If you own or are able to lease a space for a marina, you can generate considerable income by renting out dock slips. However, you should be aware of several important legal and financial logistics involved with running a marina.
Ensure Compliance With All Applicable Law
Statutory law as well as local environmental regulations may limit your abilities to construct new dock space or use certain types of boat lifts. Be sure that any alterations to existing structures are properly permitted.
Set Optimal Rents
Research rental rates in your area to determine what you should charge. It is common practice for marinas to rent space based on the linear footage of a vessel, even when each dock slip is the same size.
Running a marina business requires that you have a well-drafted rental agreement to use with each lessee. Make sure that there are clear terms about payment obligations, restrictive covenants, and legal remedies in the event that a lessee violates the agreement.
Obtain Comprehensive Insurance
You’ll need to protect your operations by fully insuring your business against liability. Work with an insurance provider that is experienced in serving commercial clients who operate marinas. You should also require that your lessees carry a minimum level of insurance coverage for their vessels and name your marina as an additional insured.