When Do You Need Construction Performance Bonds?

Construction Performance Bonds?

There are a lot of construction bond types to choose from when you’re taking on a project, but not all of them apply to every new building or development your team works on. So how do you know what to buy when? If you’ve been around the block a few times, it gets easy to predict. If you haven’t, your bond provider or insurer can help you parse the purposes of various construction bonds to decide when you need each. One of the most common types is the performance bond, which protects clients in the event your team fails to deliver the progress needed to reach milestones on time or otherwise causes losses to the customer based on performance issues.

How Much Protection Do You Need?

Figuring out the right bond values can be difficult, because you need to be able to calculate the maximum loss your performance issues could predictably cause the client to be fully covered. That’s why your best bet for a cost-efficient bond that covers everything you need is to work with people who make construction performance bonds their core business. That way, your bond provider’s experience helps you make sure you’ve got a robust risk management solution before you jump into a new project. That gives your client peace of mind, and it protects your business at the same time.

Keeping Yacht Clubs Properly Protected

Mariners Insurance

There is nothing quite like sharing a passion for sailing, racing and adventuring with others equally as passionate. Turning the love of yachting into something more tangible creates endless opportunities to learn, build friendships and so much more. With all the benefits a yacht club provides, regardless of the size, it comes with inherent liabilities. The experts at Mariners Insurance have various flexible yacht club insurance programs to keep the fun protected.

The Basics

No matter the size or amenities offered, the minimal coverage needed includes general liability and commercial. As part of the latter, your property would be covered in the case of a fire, vandalism, wind and other situations as dictated by the policy. General coverage provides broad liability protection regarding the public, members or visitors.

More Options

As the club grows and perks are added, it is necessary to rethink what is covered. The addition of boat storage, a clubhouse, employees, and instructors, just to name a few, increases the chances of needing additional liability coverage. Making a comprehensive list of what the club offers helps make it easier to decide what packages may be needed. Additional coverage may include the following:

  • Boats owned, borrowed or rented by the club
  • Third-party boats stored at the facility
  • Piers, docks, wharves, equipment, trailers and other property
  • Liquor liability
  • Races, regattas and cruises
  • Workers compensation
  • Commercial auto
  • Pollution
  • Flooding

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