INSURANCE FOR BOAT SALVAGE YARDS

A boat salvage yard is like an automotive scrap yard. This is a place where you bring old boats and parts. They are often recycled or sold at a low price. You can also get metal scraps, second-hand marine components, boating equipment, and more. Some salvage yards will offer a service where they can remove a boat from its current location.

Insurance for boat salvage yards can provide liability coverage for the operations of the salvage yard including the services and products it offers. This insurance can financially protect you in the event of a claim or lawsuit. Sometimes, having liability insurance is the difference between keeping a business open or having to shut it down.

Thus, it’s important to carry insurance for your boat salvage yard to protect you and your business.

We have an all-in-one approach for boat salvage yard insurance that can provide all coverages under one policy. If you have gaps and exclusions in your current policy, we can cover those as well. Examples include:

• Alleged assault and battery liability: Coverage for claims against you regarding assault and/or battery.
• Alleged sexual abuse and molestation liability: Coverage for claims against you regarding sexual abuse and/or molestation.
• Animal liability: Provides coverage for third-party bodily injury and property damage caused by an animal that you own, such as guard dogs.
• Bailee coverage: Covers physical damage while loading and unloading others’ property.
• Commercial auto (available in most states): Provides auto liability coverage for your company-owned vehicle or personally-owned vehicle that is primarily used for business purposes.
• Commercial general liability: Provides coverage for injuries and property damage sustained by third parties.
• Dealers Open Lot (DOL): Covers physical damage to inventory held for sale. Covers named perils and collision with the option to expand perils including extreme weather coverage. This coverage like the GKLL extends to collision coverage while being driven if the vehicle is being operated under a scheduled dealer plate.
• Directors and officers (D&O): Protects people from personal losses if they are sued as a result of serving as a director or an officer of an organization.
• Active shooter liability coverage: Liability protection in the event of an active shooting taking place at company property.
• Communicable disease coverage: This is a policy enhancement that provides coverage for negligent exposure to any declared pandemic disease or pathogen, including COVID-19.
• Equipment coverage: Coverage for equipment, including rentals, used on the job in case of malfunctions or theft.
• Garage keepers direct primary (GKDP): Physical damage coverage for customer’s boats in the insured’s care, custody, and control – without regard to being legally liable.
• Garage keepers legal liability (GKLL): Physical damage coverage for customer’s boats in the insured’s care, custody, and control.
• Hired & non-owned auto (not available in all states): Covers expenses for third-party property damage and bodily injury when an accident occurs with a vehicle or boat, used for business purposes, that isn’t owned by the company.
• Personal liability: Personal liability protection in the event of an accident and a claim is made against you.
• Motor truck cargo: Covers physical damage while transporting goods
• Pollution clean-up: Covers the costs associated with pollution clean-up caused by your salvage yard.
• Premises liability: Protects against claims for slips, trips, and falls on the property due to negligence.
• Products liability: protects your business from claims that a product you made, sold, or distributed, caused third-party bodily injury or property damage.
• Professional liability: Coverage for claims regarding negligent acts and more.
• Property coverage: Covers the building and the contents within it from fires, storm or wind damage, vandalism, and theft.
• Tru Umbrella / Excess liability: Additional coverage to fill the gaps and exclusions in your existing policy.
• And more: We provide customized coverage solutions so let us know everything you want to have covered and we can find a policy that suits your needs!

Please note that we do not provide workers’ compensation.

XINSURANCE is an insurance partner providing specialty liability insurance solutions, powered by Evolution Insurance Brokers, LC (“EIB”), an excess and surplus lines insurance brokerage. We can offer custom solutions despite a claims history or when an individual or business has been denied, canceled, or non-renewed by another insurance carrier.

XINSURANCE is your partner. You’ll know that when the unexpected occurs, that we are a true partner providing insurance solutions and defending you when a claim is made. We offer customized solutions so not only can we fill the gaps of your primary coverage but we can also provide Tru Umbrella coverage.

A lot of insurance policies impose very low limits or exclusions. They may not even cover liability insurance at all. For true peace of mind, you need specialty liability insurance.

We assess your situation to find you the best, comprehensive coverage for your requirements. As specialist brokers, we can even offer solutions to those who have been denied insurance before or those who have a claims history.