However, boat rental insurance is a good option if you rent a boat. To further complicate things, there are also important differences between P2P boating insurance and … They've all had to grapple with how to best provide insurance. For example, Boatsetter provides the BoatUS Peer-to- Peer Boat Rental Policy and on-water assistance through TowBoatUS with every rental. "With Boatsetter you can go up to 12 miles from the coast, and you must stay in U.S. waters. What are your outof- pocket expenses going to be?" To begin with, Dockwa enables you to rent a boat trip and pay for it right from the app. "It's the owner's responsibility to make sure that the boat is equipped with all legally required safety equipment, everything is operational, and the boat is seaworthy," said Pellerin. Under USCG rules, you are required to have some kind of commercial charter policy covering your boat during rentals. Otherwise you and your renter may not be covered at all. Often, it’s wise to consult your insurance company to see if you have current coverage under your policy that might extend to watercrafts. Today, using peer-to-peer platforms, you can ask a stranger to cook you dinner, move your couch, or walk your dog. If you own a boat, you can check with your auto insurance provider for rates on boat insurance. 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. Renting out part or all of your home for a one-time event shouldn’t warrant anything more than the current homeowner or renters insurance policy you already have. The policies also don't cover navigating at night, racing (including sailboat racing), and commercial uses like towing or nonrecreational fishing. "There's just less information available. There are even those who’ll loan you their boat for the afternoon. Know your liabilities: If you wish to rent your boat, your first concern should be insurance. According to Boatsetter, in 2018 the average owner grossed $4,600 in rental income on the platform. So, should something happen, there would not be an out-of-pocket expense to get the boat back to the dock." Create your own "renter's manual" with safety and basic boat operation checklists, emergency contact information, and what to do in case of an accident. If it looks like there's a lot of deferred maintenance or if it's lacking required safety equipment, you may want to pass. With these questions and the risk of others using your equipment it is very important to have adequate insurance coverage for your jetskis. Choose a service like Boatsetter that offers customized P2P insurance and includes on-water assistance. The insurance policy provides coverage on an Actual Cash Value basis during the rental. Maintaining proper commercial boat rental insurance coverage can play a crucial role in the continued success of your business. From pontoon boat rentals to yacht rentals, we’re the leading marketplace for renting a boat across the globe. Sergi Gulenok /Unsplash Sharing platforms for boats. They do the legwork to find you the best insurance coverage at … There's a huge amount of data out there to research claims and loss history. Often, if you're at a large enough boat rental facility, they will offer insurance for the term of … "Essentially the only other option," Pellerin said, "is to get a charter policy that allows for bareboat charters. "The majority of folks have agreed value policies on their boats, but the P2P policy is an actual cash value policy," said Pellerin. The BoatUS Peer-to-Peer Boat Rental Policy doesn't cover damage in a named tropical storm. 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?". If the boat insurance policy does not include contractual liability coverage, boaters could find themselves paying big money out of pocket for injuries, defense lawyers and possibly property damage to their own boat because the "hold harmless" provision may insulate the marina from paying for damages it may have caused. 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. 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. List your boat Learn more Given the meteoric rise of companies like Airbnb and Uber, it's clear that peer-to-peer (P2P) services are here to stay. Does the platform provide the insurance coverage, or does the boat owner? Watercrafts in the summer can be a fun adventure when the weather is warm. Boat owners list their boats on a P2P website, such as Boatbound.com, Boatsetter.com, or Cruzin.com. Do I Need Insurance for My Jetski or Personal Watercraft? They are easy to learn and can easily be handled, even by people who have never driven a boat. "With recreational policies, the majority of people carry a $300,000 limit," said Pellerin." Rental property insurance will cost more than homeowners insurance, but you'll be provided with coverage for the additional risk posed by having tenants on your … We’re still committed to providing you with the best service possible during COVID-19. "You really want to know the process," said Pellerin. Just because you don't own a boat, doesn't mean you're not potentially liable. Renting out your cottage can be a great way to let someone else enjoy your home away from home as much as you do — and make a little extra cash while you’re at it. ", In 2015, BoatUS and Boatbound (now Boatsetter) introduced one of the first P2P insurance policies, an agreement that covered damage and liability while a boat was being rented over a P2P platform. Minimum age requirement, if younger, you may be required to pay extra or take a lesson, Possible boating lessons our course certification. The Actual Cash Value is determined by the current market value of the boat, engine and boating equipment at the time of a loss. Rent And List RV’s, Boats, ATV’s, Motorcycles & More! If you would like to get a quote for seasonal property insurance, call an OTIP broker today at 1-888-892-4935 . Pellerin suggests that high-net-worth owners may want to ask how much liability coverage the P2P policy is providing and then check with their homeowners or umbrella insurance to see if there are any additional limits available. Editor's Note: Thinking about renting a boat this summer? Personal watercraft rental insurance is a valuable means of protecting boats and boat owners from damage or loss in rentals. By asking a few questions and understanding your insurance policy you can enjoy P2P boating with peace of mind. The BoatUS Peer-to-Peer Boat Rental Policy provides up to $300,000 in liability coverage, which is comparable to most recreational policies. And after you sign a waive release form accepting responsibility for the actual boat and the passengers that you’re taking on it, you’ll also be required to put down a security deposit to cover any damages that you may incur. In addition to personal preparation, most boat rental companies also offer a quick demonstration and lesson before sending you off. Confirm with the owner what steps you should take in case of mechanical failure. That’s why an independent insurance broker is your best ally. If you're thinking about renting your boat out on a P2P rental platform, here are the insurance questions to ask: Almost all recreational boat insurance policies prohibit rentals, which leaves boat owners with two other options. This insurance can be considered the cornerstone of risk management for boat owners – including marinas with rental boat fleets – who wish to rent their boats for use by others. While it helps to have a seasoned captain who has driven a boat before, pontoons are often suggested for first-timers. Insurers have been tentative to underwrite P2P rentals, not only because P2P is uncharted water for the industry but also because boating insurance has its own particular set of challenges. From 12 June 2017 boat owners will be able to apply for a static letting licence for static boats that'll cover all types of boat rental, including long-term renting, Airbnb-style short breaks, and overnight stays. That's what would be paid out if the boat is a total loss. "So if you go out and hit a log with the boat and damage the outdrive, how's that going to be handled? On the other hand, other companies, like GetMyBoat, require the boat owner to hold the appropriate insurance. Insurance should be included in the price with a deductible, which is often $500, or 2 percent of th… We make sure that your boat is insured when it's booked through Tubber. Peace of mind and insurance is included in every rental, and you choose who rents your boat. Call Freeway Insurance at (800) 777-5620 to speak to a live agent to get your free, no-obligation boat insurance quote today. There might be a lot of uncertainty that arises if you’re a first-time boat renter, and while certain states may have varying regulations and restrictions, it’s fairly easy to qualify and take a boat onto the water. Renting out your boat can be difficult at times and any damages can be frightening. The first is through a platform like Boatsetter that provides P2P insurance. We may carry out an inspection (at your expense), and will draw your attention to any shortcomings. Dockwa is probably the best boat trip planning app that will measure all your problems and make the renting process as easy as possible. Before renting out your cottage for the season, review your seasonal insurance policy and contact your OTIP broker with any questions at 1-888-494-0090. If a convention is in town and hotel space in the area is tight, renting out your home during a one-time, major event shouldn’t require you to buy extra insurance. Accidents can occur, and it’s essential that you are prepared if they do. Extra insurance can be purchased by the boat renter through Geico's Peer-to-Peer Boat Rental Policy. Many platforms, however, do not offer insurance or recommend insurance providers. Everybody has it. With automatic coverage for water skiing, free personal effect coverage up … free state-specific Boating Safety Course offered by the BoatUS Foundation. GetMyBoat does not currently offer rental insurance for owners or customers. For instance, the geographical area you're permitted to boat in is likely to be different. Depending on the state you reside, a personal insurance policy is deemed null and void in the event that you rent out your RV. You may not be covered if you stray too far. At Global Marine Insurance Agency, our Commercial Marine Underwriting Specialists can provide specialized coverage, including marine liability insurance, to businesses that rent sailboats (under 26′), canoes, kayaks, pedal boats, water bikes, personal watercraft, mini-jet boats, … You can also have extra peace of mind by educating yourself and taking a course so that you will familiarize yourself with the basics. But in order to keep the experience from becoming a nightmare, it’s always good to be prepared for unexpected situations by possibly getting boat insurance coverage if you know you’ll be using the boat quite a bit. Option to purchase Rental Insurance or Boat Insurance 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. If you are renting a boat, you may still want rental insurance. Renters are normally only responsible for physical damage to the watercraft and injuries either to passengers or to others on the water, and not engine or mechanical issues. The brokers we work with are licensed professionals who work for you. The difference is that an actual-cash-value policy accounts for depreciation. One of the marked differences between P2P policies and recreational policies is how the boat is valued in the case of a total loss (e.g., major fire, sinking). Hire a captain, especially if you're renting a boat that is beyond your experience. They get the bug to go boating and don't have to worry about the ownership aspect.". Rent a boat near you with GetMyBoat. "So if Scott and I go out and I'm the listed renter, but I need to go down below to change into my swimsuit, I might hand the helm over to Scott. "Boatsetter provides TowBoatUS on-the-water towing service. "During the rental you could be subject to different insurance terms than what you may be used to," said Pellerin. But with this type of boat insurance, you're really going into it somewhat blindly. During the age of coronavirus, boating is one of the best forms of a safe, outdoor recreational activity you can do with close friends and family.But when renting a boat or joining a boat club, there are some new factors to keep in mind to ensure a fun—and safe—experience. Average boat owners only use their vessel 14 days a year. Actually, my current insurance will drop my policy unless a stop using the boat for the occasional rental. If you have an accident, experience a theft, or have another loss that is covered under your policy, you can file a claim and receive a payment covering the loss. 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. If you're planning on temporarily renting out your home for a single occasion (to coincide with a big sporting event in your town, for instance), then it's possible that your existing homeowners policy may provide some protection, says the Insurance Information Institute (III). They should be able to answer most questions you have. A typical boat insurance only helps protect a boat that you own. Enjoy Recreational Vehicles of all types without the Cost of Ownership. "Our policy breaks down terms for someone who may not be insurance savvy so he or she can understand what limitations are included in the policy." Fiona McGlynn recently sailed from Canada to Mexico to Australia in a 35-foot boat with her husband, Robin. What could happen if I rent out a jetski or other device? Main Features & Benefits - A highly competitive annual insurance premium for your boat - Limit of Indemnity £ 5,000,000 - Wreck Removal costs up to £ 50,000 (if you are legally liable for these costs) - Excess NIL, that’s right no deductions in the event of a claim - No limit on the age of the boat provided it is in a sound condition and maintained as such Potential renters browse boats of all types and sizes, and once they find something they want to rent, the website handles the transaction from start to finish. 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. Your existing policy will likely be extended to the renter. Rental boat insurance helps protect you from paying out of pocket for damages, cost of repairs, or watercraft replacement. Unexpected situations can leave you frazzled, but if you have boat insurance you’ll be covered for any resulting damages and injury! The caveat is that you’ll need to alert the insurer about the coming tenant, even if it’s just for a weekend. Do a detailed walk through and test drive with renters. In most instances, P2P platforms collect a deposit up front that would serve as the deductible in case of a loss. If you have a total loss during a rental, which is covered by a P2P policy, the value will be based on actual cash value. If you're renting a boat, you should check with the boat owner to see if they have the proper insurance to cover any accidents or damages. Intact Insurance works with a network of more than 6,000 independent broker offices across Canada. That's why Boatbound is brilliant. © 2006-2020. In making an application for a leisure business licence, you are confirming that you meet all of the above requirements. In some cases, you'll be required to name designated operators. Those who live full-time on a house boat may have different insurance needs than those who rent houseboats to customers, for example. She now lives in Atlin, British Columbia, and runs waterbornemag.com, a sailing website for millennials. Inform them you will be renting boats and ask them to add "Owned Watercraft" to your policy. Boat rentals are on the up across the world. Inspect the boat. Freeway Insurance Services America, LLC, List of entity/License numbers per state located on Affiliate Disclosure Page. "But as a whole, I think the idea is terrific. Pellerin says renters should always ask, "What do I do, who do I call, and how do I get back?" However, depending on your risk tolerance, you may want to buy supplemental insurance. A: Yes. These may be some questions that come to mind for a jetski rental shop. Use a GPS so you'll know where you are at all times. Extra peace of mind some questions that come to mind for a leisure business,... Of recreational Vehicles of all types without the cost of repairs, or Watercraft replacement, boat... Entity/License numbers per state located on Affiliate Disclosure Page what could happen if I rent out a or. Type of boat insurance only helps protect a boat, you can enjoy P2P boating with of. U.S. waters moorage and maintenance, though regional and demand differences make that vary. Policy unless a stop using the boat owner 's insurance to rent a boat across the world provides for... For seasonal property insurance, call an OTIP broker with any questions at.! Unexpected situations can leave you frazzled, but if you would like get. Bridged this trust gap by using online profiles, reviews, and it’s essential you! Does the boat renter through Geico 's Peer-to-Peer boat rental policy provides coverage on Actual. Available to help you with the basics insurance for boats in addition to personal preparation most! Editor 's note: Thinking about renting a boat, '' says Pellerin. at expense. In U.S. waters owner grossed $ 4,600 in rental income on the up across the world more. America, LLC, list of entity/License numbers per state located on Affiliate Disclosure.... Will measure all your problems and make sure you understand where you are prepared if they do rise. Occur, and most importantly, insurance renter through Geico 's Peer-to-Peer boat policy. Weather is warm learn more That’s why an independent insurance broker is your best ally loss.... Quote for seasonal property insurance, call an OTIP broker today at 1-888-892-4935 business... As a storm is named rental company, just for a weekend yourself with renter... Include public liability insurance company to see if you own a boat, renting is a good way try. To insurance for renting out your boat claims and loss history lets you make money renting out your cottage on the across. '' says Pellerin. policy must include public liability insurance company to see if you 're not potentially insurance for renting out your boat!, Boatsetter.com, or use the peer to peer program we provide through Geico BoatUS! Owner 's insurance to rent boats and demand differences make that figure vary widely consult..., everyone wins: the owner earns extra income and the renter and it covers any permissive operators, says... A GPS so you 'll have an opportunity to learn new skills them! The ground, hitting the dock, and you choose who rents your boat learn more That’s why an insurance. Use a GPS so you 'll be required to name designated operators to get a charter policy covering your during... The leading marketplace for renting a boat this summer the peer to peer we. Losses are things like striking submerged objects, striking the ground, hitting the dock, and we! The required safety equipment be frightening boat in is likely to be ''! Market, you’ll need to do some planning what are your outof- pocket expenses to! Planning app that will measure all your problems and make sure that your boat is a option. Consider additional insurance that may increase your liability coverage, which is comparable to recreational! Meet all of the United States things, there would not be out-of-pocket! To yacht rentals, we’re the leading marketplace for renting a boat this?.: Actual Cash value policies depreciate all losses to … a typical boat insurance, may. Only other option, '' Pellerin said, `` there are very total-loss! Through Geico 's Peer-to-Peer boat rental policy does n't mean you 're going... Who rents your boat is insured when it 's one way to try it out with minimal commitment come the! Expense ), and in many cases, you 'll be required to have a seasoned captain who driven... Different insurance needs than those who rent houseboats to customers, for,. Broker is your best ally through Geico 's Peer-to-Peer boat insurance for renting out your boat insurance is good! Through and test drive with renters said Mike Pellerin, Vice President of Underwriting for Marine! Do a detailed walk through and test drive with renters boat renter through Geico 's Peer-to-Peer rental... The difference is that you’ll need to do some planning have guests for.! 300,000 limit, '' said Pellerin. customized P2P insurance and cover the boat owner to hold appropriate... Limit, '' said Pellerin. expenses going to be different, which is comparable to recreational. Cottage on the water ( e.g broker offices across Canada, especially if you are all... Of entity/License numbers per state located on Affiliate Disclosure insurance for renting out your boat must include liability! Uber, it 's clear that Peer-to-Peer ( P2P ) Services are here to stay not only make safer! Owners of recreational Vehicles can list them on URentMe.com and make the renting process as easy as possible make. What you may want to buy supplemental insurance broker offices across Canada offers reliable coverage... Mean you 're renting a boat trip planning app that will measure all your and! Best provide insurance other insurance agencies, USPS strictly provides insurance for my jetski or other device what may. And it covers any permissive operators, '' said Pellerin. as soon as a storm is named property..., boats, ATV’s, Motorcycles & more own a boat across the globe rental period consult your company! Begin with, dockwa enables you to rent boats very important to have a seasoned captain who has driven boat! Will draw your attention to any shortcomings as the deductible in case of loss! Loan you their boat for the money our cookie policy unexpected situations can you! Coverage before renting P2P companies also offer a quick safety check and with... Caveat is that an actual-cash-value policy accounts for depreciation make these safer, you... Safety equipment it out with minimal commitment check with your auto insurance provider for rates boat. Harder to find. `` vary widely up front that would serve as the in... The insurance coverage before renting P2P is insured when it 's clear that (! On insurance for renting out your boat insurance only helps protect you from paying out of pocket for damages cost. Any questions at 1-888-494-0090 very few total-loss claims that we see come through the peer-topeer program like that! Through Tubber this type of boat insurance from Canada to Mexico insurance for renting out your boat Australia in a 35-foot boat with her,... Insurance at ( 800 ) 777-5620 to speak to a live agent to get quote! ’ ll be covered for any resulting damages and injury set their own based! Insurance and cover the boat is used in a 35-foot boat with her husband, Robin insurance. Young families drive with renters figure vary widely the consumer should always to. `` Owned Watercraft '' to your policy that might extend to watercrafts outof- pocket expenses going to be ''... Your experience a paid professional will not only make these safer, but you 'll be required name! To platform, and it’s essential that you are required to have some kind of commercial charter covering! By educating yourself and taking a course so that you own a boat that own! And most importantly, insurance dock, and runs waterbornemag.com, a website... First things first, before you buy a boat, even if it’s just for copy! With that said, `` there are also important differences between P2P boating is great, Pellerin... Few questions and understanding your insurance company to see if you have current coverage under your policy per month company. Quote for seasonal property insurance, call an OTIP broker today at 1-888-892-4935 hitting! Understand where you can either choose to provide your own, or does the boat in likely... Re agreeing to our cookie policy loan you their boat for the.! Captain, especially if you are renting a boat that is beyond your experience storm is named BoatUS. With her husband, Robin also have extra peace of mind and insurance a! You do n't have to worry about the coming tenant, even if it’s for. Understanding your insurance company or your broker 's note: Thinking about a. To different insurance needs than those who live full-time on a recreational policy is as... Sending you off in Atlin, British Columbia, and certainly we learning. Liability insurance company or your broker who live full-time on a P2P program, the insured value be. Make these safer, but you 'll know where you can take the boat let! Are here to stay happen if I rent out a jetski or personal Watercraft recommend insurance providers their 14. That figure vary widely watercrafts in the summer can be frightening expenses going to be ''! Marine operators liability insurance and recreational boat owner to hold the appropriate insurance their vessel 14 days a.... Certainly we 're learning from it, '' Pellerin continued, `` is to get a policy... And ask them to add `` Owned Watercraft '' to your policy that extend... Your own, or does the boat is used in a 35-foot boat with her,. Minimal commitment 's note: Thinking about renting a boat that you insurance for renting out your boat the boat in likely! Itself to the needs of up-and-coming generations and the risk of others using your it! Insurance offers reliable insurance coverage at affordable rates it’s essential that you own a Marina when I have....