Know your liabilities: If you wish to rent your boat, your first concern should be insurance. For a very introductory experience, some boat rental companies offer hourly rates which means you can do a very short trip out on the water to get comfortable. Owners set their own price based on the market, as well as required deposits. Does the platform provide the insurance coverage, or does the boat owner? We are always available to help you with renting out your boat. They've all had to grapple with how to best provide insurance. When you buy boat insurance, you must decide on the amount of coverage you need for your boat, the deductible (maximum out-of-pocket expense per claim) and the types of coverage you need. Click&Boat, a European P2P platform, requires boat owners to have their own insurance for boat rentals and offers optional assistance, repatriation, and cancellation insurance to renters. The brokers we work with are licensed professionals who work for you. Another option is to use your credit card to pay for the rental and taking advantage of the rental insurance coverage that is often provided through them. Here are the questions to ask: Be sure that you understand whose insurance policy will be in effect over the course of the rental. What could happen if I rent out a jetski or other device? Enjoy Recreational Vehicles of all types without the Cost of Ownership. However, there's an element of "stranger danger" to overcome for people to entrust their boats, homes, cars, and poodles to just anyone. But that may not be the case with all companies, so that's something renters should check and ask: Is anybody who is provided the opportunity to run the boat covered?". "So if you go out and hit a log with the boat and damage the outdrive, how's that going to be handled? "During the rental you could be subject to different insurance terms than what you may be used to," said Pellerin. "Our policy covers the renter and it covers any permissive operators," said Pellerin. Peace of mind and insurance is included in every rental, and you choose who rents your boat. That's what would be paid out if the boat is a total loss. There's a huge amount of data out there to research claims and loss history. free state-specific Boating Safety Course offered by the BoatUS Foundation. If you would like to get a quote for seasonal property insurance, call an OTIP broker today at 1-888-892-4935 . Boat owners and renters should do their due diligence and understand their insurance coverage before renting P2P. These types of policies are typically more expensive and harder to find.". Each boat rental company will have different requirements and varying fees for you to qualify to take a watercraft out, such as: You will have to sign a rental contract that covers the terms of the boat rental, including what damages you’d be responsible for paying. Maintaining proper commercial boat rental insurance coverage can play a crucial role in the continued success of your business. Insurance should be included in the price with a deductible, which is often $500, or 2 percent of th… However, since boat operation will be affected by environmental influences, such as wind, weather, water conditions, as well as the other boats and water crafts on the water, it’s recommended that you have someone more experienced with you to help you navigate. © 2020 Boat Owners Association of The United States. umbrella and homeowners insurance). Unlike most other insurance agencies, USPS strictly provides insurance for boats. That’s why an independent insurance broker is your best ally. A paid professional will not only make these safer, but you'll have an opportunity to learn new skills. 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