Marine industry statistics show that recreational boating has been increasing in popularity in recent years. Not only are more people buying their own boats, but there are also more people participating in recreational activities like charters, rentals, and guided tours. Merrimac points out how this increase has also increased the population of customers for insurance that covers those activities. It’s important to remember that not all boats need the same coverage, though, and if you run a company that provides marine recreation to the public, you’ll need to make sure you’ve got the liability coverage you need to manage the risks inherent to the business.
Coverage To Match Your Needs
Even if you’re just insuring one boat, a freshwater speedboat or bass boat will have a lot of different risk profile than a yacht on the open sea, and there are a lot of spots on the spectrum besides those. When you work with people who make it their business to provide for the marine industry and people participating in recreational ownership, you gain the benefit of the insight that comes from researching the risks and needs of the industry. That leads to better connections to the companies that specialize in providing these policies. Just like your choice of broker can make or break a home policy purchase, the same is true for boat insurance, so you will want to work with people who make it their business.