Insurance Advice for Marinas & Shipyards

Press Release
Monday, June 25, 2012

McDermott Costa Insurance Brokers offers risk-reducing advice to marinas & shipyards regarding third party vendors

 

Third party service providers can pose serious risk and liabilities for marina and shipyard owners. Without the proper due diligence these marine companies could find themselves footing large bills should a dispute occur.

 

As a California insurance agency that specializes in ocean marine insurance for boat yards, marinas, yacht clubs, and commercial boating vessels/fleets, McDermott Costa Insurance Brokers also educates clients about best practices for reducing risk.

 

A third party service provider is any vendor that provides services either to the marina or customers that use the marina. Third parties include repair services, vessel cleaning services, yacht brokers, surveyors, etc. In the summer, marina owners can expect to see more third parties on the premises, therefore need to be aware of the risks associated with them.

 

Those risks include:
    •        Third party injuries sustained due to the actions of marina staff or customers using the marina.
    •        Staff or customer injuries sustained due to the actions of the third parties.
    •        Property damage sustained due to the actions of the third parties or vice versa.

 

One important way to mitigate risk involved with third parties is to draft an agreement or contract with a third party that clearly identifies the obligations of both parties and sorts out how to transfer risk should a liability arise. Effective agreements require third parties to have workers compensation and liability insurance and to add the marina as an additional insured.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

TMT CEO Files $100m IP Suit Over Vessel Sale

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.

Chariot Agrees Brazil Farm Out with AziLat

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announced that its wholly owned subsidiary, Chariot Brasil Petróleo e Gás Ltda.

'Double Jeopardy – Trial by Media, Trial by Law' London Opening

BIMCO notes that the highly acclaimed "Double Jeopardy - trial by media, trial by law" first showcased at the BIMCO AGM in Dubai earlier this year is to be brought

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1129 sec (9 req/sec)