It’s understandable for marina owners to want to save as much money as they can, especially when it comes to purchasing insurance, but there are many factors to consider when determining the cost of insurance for marinas and it’s essential to examine them as carefully as possible. It’s important to weigh the cost of the insurance against potential losses when determining whether the insurance is cost-effective.
In the past, a marina was typically just a place to dock boats, but could now include a hotel, restaurant, or other recreational facilities housed on the property. All of these extras need to be considered when figuring out how much insurance is needed to keep you fully covered. Insurance for marinas needs to cover both floating and dry-land properties, and having a firm grasp of the differences will save you both time and money should you ever need to make a claim.
While you don’t want to overpay for insurance, you also don’t want to skimp on coverage you truly need and then hope that you never need it. Each marina is unique and insurance coverage should be determined by examining the specific needs of your particular situation. This will ensure you get the best coverage for your marina at the best possible price.