Marina insurance policies
- Thread starter Brian D
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Id too be very very wary .....
I guess the question to ask your marina operator is "what compensation do **I** received for listing your marina as being 'co-insured' on MY policy". Sounds like a VERY inequitable and totally one-sided 'agreement' going on and I would be VERY VERY VERY wary. Have you discussed this in 'detail' with *your* insurance company ..... or your state's insurance commissioner?
I guess the question to ask your marina operator is "what compensation do **I** received for listing your marina as being 'co-insured' on MY policy". Sounds like a VERY inequitable and totally one-sided 'agreement' going on and I would be VERY VERY VERY wary. Have you discussed this in 'detail' with *your* insurance company ..... or your state's insurance commissioner?
Standard Deal
Every SoCal marina I know well requires the tenant's liability policy to carry the marina as an additional insured. In fact, the last marina I was in even wanted the County on as another additional insured which I thought was a bit over the top. I used to be on a marina board of directors. We carried a specialty liability policy which included workers comp and longshoreman coverage as well as the coverage for the docks themselves. I recall the liability coverage was a couple of million; don't remember exactly. BTW, marina management isn't a cake walk at all. I felt lucky to get out without being named in some lawsuit or another. Rick D.
Every SoCal marina I know well requires the tenant's liability policy to carry the marina as an additional insured. In fact, the last marina I was in even wanted the County on as another additional insured which I thought was a bit over the top. I used to be on a marina board of directors. We carried a specialty liability policy which included workers comp and longshoreman coverage as well as the coverage for the docks themselves. I recall the liability coverage was a couple of million; don't remember exactly. BTW, marina management isn't a cake walk at all. I felt lucky to get out without being named in some lawsuit or another. Rick D.
Co Insurance
Naming another party as coinsured on your policy protects them from being liable in an action taken against you. For example, if someone has an injury on your boat while in the marina, the injured party may try to also claim damages against the marina, assuming they have much "deeper pockets" than you. By being named as coinsured on your policy, your insurance would come into play before theirs. There are other possible scenarios, but the naming of marinas as coinsureds is indeed very common.
Naming another party as coinsured on your policy protects them from being liable in an action taken against you. For example, if someone has an injury on your boat while in the marina, the injured party may try to also claim damages against the marina, assuming they have much "deeper pockets" than you. By being named as coinsured on your policy, your insurance would come into play before theirs. There are other possible scenarios, but the naming of marinas as coinsureds is indeed very common.
Good info, j....
I went through this with my 'mainly auto' insurance company, which after 1 year of putting 'additional insured' on my policy refused to continue the practice. Even my broker who my wife and I have dealt with for over 20 years wasn't able to do it. I argued with their underwriter, to no avail. So I called BoatUS, and they didn't have a problem with it.
Incidentally, there isn't anything I could come up with to convince the marina to relax the requirement, either...... so you're stuck between the rock and hard place..... again! Cheers, Bob s/v X SAIL R 8
I went through this with my 'mainly auto' insurance company, which after 1 year of putting 'additional insured' on my policy refused to continue the practice. Even my broker who my wife and I have dealt with for over 20 years wasn't able to do it. I argued with their underwriter, to no avail. So I called BoatUS, and they didn't have a problem with it.
Incidentally, there isn't anything I could come up with to convince the marina to relax the requirement, either...... so you're stuck between the rock and hard place..... again! Cheers, Bob s/v X SAIL R 8Our marina has required this for over 20 years.
Our marina has required that they are co-insured on our policy ever since we had our boat there. I suppose that they want to be covered by any stupid things that we may do and they also want to be sure that you are covered as an individual.
Our marina has required that they are co-insured on our policy ever since we had our boat there. I suppose that they want to be covered by any stupid things that we may do and they also want to be sure that you are covered as an individual.
Bob, Your Insurer Wasn't Smart
It isn't up to an underwriter to determine to get the company out of a whole line of business. That's the effect since nearly everyone who has a boat in a slip has to conform to having the marina as an additional insured (in SoCal). I suppose that leaves them with trailerable boats, however. It is true that the marina insurers are gaming the boat insurers in this process by shifting some costs, but it isn't anything the boat insurers can't handle with some premium adjustments, which I'm sure they already have done. Rick D.
It isn't up to an underwriter to determine to get the company out of a whole line of business. That's the effect since nearly everyone who has a boat in a slip has to conform to having the marina as an additional insured (in SoCal). I suppose that leaves them with trailerable boats, however. It is true that the marina insurers are gaming the boat insurers in this process by shifting some costs, but it isn't anything the boat insurers can't handle with some premium adjustments, which I'm sure they already have done. Rick D.
Same here in Florida
My marina requires a minimum of $400,000 liability with them named as coinsured. Non-negotiable. Most marine insurance companies don't even bat an eye and I don't think it changes the premium, because I had the quote before I dropped that on them and the price didn't change.
My marina requires a minimum of $400,000 liability with them named as coinsured. Non-negotiable. Most marine insurance companies don't even bat an eye and I don't think it changes the premium, because I had the quote before I dropped that on them and the price didn't change.
Condominium Marina
I don't know if it makes a difference but my marina is condo, meaning that I "bought" my slip and pay a (relatively) modest annual condo fee for maintainence and marina management. In reality I didn't actually buy my slip, I paid to join the marina owners organization (a corporation) wich gave me a 1/500th ownership in the marina and exclusive rights to my slip for as long as I am a member. I can sell my membership for whatever the market will bear, at any time. The marina requires that I carry insurance but they are not named as co-insured. This may or may not be because I am a shareholder in the membership corporation, I don't know. My insurance company has the marina on a list to receive an annual certificate of insurance when I renew. They would also be sent notification if I altered or cancelled my insurance. Tom s/v Orion's Child
I don't know if it makes a difference but my marina is condo, meaning that I "bought" my slip and pay a (relatively) modest annual condo fee for maintainence and marina management. In reality I didn't actually buy my slip, I paid to join the marina owners organization (a corporation) wich gave me a 1/500th ownership in the marina and exclusive rights to my slip for as long as I am a member. I can sell my membership for whatever the market will bear, at any time. The marina requires that I carry insurance but they are not named as co-insured. This may or may not be because I am a shareholder in the membership corporation, I don't know. My insurance company has the marina on a list to receive an annual certificate of insurance when I renew. They would also be sent notification if I altered or cancelled my insurance. Tom s/v Orion's Child
Only problem my insurer had with adding both
the marina company and the county as co-insured was that the computer program didn't have space for all that so they had to find a typewriter in the basement and call back a typist from retirement.
the marina company and the county as co-insured was that the computer program didn't have space for all that so they had to find a typewriter in the basement and call back a typist from retirement.
Insurance
Just another way Big Business messes with The Little Guy.In my Marina and all I know of in this area this is mandatory..and they can give no explanation for it..thats just how it is.
Just another way Big Business messes with The Little Guy.In my Marina and all I know of in this area this is mandatory..and they can give no explanation for it..thats just how it is.
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