When searching for insurance programs for marinas, there may be unusual challenges in covering risks which are only found in wet marine businesses. Even small marinas can be subject to lawsuits and legal challenges if they do not have enough insurance coverage to protect their risks. Bumbershoot policies can cover a much broader range of risks than a liability policy alone, just as an umbrella policy would. A bumbershoot policy can also raise the limits of primary coverage to offer more protection for liability and other risks, and extend coverage for normal commercial risks such as injuries, medical payments, or business interruptions. Bumbershoot policies can have benefits for marinas, yacht clubs, shipyards, ship repair companies, port authorities, and wharfs.
Because of wet marine risks, there are several unique coverages in a bumbershoot policy which a regular commercial policy would not have. A bumbershoot insurance policy can give coverage for collision, normally a coverage you might associate with a vehicle liability policy. Many bumbershoot policies offer coverage which meets the requirements of the Longshoreman and Harbor Workers’ Act. Bumbershoot policies may also cover salvage operations and ship repairers’ legal liability. A qualified insurance professional which specializes in insurance programs for marinas can advise you on bumbershoot insurance policies and how they can protect your marina.