Posted on Dec 13, 2018
Merrimac Marine Insurance LLC
The National Marine Manufacturers Association found that over 260,000 new power boats were sold in 2017 (and 981,600 used power boats were sold in 2016). The expected growth rate for purchasing boats is set to rise another five to six percent in the upcoming year, the NMMA found. And just like any automobile, no boat runs perfectly. Sometimes there’s problems, even with a new boat. For your boat builder clients, a construction fault in a boat that they’ve created and sold could lead to costly boat builders insurance claims, as well as potential reputation damage. One way to reduce the risk of these claims is to ensure that your clients understand the most common design and construction faults in boats, and how they can be prevented.