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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Port Firm Fined £650,000 for Health, Safety Breach

A port operator has today (Monday 29 September) pleaded guilty to health and safety breaches, following the deaths of three crew members of a tug which capsized on the River Clyde in 2007.

IMO Takes Step Towards Electronic Certificates

In the future, the IMO member States should accept the use of electronic certificates. This is the request of the Facilitation Committee (FAL) and, hence, the road is paved for less paperwork,

K-Line to Plead Guilty to Price Fixing

Kawasaki Kisen Kaisha Ltd. (K-Line), a Japanese corporation, has agreed to plead guilty and to pay a $67.7 million criminal fine for its involvement in a conspiracy to fix prices,

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
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: 0.0965 sec (10 req/sec)