Boat repair workshops are specialized facilities that provide essential maintenance, repair, and restoration services for various types of watercraft, including boats, yachts, and ships.
Services offered usually include hull repairs, engine maintenance and repairs, electrical system diagnostics and repairs, painting and refinishing, fiberglass work, upholstery repairs, and general maintenance tasks.
Marine maintenance workshops face various risks, including:
- Damage to customers' vessels under repair
- Third-party property damage
- Bodily injury to employees or customers
- Environmental pollution from hazardous materials
- Damage to the facility itself due to accidents or natural disasters
Why Boat Repair Workshops Require Specialized Coverage
Standard business insurance policies may fail to adequately address these specific risks due to their inability to account for them, offer insufficient coverage limits, or include exclusions that leave gaps in protection.
Gaps in coverage could include:
- Limited Marine Liability
- Environmental Pollution Coverage exclusions
- Inadequate Property Coverage
By including specific provisions for hull and machinery damage, environmental pollution liabilities, and maritime legal obligations, Boat Repair Facilities Insurance ensures that your shipyard operations are fully protected against potential financial losses arising from accidents, errors, or unforeseen events.
Additionally, this policy can offer higher coverage limits and fewer exclusions compared to generic insurance options.