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Any business that sells new or used boats, rents out boats or other watercraft, accepts trades on boats or provides repairs on boats are all considered to be a boat dealer. Boat dealers need your everyday insurance such as General Liability, Property Damage Insurance, Workers’ Comp, and Business Interruption Insurance. They also need more specific types of “marine policies” such as Title Errors and Omissions, False Pretenses, Truth-in-Lending, Inventory Coverage, Engine Hours, and Omissions.
For a boat dealer, this type of insurance is written to protect the boat dealership against watercraft liability exposures, pollution coverage, employee benefits liability, and employment-related practices liability. If you feel that the coverage levels are not enough, dealerships are able to purchase “Bumbershoot Liability”, which is a type of Umbrella insurance coverage for incidents that occur on either land or water.
Marine Garage Liability
This provides more specific liability coverage than General Liability policies. Covers against a loss arising out of bodily injury or property damage that was caused by the insured’s premises, operations, work performed or products.