As an owner and operator of a marina, electricity is one of your most precious resources. It keeps your equipment running and on-site personnel safe. Proper insurance coverage can help to minimize disruptions from electricity outages.
Wide-Ranging Impacts of Power Outages
It's true that almost every business relies on electricity. We use it to keep the lights on, power our electronics and to keep our food cold. At a marina, you use electricity to power generators, keep coolers and freezers functional and to power navigation and tracking equipment. It’s extremely important that you don’t lose this important resource!
A power surge or disruption is going to negatively impact your daily operations. To protect you from lost productivity due to a loss of power, you should have boiler/equipment breakdown coverage in your insurance policy.
This type of coverage will address losses due to mechanical or electrical breakdowns of nearly any type of equipment. Your policy will be designed around the needs specific to the marina industry. Coverage can apply to the cost to repair or replace the equipment. It may also cover property damaged by the equipment breakdown. Resulting business income loss or extra expense loss is often covered as well.
Here are just a few reasons that this coverage is important for you.
1. No power to run the business basics - In the event of a power outage, you will not have access to your cash register, phones, computers or navigation. This will slow operations down and could result in lost sales.2. No gas pump - Imagine ... the power has just gone out and there's a long line of customers waiting to refuel. You will be unable to use the fuel pumps for clients causing a loss in profit, client satisfaction, and workflow. This is an important feature of your business and if boats cannot refuel efficiently, you may experience a backlog in your marina and very unhappy customers.
3. No cooling - Any items kept in the freezer or refrigerators will begin to thaw and possibly spoil. There is a tight window of time where you can protect these items from loss.
A power outage or disruption will ultimately have a big impact on your business. You rely on it to power the tools and technology that keep your business running smoothly. If this does happen, you will want to have the support of a McConville Omni broker in navigating the repercussions and limiting the effects it has on your business.
Discuss your marina’s coverage with Doug Schofield, Commercial Account Manager and Marina Insurance Expert
Doug is deeply involved with the London Community and brings to all of his clients a world of experience in the marine industry.