Yacht clubs face a variety of exposures, both land-based and maritime, and need several different types of insurance in order to be properly covered. Yacht clubs, community sailing programs, even class associations, are offered the best protection through a comprehensive insurance agency designed to protect, not only the club and its assets, but also the board members, flag officers, volunteers, members, and employees.
In addition to providing coverage for assets and people, any insurance for yacht clubs program also should include protection for the wide range of activities common to most sailing clubs and organizations, such as running regattas, loaning out boats, teaching the art of sailing, holding social events, and for any boating institution serving food and alcohol.
Safety must be a priority
Not only should yacht clubs be considering the safety of their own members, but also guests and in many instances members for whom they provide reciprocal privileges through other yachting clubs and associations. Anything can happen during the course of a business day. If a boat breaks free of its mooring during a storm it could cause significant damages. Or if a visitor falls on the dock and is injured, or someone at a social event gets sick because the food wasn’t prepared properly, these are all serious concerns that will need to be reconciled.
There’s also plenty of property damage concerns. Would you be able to make a legitimate claim if buildings were vandalized with graffiti or a fire consumed property or boats moored in the marina? Any number of problems could occur during any of the many cruises you likely organize for members during the boating season.
As with all insurance policies, it helps to understand the terminology so you are not left underinsured in the event of a tragedy that requires paying a claim. It’s important that your insurance for yacht clubs have adequate replacement coverage rather than actual cash value, which would subtract depreciation from any claim filed.
You may also want to consider dock insurance or coverage for fundraising or other special events you might sponsor when reviewing your yacht club insurance coverage with a marine insurance company.