Your inland marine insurance should be tailored to respond not just to your buildings and structures, but what they might be after a major technological overhaul. In Wisconsin, Fraser Shipyards is moving toward completing a three-prong plan to restore its facility thanks to local funds.
The Duluth News Tribune reports that this effort is necessary for the company to continue offering value to the large-sized ships that are a main source of its business. Overall, the entire process is estimated to take $10 million to complete, but the company is reportedly almost two-thirds of the way finished. The final piece needs just 20 percent more of its funding to be ready.
Fraser has a long history of presence on Lake Superior, and manages shipping concerns for that region. It seems reasonable that this company would want more space to address the concerns of its clients, especially since the size of the ships is reportedly getting bigger. The improvements would consist of 2,000 feet of extra dock space to help accommodate more vessels, in addition to a reinforced wall which was part of the initial "phase" of the project.
Fraser's Tom Currelli told the source that the point is to keep the legacy of the company strong.
"The yard's been there for 123 years," he said. "We want it to stay there another 123 years."
Success brings with it the need for bigger and better facilities, but the development of these facilities can be complicated. Marine contractors insurance should be sought out to augment every step of such an important process.