Insurance programs for yards are a mixture of both maritime and land-based insurance coverages. Since the products and completed operations can involve life-safety of vessel operators, the insurance industry gives much attention to shipyards. For marinas, third party liability coverages for slips and falls on the docks, damage to boats in the marina and product/completed operations liability for repair work are most common, but liability for leaks of an in-ground tank, fuels spills or a spill from a marina-owned vessel are also very real exposures for marinas with a gas dock.
Like any other business, a yard is required by the state to purchase workers compensation insurance for employee injuries and automobile liability coverage to fulfill their financial responsibility obligations. Because of the US Longshoremens and Harborworkers Compensation Act there is a very limited insurance market for workers compensation.
Traditional marine coverages of hull insurance and protection & indemnity are needed to cover both owned boats and liability for customers’ boats while being berthed, stored, repaired or tested by yard workers. The insurance companies we represent offer every coverage needed by shipyards and marinas