Running a yacht club can be a great way to make an income. Your job is essentially to help people relax and bond over boat-related things. However, yacht clubs do face a variety of risks that are land-based and maritime-related. In order to address these risks and properly protect against them, it is important that you have adequate yacht club insurance coverage.
General Liability Insurance
This type of insurance is important to have in case someone at the yacht club injures someone else or damages someone else’s property. It can pick up costs related to these incidents including medical bills and repair costs.
Liquor Liability Insurance
Liquor liability insurance is a must if your yacht club offers alcoholic beverages. It is a well-known fact that drunk people can get a little rowdy and make poor decisions and without insurance, you could be held liable for serving them if an incident occurs.
Physical Damage Coverage
There is always the possibility that a boat at your yacht club could be damaged, either by someone else’s mistake or by a natural cause like a storm. Physical damage coverage can pick up the cost of repair or replacement.
There is a lot to keep track of when running a yacht club and it is not always easy. Yacht club insurance can make all the difference.