5 Ways to Reduce Your Boat Yard Insurance Costs

Insurance is one of the largest operating expenses for boat yards. With the specialized coverages required—general liability, CCC, property, workers comp—premiums can easily reach $50,000-$100,000+ annually for mid-sized operations.

The good news? There are legitimate ways to reduce your costs without sacrificing coverage.

1. Implement Strong Risk Management Practices

Insurance companies reward facilities that demonstrate commitment to safety. Steps that can earn discounts:

Documentation

• Written safety procedures for all operations

• Regular equipment maintenance logs

• Employee training records

• Incident reporting protocols

  Physical Safety

• Clearly marked walkways and work areas

• Proper lighting throughout the facility

• Fire extinguishers and suppression systems

• Spill containment measures

  Equipment Standards

• Regular inspection of travel lifts and cranes

• Certified operators for heavy equipment

• Modern jack stands and cradles with weight ratings

  Many insurers offer 5-15% discounts for documented risk management programs.

  2. Improve Security Measures

  Theft and vandalism claims are expensive. Better security means lower premiums:

  - Perimeter fencing with locked gates

• Security cameras with recording capability

• Motion-activated lighting

• Alarm systems with monitoring service

• After-hours security patrols (for larger facilities)

  Some carriers offer up to 10% discount for comprehensive security systems.

  3. Bundle Your Coverages

  Instead of buying individual policies from different carriers, work with an agent who can package your coverages:

  - General liability

• Property

• CCC/Marine liability

• Commercial auto

• Workers compensation

• Umbrella

  Bundling typically saves 10-20% compared to separate policies, plus simplifies your administration.

  4. Choose Higher Deductibles (Strategically)

  Increasing your deductible reduces premium—but this only makes sense if you can afford the higher out-of-pocket cost when claims occur.

  Example savings:

• Moving from $2,500 to $10,000 deductible might save 15-20% on CCC coverage

• Increasing property deductible from $5,000 to $25,000 could save 10-15%

  Build a reserve fund equal to your deductibles before making this move.

  5. Maintain a Clean Claims History

  Nothing impacts your premium more than claims history. To keep it clean:

  - Train employees thoroughly on safe practices

• Address small issues before they become big claims

• Consider self-insuring small losses under your deductible

• Implement a near-miss reporting program to identify risks

  A 3-5 year claims-free history can mean significant premium reductions.

  Bonus: Work with a Marine Specialist

  General insurance agents often struggle to find competitive markets for boat yards. A specialist who focuses on marine businesses:

  - Knows which carriers offer the best rates for your specific operations

• Understands the coverage nuances that matter

• Can advocate for you when underwriters have questions

  The right agent relationship alone can save 15-25% compared to placing coverage yourself or through a generalist.

  Get a Competitive Quote

  Think you might be overpaying? Request a free quote and let our marine insurance specialists review your current coverage and pricing.