As an insurance agency, you’re going to need recreational marine programs for your clients, especially when it comes down to insuring an entire boat dealership. With boat engine thefts on the rise, according to a 2017 CNBC article, it’s imperative to make sure that your clients are covered. Boat dealerships have a lot of exposures that they deal with on a daily basis. Whether it’s boat shows, on-water demos, or utilizing a showroom, there’s definitely multiple things that you have to consider when providing protection from issues like theft. Insurance companies need to be prepared for all possible outcomes, that way your client is prepared as well.
The Problem of Theft
Theft is a big problem in the marine industry. For example, a single boat dealership owner saw the loss of 41 Yamaha engines in 2017, across six of his boat dealerships in Texas. The cost of the engines amounted to around $700,000. While there’s no national numbers that directly connect the succession of boat dealership crimes, experts in the marine industry and law enforcement say that the problem is real, and the problem is on the rise. The amount of theft across marinas in the country is unprecedented. Florida, who keeps track of thefts, has seen over 811 boat engine thefts in 2016, compared to 643 in 2015. Merrimac Marine has coverage that can protect your client’s business in the event of theft.
Types of Coverage
Merrimac Marine can give your clients multiple types of coverage for their assets. We offer product solutions in recreational marine programs that address exposures from protecting an entire boat to damage of theft to yacht inventory. Other coverages include providing coverage from damage to to a customer’s boat and property in the dealer’s possession. When it comes down to property coverage, Merrimac Marine offers:
- Real and personal property
- Yacht dealer
- Boat show/exhibition
- Owned watercraft
- Piers, wharves and docks
- Business Income
And that’s just property coverage. We also offer a slew of liability coverages and employee coverage, all working toward keeping your client’s business running as smoothly as possible.
How to Prevent Theft
Is there any way to prepare and prevent theft? While not every idea is foolproof, there are some things your clients can do to be prepared in addition to having comprehensive insurance coverage. First off, ensure that everything is locked and alarm systems are in place. Locks, locks, and more locks are needed. A quick theft system will also come in handy. Store your most valuable items in a hidden place. And finally, use common sense and be safe. If something is stolen, report it immediately and file a claim.
About Merrimac Marine Insurance
At Merrimac Marine, we are dedicated to providing insurance for the marine industry to protect your clients’ business and assets. For more information about our products and programs, contact our specialists today at (800) 681-1998.