Boat Dealers have substantial liability exposures from which they must protect themselves. Their liability to the public is likely the most significant concern area, and exposure for boat dealers continues for many years after customers take their boat home. Exposures include:
- Customers can be injured while on their premises, docks, or participating in demo rides.
- If an injury occurs to the customer or someone else by the product, or the work of the boat dealer’s service department, the boat dealer could be held liable for the injuries.
- A dealer may also have auto liability exposures, employment liability exposures, and pollution exposures.
- A dealer needs insurance to protect both the property they own and the property of others against loss. A boat dealer must protect their inventory from a loss, as it is their largest valuable asset. Inventory values fluctuate often, and a monthly reporting form can cover their value. Due to fluctuating values, dealers will only pay a premium for the exact value of their inventory.
- Dealers may also need to cover owned buildings, contents of those buildings, docks, vehicles, owned vessels, and various equipment.
Yacht Brokers have many of these same exposures minus any owned inventory or product liability. Exposures include:
- Customers can be injured on their premises, docks, or participating in sea trials.
- A broker is legally liable if damage to a boat occurs during a sea trial or move.
- A broker may also have auto liability exposures, employment liability exposures, and pollution exposures.
- Brokers may also need to cover owned or rented buildings, contents of those buildings, docks, vehicles, owned vessels, and various equipment.
How Anchor Marine Can Help
We can find you the best package policy. Insurance companies offer a package policy to tie all the necessary coverage in a single, cost-effective insurance policy. Anchor Marine has years of experience in helping our customers find the right insurance company and helping them tailor these specialized packages, which may include the following coverages:
- Commercial General Liability
- Dealers Inventory
- Bailee Coverage
- Commercial Property
- Commercial Auto
- Piers, Wharves, and Docks
- Marina Operators Legal Liability
Call or email us for Dealer or Broker Insurance needs:
IMPORTANT NOTE: This summary provides only a simplified description of insurance coverages in general and is not a statement of contract. For complete details of coverages, conditions, limits and losses not covered, be sure to read the actual policies, including all endorsements.