Brown & Brown Fort Lauderdale
All commercial yacht builders must be covered by multiple lines of insurance. The first is called Builders Risk and it protects real property while the vessel is being built, renovated or repaired. Personal property that will become a permanent part of the vessel is also covered under these policies. If testing is required, and it often is, Builders Risk Insurance may include launching and trial coverage as an option.
Builders Risk coverage is valid from the start of construction until the yacht is delivered to the customer. Since transporting these vessels can be dangerous, both physically and financially, some policies include coverage for land transit. This option is a must for commercial builders that make large, lavish yachts.
Policies that cover launching and sea trials also include Collision Liability and Protection & Indemnity. Better known as P&I insurance, it protects operators from liabilities that arise out of navigation or management of their yachts.
Although many other types of insurance are required to build commercial vessels, such as General Liability and Product Liability, Builders Risk is the most comprehensive form of coverage, which is why it is often obtained before the others.
As one of the top marine agencies in Florida, Brown & Brown understands that every commercial builder is different. Some make small fishing boats while others make megayachts. Either way, the insurance coverage you require must be tailored to meet the needs of your business. With over 120 years of combined marine experience, the agents at Brown & Brown Marine are uniquely qualified to customize a policy that protects all of your exposures. They can also review your current coverage and make recommendations for improvement.
To speak to one of our representatives today, please dial 1-800-648-9303. Florida residents may call 954-776-2222 or email us at email@example.com.