Shipyard insurance is a complex web of coverage that folds together a few well-known policies needed by most businesses and some specialized options suited to your operation specifically, so it’s not a one size fits all project. It is, however, a class of coverage unto itself, meaning that most businesses that build boats, yachts, and even larger ships have the same range of exposure to liability, even if the scale changes with the size of the operation. With that in mind, if your coverage doesn’t currently include boat builders risk insurance, it’s worth checking out what risk insurance would do to round out your current set of policies.
What Is Risk Insurance?
Risk insurance is a combination of workers compensation, property coverage, liability coverage along several dimensions, and protection against common risks like crime and natural disasters. As such, it needs to be built around your company, because it involves balancing the policy needs to make sure you have exactly the right amount of coverage in each dimension provided. Merrimac Marine Insurance explains the full range of risk protection offered by common policies for ship builders, as well as the importance of working with someone who understands how to bend a template for insurance coverage to meet the specific risk management needs of individual businesses. Since the conditions under which ship builders operate can vary a lot according to jurisdiction and climate, it’s important to work with a knowledgeable provider.