If you own a shipyard, your top priority is to keep everything running smoothly so you can facilitate the creation and repair of various types of watercraft. Unfortunately, shipyards can be vulnerable to economic damage, especially in the form of lawsuits and liability issues. This is why it is so important to have shipyard insurance.
Ship Repairers’ Liability Coverage
This type of insurance is vital for any shipyard. If you or one of your workers is in the process of repairing a vessel and it gets damaged or lost, you can be in for a world of financial trouble. Ship repairers’ liability coverage can insure that you won’t be responsible for paying for the cost out of pocket. This coverage can also apply to third-party injuries.
Hull and Machinery Coverage
Hull and machinery coverage is a type of insurance that picks up the cost of repair if a ship’s hull, machinery, or equipment is damaged. This is vital because there are many ways a ship can be damaged in this way. It can occur due to grounding, collision, or explosion. Additionally, you are covered if one of your ships is damaged due to negligence by your crew or a repairer.
Running a shipyard can be complicated and risky without the proper measures of protection. Having good shipyard insurance coverage can go a long way towards helping things run more smoothly.