclusive plan or one that simply covers selected issues.
According to www.merrimacins.com, insurance plans for boat and yacht builders tend to cover three major areas, such as:
Liability coverage, which includes general, repairers and operators
Property coverage, which encompasses business property, builder’s risk, crime and more
Employee coverage, which mainly consists of workers’ compensation and the Longshore and Harbor Workers Act
Just as yacht manufacturers use their talents to construct a well-crafted vehicle, they also take the steps to protect it during and after construction. A detailed insurance plan will consider nearly every scenario and protect the builders.