Marina wants to be on my Insurance?

[ColdEH]

Hi All
The Marina that I am storing my boat at for the winter wants to be named on my insurance policy as an "Additional Named Insured"

WHAT ?? I really have never come across this before , up here in Canada we have no such thing !

The boat has full insurance and 2 million liability, this should be good enough .

My broker said no way they won't do it , the yard says they must have it . What to do ??

Regards

[btrayfors]

It's pretty common here. It's additional protection for the yard against what are sometimes some pretty unscrupulous folks.

Our yacht club also requires this, and it's no big deal. Boat US insurance and others do it all the time in the U.S.

Bill

[S/V_Surya]

This is pretty standard around here. It means you will sue them if somebody else damages you boat.

[Samantha ann]

Just call your insurance company. When I was a dock master we required that as well. Shouldn't be any expense. Just means that if something happens to your boat the yard is covered for damage done by your boat.

[1affiah]

Here in the States, very common and costs nothing. I hauled the boat just this week, notified insurance agent of new marina and supplied document to marina listing him as "named insured".
Hope this helps.

Larry

[Scott Berg]

This is very common; marinas want to be listed as either a certificate holder or an additional insured. The traditional language added is:

The Certificate Holder [MARINA NAME HERE] is considered an additional insured where an Insurable Interest exists.

No big deal; makes it clear that the marina is doing it's due diligence when renting space and notifies them if the insurance is canceled or otherwise not in force, a much larger problem than you might expect.

[ColdEH]

Originally Posted by Samantha ann

Just call your insurance company. When I was a dock master we required that as well. Shouldn't be any expense. Just means that if something happens to your boat the yard is covered for damage done by your boat.

I understand that the yard needs proof of insurance, not a problem. My policy covers any and all damages that my boat could do in the marina or other boats in the Liability clause.

Regards

[ColdEH]

Its all very strange, so what happens if I am travelling , does every Marina that I stop in, even for just a night need to be named ?? Thats a lot of phone calls and faxes .

Regards

[Vasco]

I have run into marinas requiring proof of insurance in the States, not unusual. The yard where I store didn't ask for anything.

[ColdEH]

Hmmmm as a crazy Canadian this makes even more crazy LOL

Regards

[zeehag]

typhoon-- i have yet to see that on any insurance policy here since i have begun to cruise.

[goboatingnow]

The purpose of having their interest named on your policy is to ensure that they can claim directly from your insurance company in the event of your boat causing damage to their facility , as without that , the insurance company will settle with you as the "insured" it prevents you walking of with the money and the boatyard trying to recover it from you.

Not that usual in my part of the world in boat insurance, but common in other forms of insurance .

dave

[N3VR L8]

Originally Posted by Samantha ann

Just call your insurance company. When I was a dock master we required that as well. Shouldn't be any expense. Just means that if something happens to your boat the yard is covered for damage done by your boat.

This.

Imagine boat catches on fire and burns marina... Marina is covered. Very common practice

[HappyMdRSailor]

Normal SOP....

[Tim R.]

Yup. Required at our marina in Maine too. There really is no downside for you. Why the broker said "no way" is puzzling.

As far as what to do, it is pretty clear you have two choices. Add the marina as additional insured or find a different marina that does not require this. The second option will be much more difficult though.