Any business that stores or repairs the personal property of customers requires special insurance to protect that property. Businesses that repair boats need specialized insurance coverage called Ship Repairer’s Liability from a recreational marine insurance wholesaler which can cover the financial cost of damage, loss, or theft of boats and boat trailers in the care, custody, and control of that business. This type of insurance can not only be required by law for a repair company for large ships and yachts, but also for businesses that repair smaller recreational boats and fishing boats. Some providers offer additional insurance coverages for transporting boats, sea trials, and repairing boats on-site.
Some of the businesses that might require Ship Repairers Legal Liability insurance include recreational boat repairers, shipyards, wharfs, terminals, independent stevedores, marine transportation companies, and fleet operations companies. Ship Repairers Legal Liability insurance may be able to be packaged into an inclusive policy which includes commercial general liability, property insurance, crime insurance, professional liability, and other basic business insurance coverages. Often Ship Repairers Legal Liability insurance can also be bought separately to provide optimal coverage for the unique needs of your business. As each ship repair business may face risks that are different from another ship repair company, businesses should seek a recreational marine insurance wholesaler to obtain comprehensive coverage of multiple risks.