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Boat Rental Insurance: Essential Guide to Coverage and Costs

David Ciccarelli

February 22, 2024

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Understanding Boat Rental Agreements

Before you sign on the dotted line and set sail, it’s crucial to familiarize yourself with the ins and outs of boat rental insurance and agreements. These contracts are not just formalities; they outline your rights, responsibilities, and what you can expect from the rental company, making sure both parties are on the same page.

Terms and Conditions

Every boat rental company will have a set of terms and conditions in their rental agreement. These outline the basic rules and requirements for renting a boat, such as age and licensing requirements, rental periods, and usage limitations. Be sure to understand these terms to avoid any unexpected surprises.

Take the time to thoroughly review the rental agreement before signing. This document will detail every aspect of your interaction with the rental company, including services provided, liability allocations, and payment terms.

Key Provisions to Look Out For

Keep an eye out for key provisions such as cancellation policies, late return penalties, and geographical restrictions.

Understanding liability and responsibility is pivotal. The agreement should clearly state what you are liable for in case of an accident or emergency . Most agreements will require you to adhere to maritime law and regulations.

Your Obligations as a Renter

As a renter, you’ll be expected to operate the boat within the agreed-upon terms, often including a stipulation that you won’t operate the boat under the influence of alcohol or drugs, and will follow all safety guidelines.

The rental company is generally responsible for providing a seaworthy vessel equipped with safety gear and ensuring the boat is in good working order before handover. Some rental companies offer boats from reliable brands like Bayliner or Sea Ray , known for their quality and dependability.

Damage and Loss Policies

Damage and loss policies are critical components of the rental agreement. Be clear about your liability in the event of damages or loss. A security deposit may be required to cover potential damages.

Coverage for Boat Damage

Boat rental insurance is typically included in your rental agreement, covering damage to the boat. However, understanding what the insurance policies cover and whether you need additional coverage is something to consider.

Replacing Lost or Stolen Equipment

Any lost or stolen equipment during your rental period will likely be your financial responsibility. The agreement should specify the process for reporting and compensating for such losses.

Types of Boat Rental Insurance

When you’re looking to hit the water with a rented vessel, understanding the insurance options available to you is paramount. From coverage offered directly by rental companies to leveraging your own personal boat insurance, here’s how to stay afloat when it comes to choosing the right protection for your maritime adventure.

Rental Company Insurance

Most boat rental companies, including big names like Boatsetter , provide their own insurance coverage. These policies generally include liability insurance, which is often mandatory, covering damages or injuries you might cause while using their boats. For instance, Progressive highlights the importance of discussing insurance options with the rental company.

Coverage Offered by Rental Companies

The coverage from rental companies often encompasses:

• Damage to the boat
• Bodily injury to others
• Property damage

Pros and Cons of Rental Company Insurance

• Convenience of a bundled service with the rental
• Immediate coverage tailored to your rental period
• Can be more expensive than other options
• Coverage limits might be lower than desired

Personal Boat Insurance

If you’re a boat owner, your existing boat insurance policy may extend to rental boats. Organizations like GEICO Marine offer policies that might protect you while operating other vessels.

Using your personal insurance can be advantageous since you’re already familiar with the extents and limits of your policy. However, confirm with your provider if rentals are covered, as terms can differ widely.

Your personal policy might not cover all types of rentals, such as peer-to-peer services. Additionally, damage to the rental boat itself may not be covered, posing a significant financial risk.

Third-Party Insurance Providers

Specialty insurance from third-party providers can be sought if other options don’t suit your needs. These policies can be more flexible and offer varying levels of commercial boat rental insurance.

Independent Insurance Options

Companies like XINSURANCE provide tailored solutions that can cover gaps left by personal or rental company policies.

Benefits of Third-Party Providers

• Offer comprehensive options customizable to your needs
• Policies can cover unique scenarios not included in standard rental or personal policies

So next time you’re docking your rented Sunseeker or Bayliner for the day, ensure you have the right insurance to wave goodbye to unnecessary worries! Remember, a little research goes a long way toward smooth sailing.

Coverage Options and Limits

Before diving into your boat rental adventure, it’s crucial to understand the insurance coverage options and limits that can protect your investment. From keeping your hull in tip-top shape to ensuring you’re covered for liability, let’s explore how you can sail smoothly with the right policy.

Hull and Equipment Coverage

Protection for Boat Damage

If you’re renting out your Bayliner or Sea Ray, your boat policy should include hull and equipment coverage. This ensures the actual boat, along with its machinery and attached equipment, is protected from damage due to collisions or other perils.

Evaluating Equipment Coverage

Regular wear and tear won’t cut it, but coverage for theft, vandalism, or storm damage could save your day. Make certain to review your policy’s fine print to see what’s covered and what’s not.

Liability Insurance

Coverage for Bodily Injury and Property Damage

Liability insurance is non-negotiable. It addresses costs from injuries to others or damage to their property where you’re at fault. Imagine bumping into another vessel; your liability coverage can help pay for the damages incurred.

Minimum Liability Requirements

Different states have varying minimums for liability coverage, and some peer-to-peer rental services might have their own requirements as well.

Medical Payments Coverage

Coverage for Medical Expenses

Whether it’s a slip or a more serious accident, medical payments coverage can help cover the cost of immediate care for you and your passengers.

Understanding Medical Payments Limits

Policies will cap what they’ll pay, so check those limits!

Uninsured and Underinsured Boaters Coverage

Protection from Uninsured Boaters

Should someone without adequate insurance crash into your rented Chaparral, uninsured boater coverage has your back by covering your losses.

Assessing Coverage Limits

Know the limits here—higher coverage often means better protection but at a higher premium. Balance is key, just like finding the right trim when steering against the wind.

Factors Affecting Insurance Costs

When considering boat rental insurance, it’s important to understand the various factors that can influence your premiums.

Boat Type and Value

The type of boat you’re insuring plays a substantial role in the insurance costs. For example, insuring a high-value sailboat will generally cost more than a smaller personal watercraft due to the increased potential for damage or loss. Brands like Sea Ray and Boston Whaler are often associated with higher value, which could influence premiums.

Insuring Different Boat Categories

A pontoon boat might not have the same insurance needs as a Jet Ski. Each category comes with different risk profiles, meaning that a pontoon could be cheaper to insure due to its stable nature, as opposed to the high-speed capabilities of personal watercraft.

Calculating Insurance Costs

Insurance costs are calculated based on factors including the value of the boat and the deductible you select. A higher deductible usually leads to lower annual premiums, but it’s a trade-off you’ll want to consider carefully.

Renter’s Experience and Qualifications

Your experience with boats can play a big part in determining your insurance costs. An experienced sailor might see lower premiums compared to a novice.

Required Qualifications for Certain Boats

Some high-powered boats , such as performance speedboats, may require you to have specific qualifications to be eligible for insurance. Not having the necessary certifications may increase your premiums or even make it difficult to obtain insurance.

Location and Usage

Where you use your boat and how often you use it will impact your insurance premiums. Boating in a busy marina might carry a higher risk than navigating secluded waterways.

Geographical Considerations

The location’s weather patterns and boating laws can also affect insurance costs. Operating in an area prone to hurricanes or where there are stringent boating regulations may influence your insurance rates.

How Usage Affects Premiums

The more frequently you use your boat, the greater the risk of an incident occurring, which can, in turn, lead to higher insurance costs. Make sure to accurately report how often you hit the water to avoid the possibility of a lawsuit for misrepresentation.

Claims and Procedures

When you rent a boat and an unexpected incident occurs, knowing how to navigate the claims and procedures is crucial. Whether it’s property damage, an accident, or any liability concerns, ensure that you’re equipped with the how-to of filing a claim and what follows.

Filing a Claim

If you’re ever involved in a boating incident, the first step is to file a claim. To accurately detail the events, document everything—that means photographs of the damage, a written description of the incident, and any relevant witness statements.

Steps to Take After an Incident

Immediately after an incident, prioritize safety: check for injuries and call for emergency services if needed. Subsequently, inform the boat rental company and obtain a copy of their incident report form.

Reporting to the Rental Company

Don’t delay in alerting your rental company about the incident. A prompt report can help avoid complications and ensure a smoother claims process.

Claims Assessment and Settlement

An adjuster from the insurance company will assess the damage to determine the validity and value of your claim. This step is pivotal in reaching a settlement.

Evaluating Damage and Loss

Professional evaluation of the damage is needed to positively identify all losses. Here, details matter—note the boat brand, such as Sea Ray or Boston Whaler, and the type of damage incurred.

The Claims Settlement Process

Once the claim is approved, the insurance company will offer a settlement. Here’s where you’ll decide whether the compensation adequately covers your liability and damages.

Disputes and Resolutions

Expectedly, not all resolutions are straightforward. Should you disagree with the company’s findings, preparation for a potential dispute starts with gathering evidence and records related to the claim.

Navigating insurance disputes requires tact. It may be wise to seek legal feedback, especially if the situation escalates to the point of considering a lawsuit to resolve the claim.

Resolving Claim Issues

Most claim disputes can be resolved with mediation or arbitration, which is less formal than a lawsuit and can help sidestep frivolous lawsuits. Still, knowing your rights is fundamental.

Remember, it’s in your interest to understand these steps thoroughly. Procedures can be complex, but with the right approach, you can handle them like a pro.

Additional Considerations

Before renting a boat, it’s crucial to consider various aspects that ensure both safety and compliance, including the condition of the vessel and the owner’s as well as the renter’s responsibilities.

Boat Inspection and Documentation

Boat owners must provide clear documentation for their vessels. This includes current registration and proof of ownership. As a renter, you should also request to see the insurance policy to ensure that it adequately covers your insurance needs for the duration of your charter.

Recording Boat Condition

When you’re renting a boat, make sure to record the condition of the vessel before departing. Taking photos or videos can be helpful to establish a benchmark, which protects both you and the boat owner should any disputes arise.

Pre-Rental Inspections

A pre-rental inspection is a necessity; it’s kind of like checking your car before a road trip! This inspection should include safety equipment, engine checks , and the condition of the hull. Any issues should be reported immediately to the customer service team of the charter company.

Ensuring Safe Operation

Knowledge of navigating a boat is just as important as taking the wheel of a car. You should either be accompanied by a qualified captain or demonstrate competence. Some charter companies may provide a brief operational training or orientation. Use this opportunity to get comfortable with the vessel’s specific handling characteristics.

FAQs (Frequently Asked Questions)

Navigating the waters of boat rental insurance can be trickier than docking on a windy day. Don’t worry—we’re here to answer the pressing questions you have about staying covered while enjoying your rented vessel.

Do I Need Boat Rental Insurance if I Already Have Personal Boat Insurance?

You need to know if your personal boat insurance extends to rental boats. Generally, your personal policy won’t protect you when you’re at the helm of a rented watercraft. Companies like BoatUS can help determine if additional boat rental insurance is necessary.

What Should I Do if I Damage a Rental Boat?

If you damage a rental boat, immediately report the incident to the rental company. Check if your boat rental insurance policy includes towing assistance in case the watercraft becomes inoperable. Immediate action helps to ensure a smoother claims process.

How Does Boat Rental Insurance Differ for Different Types of Watercraft?

Boat rental insurance can vary depending on whether you’re renting canoes, kayaks , pedal boats , or high-powered water bikes.

administrator

David Ciccarelli, is the Founder and CEO of Lake. He is based in Toronto, Canada, and is an expert in management, business administration, strategy, product development, and customer experience. His educational achievements include the Owner President Management Program at Harvard Business School (2019-2022) and the QuantumShift Program at Ivey Business School in 2017, aimed at CEOs of growing businesses.

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Boat rental insurance

Boat rental insurance may pay for damage to a rented watercraft and damages or injuries you cause while on the water. While many boat rental facilities offer some form of boat rental insurance, your personal boat insurance policy can provide liability coverage if you operate a rental watercraft. Check your boat policy or speak with your boat insurer to determine what, if any, coverage will apply to renting a boat. Understand that your personal boat policy typically won’t cover damage to the rental watercraft.

Explore Progressive's editorial standards for Answers articles to find out why you can trust the insurance information you find here.

Do I need insurance when I rent a boat?

Only a few states require boat insurance. Whether or not you're required to carry insurance for a boat rental may depend on whom you’re renting from. Boat rental companies and marinas that offer boat rentals may mandate boat liability coverage or some form of boat insurance. For a peer-to-peer rental, the boat's owner may also stipulate that you get insurance against damage to the watercraft and injuries or damages you cause to another party. Learn more about boat insurance requirements by state .

How does boat rental insurance work?

If you’re involved in a boat accident while operating a rental boat and you're liable for damage to an object or someone's injuries, insurance for a boat rental may help cover the costs. Depending on your policy and the cause of damage, you may also be covered for damage to the rental boat. Check your policy to understand how you’re covered and the coverage limits.

If you’re already a boat owner and have boat insurance, your policy may pay for damages or injuries you cause while operating a rental boat up to your coverage limits. However, your personal boat insurance policy typically will NOT pay for damage to the rental watercraft.

If you need or want insurance when renting a boat , speak to the boat rental company or marina about all available options. If you're renting a boat from a private owner, contact your insurance provider or agent for a possible referral regarding boat rental insurance.

Does homeowners insurance cover boat rentals?

In certain circumstances, personal liability coverage on your homeowners insurance policy may pay for damages to a rented boat and injuries you cause while boating. However, your homeowners policy is not a substitute for boat insurance . You can buy a separate boat policy for protection against liability claims.

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https://money.com/best-boat-insurance/

7 Best Boat Insurance Companies

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Offers an extensive list of discounts for completing boat-safety courses and more, transferring from another company and more.

Multi-policy, Responsible driver, Original owner, Transfer from another company, Association member, Multi-boat, Advanced quote, Pay in full, Prompt payment, Safety course, Small accident forgiveness, Large accident forgiveness, Disappearing deductibles

Has over five insurance packages to choose from tailored to boat type, age or coverage level.

Lay-up period, Policy paid in full, Boat safety features protective devices, Safety course, Multi-unit, Multi-policy, Loss free renewal, Prior insurance, 55 years or older, Affinity and alliance

Provides insurance for pleasure yachts that are between 36 and 70 feet in length and valued at up to $3 million.

Offers optional liability protection for rented boats.

Taking safety course, Lay-up period, Boating in fresh water instead of salt water

Boat insurance helps cover repairs due to accidents, theft, fire, storms and other perils. It also offers liability protection in the event your watercraft injures someone or damages their property.

Even if you don’t use your boat regularly, insurance can provide peace of mind in case of unexpected events. To help you find the policy that best fits your lifestyle, check out Money’s guide to the best boat insurance companies of 2023.

Our Top Picks for Boat Insurance

• Progressive – Best for Policy Discounts
• BoatUs – Best for Membership Benefits
• Foremost – Best Insurance Packages
• State Farm – Best for Boat Rental Insurance
• Chubb – Best for Yacht Insurance
• Markel Insurance - Best for Commercial Boat Insurance
• National Boat Owners Association - Best Insurance Agency

Best Boat Insurance Reviews

Best for policy discounts: progressive.

• Wreckage removal and fuel spill cleanup included
• Offers accident forgiveness and disappearing deductibles
• Coverage limitations for expensive watercraft, and for big boats in hurricane-prone states

Why we chose this company: Progressive offers an extensive list of discounts. You could lower your monthly premiums by paying your policy upfront, completing boat-safety courses and more.

Insurance companies generally offer discounts if you insure multiple boats or combine your boat insurance policy with homeowners or auto insurance. Progressive provides those and more for a total of more than 10 discount options that may help you lower your boat insurance cost. You can get discounts for being the boat's original owner, not having motor vehicle violations or accidents on your record for the last three years, making timely payments and more.

Progressive's policies include accident forgiveness, which keeps rates from increasing if your claims are for $500 or less. Moreover, boaters who've been Progressive customers for at least four years and remained accident-free for three are exempt from rate increases for any accident, regardless of the claim amount. For an additional cost, you may also include a "disappearing deductible" feature that reduces your deductible by 25% for every claim-free period — until it reaches zero.

Note that Progressive has more limitations than other companies with regard to the vessels it insures. Personal watercrafts, such as jet skis, worth over $27,000 are not covered. And in hurricane-prone states, insurance is not available for boats over 35 feet in length or valued at over $175,000.

Additional coverage options:

• Total-loss replacement

On-water towing

• Fishing equipment
• Personal effects
• Mechanical breakdown

Medical payments

• Trip interruption
• Uninsured/underinsured boater
• Comprehensive coverage

Progressive policy discounts:

• Multi-policy
• Responsible driver
• Original owner
• Transfer from another company
• Association member
• Advanced quote
• Pay in full
• Prompt payment
• Safety course
• Small accident forgiveness
• Large accident forgiveness
• Disappearing deductibles

Best for Membership Benefits: BoatUS

• Free boater safety and education programs to earn discounts
• Extra-cost towing and emergency assistance plans available
• Geico auto insurance policyholders may get a discount
• Option to extend your coverage to Alaska, the Bahamas, Mexico and the Caribbean
• Some policy options aren't available in every state or to every type of vessel
• Does not offer replacement-cost insurance
• BoatUS membership required to sign up for unlimited towing benefits

Why we chose this company: BoatUS has several policy options and coverage add-ons, but it also has a membership program that features valuable discounts on boating stores, towing services and more.

BoatUS is one of the largest membership-based organizations for recreational boat owners. While a membership isn’t required to get a BoatUS insurance quote, buying one entitles you to benefits much like those offered by AAA or other auto clubs for your car. These include BoatUS safety courses (free to all, regardless of whether they have BoatUS insurance), the completion of which can earn you discounts on your boat insurance policy.

The Membership program offers discounts on charter cruises, towing, fuel, boat supplies and fishing stores, watercraft storage, repairs and other services. It also includes a towing assistance benefit, the details of which vary by membership plan.

The four membership plans cost between $25 and $179 per year. Each one includes 24/7 towing assistance, jump-starts, fuel delivery and soft grounding. The highest plan tier may cover the full cost of emergency tows and reimburse policyholders up to $3,000 for towing services provided by companies outside BoatUS' towing network.

BoatUS is owned by Geico and offers agreed value, actual cash value and liability coverage policies for most types of boats — though not replacement cost coverage, which many insurers offer. Also, note that since the company is a subsidiary of Geico, both offer the same policy. In fact, the Geico boat insurance quote process redirects you to the BoatUS website.

Coverage options:

• Dock contract liability
• Fishing guide
• Ice and freezing
• Lifetime repair guarantee
• Lower deductible for dinghies
• Lower deductible for electronic issues
• Personal effects coverage
• Unlimited towing
• Trailer coverage with roadside assistance

Policy discounts:

• Safety courses

Best Insurance Packages: Foremost

• Eight coverage packages by boat type
• Multiple discounts, such as those for boaters 55 years or older
• Elite package includes Bahamas and Mexico navigation
• Specialized insurance options for USAA members
• May not cover boats over 50 feet in length or $500,000 in value
• Some coverage options only available with the Elite package

Why we chose this company: Insurance companies usually offer a base policy that boaters can customize by adding optional coverage riders. While Foremost also offers optional riders, it stands out by selling over five insurance packages tailored to different boat types, ages and coverage levels. This can simplify the process of choosing the right policy features for your needs.

Foremost has three main packages: Saver, Plus and Elite. Saver is an inexpensive insurance option that provides actual cash value settlements, which is the amount it would take to repair or replace your boat minus depreciation.

Plus provides total loss replacement settlement, which pays to repair your boat to its previous condition and with the same materials as before an accident, rather than a depreciated amount. The Elite is the most comprehensive choice, adding pollution (spill) liability, wreck removal, pet coverage, towing services and more.

There are also packages for pontoon boats, boats that are more than 25 years old, speedboats that reach speeds of 77 mph or greater, and personal watercraft such as jet skis. Every plan can be customized with additional coverage options, including medical payments, personal property, boat transport trailer coverage and more.

• Personal Liability
• Uninsured Watercraft
• Medical Payments
• Towing and Roadside Assistance
• Trailer coverage

Personal property

• Policy paid in full
• Boat features protective devices (fire extinguishers, monitoring systems, etc.)
• Loss free renewal
• Prior insurance
• 55 years or older
• Affinity and alliance

Best for Boat Rental Insurance: State Farm

• Covers an unusually wide variety of watercrafts, including yachts, kayaks and canoes
• Optional coverage for rented boats
• Lay-up discount available if you don't use the boat year-round
• No actual cash value coverage available

Why we chose this company: Like many other insurers, State Farm covers expenses for damage your boat may cause to other people's property, such as another boat or a dock, as well as injuries sustained by others in accidents. It also offers an optional add-on liability protection for rented boats, a rarer feature of boat policies.

State Farm provides liability protection when you rent a boat during a vacation or while yours is being repaired. The company may also reimburse part of your rental costs if you rent a boat while yours is in the shop. And if you rent your boat, State Farm may also help pay for damages to your boat caused by the person who rented it.

Your base policy will include emergency service insurance, which pays for expenses you might incur if you need assistance with your boat, motor or trailer. This coverage is usually an optional rider and covers only vessel towing. State Farm policies also cover wreck removal, which reimburses you for the expense of raising, removing or destroying your boat's wreck when it's damaged due to a covered incident and you're legally required to remove it.

• Fishing tournament fee reimbursement
• Incidental commercial fishing
• Uninsured/underinsured watercraft
• Bodily injury liability
• Property damage liability
• Comprehensive
• Emergency services,
• Wreck removal
• Lay-up discount if you don’t use the boat year-round
• Boating in fresh water instead of salt water

Best for Yacht Insurance: Chubb

• Covers especially large and/or expensive yachts
• Complimentary background screenings, travel briefings and discounted rates on security services
• Consultations on local laws and customs
• No deductions for depreciation on most partial loss claims
• No information on website about policy discounts

Why we chose this company: Insurance companies typically cover boats up to 50 feet in length and up to $500,000 in value. Chubb , on the other hand, has two yacht insurance plans tailored to vessels that are between 36 and 70 feet in length and valued at up to $3 million. Coverage is also available for captained vessels that are 70 feet or longer and valued at $3 million and up.

Chubb's two yacht insurance policies include standard coverage options such as agreed value coverage, emergency towing and assistance and liability protection. However, its Masterpiece® Watercraft Insurance goes further, covering the cost of hauling or docking the vessel due to an incoming storm, the marina where the yacht is stored and liability protection for the boat’s crew. It may also pay up to $25,000 to cover the cost of fines and penalties as a result of marine environmental damage and more.

Coverage is also available for captained vessels of 70 feet or longer and valued at $3 million and up. Yacht owners receive coverage of up to $10,000 to charter a boat if your own vessel can’t be repaired within 72 hours. There is similar coverage for renting a watercraft in the event your own is unavailable.

Agreed value coverage

• Liability protection
• Medial payments
• Uninsured boater
• Pollution/Fuel spills

Hurricane haul-out

• Pet injury coverage
• Replacement-cost coverage for dinghy and tender
• Optional higher limits for emergency towing and assistance
• Marine Environmental Damage coverage
• Salvage costs and loss protection
• Temporary Substitute Watercraft coverage
• Optional higher limits for trailer coverage

Best for Commercial Boat Insurance: Markel

• Insurance coverage for watercraft used for commercial purposes
• Covers liability for damage to the vessel's storage facilities
• Diminishing deductible program
• Few physical branches nationwide

Why we chose this company: Where most boat insurance companies cover boats and watercraft used recreationally, Markel 's insurance policy covers vessels used for business purposes, including commercial fishing, boating classes, renting and chartering. Its marine insurance policy also covers liability for any damage the vessel causes to the rental facility where it's stored.

Markel covers several types of boats, whether they be yachts you charter for sightseeing or boats you own and operate. It also offers various boat insurance options, including coverage for damaged equipment and liability coverage for property damages, bodily injury, pollution (including fuel spills) and the crew.

Markel's policies for boats meant for personal use start at as little as $100 per year.

The company is also among the few boat insurers that reduce your deductible for each year you're claim free. The deductible drops by 25% each claim-free year until it reaches zero.

• Business interruption
• Boat towing
• Tournament fee reimbursement
• Premises liability
• Slip and mooring liability
• Emergency expense reimbursement
• Diesel engine
• Primary operator age 40 and over
• Insuring more than one boat
• Boating experience of five years or more

Best Insurance Agency: National Boat Owners Assocation

• Pairs you up with the best providers for your needs
• No membership needed, but members get benefits such as emergency towing and discounts at marine retailers
• Provides financing to buy new or used vessels
• Must go through quote process to get more information on coverage options

Why we chose this company: If you’re unsure as to the boat insurer that’s best for you, you may want to go for a boat insurance agency. The National Boat Owners Association (NBOA) connects you with insurers offering coverage for all types of boats and watercraft, including speed boats, sailboats, fishing boats, catamarans, yachts and jet skis.

The insurance companies NBOA partners with offer a wide range of coverage options such as liability protection with limits ranging from $100,000 to over $1,000,000, towing services and personal property reimbursement. Some insurers also offer total loss replacement coverage which replaces your boat with a new one of the same or similar make and model in the event of a total loss.

While you don't need a membership to purchase insurance, you'll need one to receive benefits such as emergency dispatch services, towing coverage, marine financing and industry discounts. NBOA offers two membership plans, costing $35 or $75 per year.

Other companies we considered

• Offers premiums as low as $25 per month
• Discount if you own a home, even if it's not insured under Allstate homeowners insurance
• High ratio of complaints filed with the National Association of Insurance Commissioners (NAIC)

Allstate offers policies starting at $25 per month and several discounts, including one for being a homeowner, even if the house is insured with a different company.

Why it didn’t make the cut: Allstate has a higher ratio of complaints with the National Association of Insurance Commissioners (NAIC) than our other picks.

• Insurance packages ideal for fishing trips
• Pollution liability coverage and wreckage removal are included
• Roadside assistance included if you insure your boat trailer with Nationwide
• Limited coverage add-ons available
• Scored below average on several J.D. Power customer satisfaction studies

Nationwide offers six insurance packages that are ideal for fishing trips. The company also includes roadside assistance at no additional cost if you purchase boat trailer insurance as well.

Why it didn’t make the cut: The company scored below average on several J.D. Power customer satisfaction studies compared to our main picks.

United Services Automobile Association (USAA)

• Members get a 5% discount on coverage for most watercraft valued under $150,000
• Discount for being claim-free
• Insures most types of boats
• USAA boat insurance only available to military families.

USAA consistently scores high on J.D. Power's customer satisfaction studies. The company also covers many types of watercraft, including yachts and boats valued at over $150,000.

Why it didn’t make the cut: Its plans are only available to military families.

American Family

• Add-ons include personal property, total loss and equipment damage coverage
• Offers a multi-policy discount
• Policies available only in 19 states

American Family offers physical damage, liability, medical payments, fuel cleanup, emergency service and equipment coverage for a wide variety of vessels, including personal watercraft, houseboats, sailboats, bass and fishing boats, yachts and speed and power boats. It also sells policies for kayaks, canoes, dinghies, row boats and stand-up paddleboards.

Why it didn't make the cut: The company only operates in 19 states.

United States Power Squadrons (USPS)

• Membership includes discounts on BoatUS insurance policies
• USPS safety course graduates get a one-year complimentary BoatUS membership
• Insurance program only available to members
• Membership entails an additional cost

The United States Power Squadron (USPS) is a non-profit boating organization that provides maritime safety classes. Members get discounts on BoatUS insurance policies, but membership requires an additional cost of $109 for individuals and $150 for families.

Why it didn’t make the cut: USPS is not an insurance provider.

Boat Insurance Guide

Boat insurance works similarly to car insurance in that it provides financial protection against damages to your property (in this case, a vessel) and that of others. It also covers medical expenses you or your passengers incur and other liability claims.

Unlike with cars, most states don’t require that boats be insured — although some marinas may ask for insurance to rent a dock. If you're financing a vessel, lenders may also demand you carry insurance. However, even if these requirements don’t apply to you, insuring your boat may be a good idea.

What does boat insurance covers?

Policies vary between insurers but coverage typically includes property damage and liability coverage. Let's go over them in detail.

Property damage coverage

Property damage coverage insures your vessel against damages or loss caused by collisions with other boats or objects (such as a dock or buoy), theft, sinking, fire, storms and other risks. The property covered may include the hull, motor, fittings, furnishings and other equipment. This coverage is also known as comprehensive and collision coverage.

Liability coverage

Bodily injury liability helps pay legal expenses and settlements if you're found at fault for someone's injuries during a crash, for example. Property damage liability, on the other hand, covers damages to others' property, such as a boat or dock you collide with.

What boat insurance doesn’t cover

Unless your policy states otherwise, boat insurance generally won't cover:

• Wear and tear
• Deterioration
• Damage from animals
• Manufacturing defects
• Servicing and maintenance
• Renovations

Other exclusions may include accidents that take place while boating outside your policy’s navigation limits or during a lay-up period.

Optional boat insurance coverage

Boat insurance companies may offer add-ons to augment their base policy's coverage. Here are some of the most common.

Medical payments coverage pays for the treatment of injuries, like medications or X-rays, you or passengers sustain in a covered accident.

Roadside assistance

Roadside assistance covers part or the total cost of towing your boat trailer if it breaks down. Some plans also cover labor for on-site vehicle repair.

Wreckage removal

Wreck or wreckage removal helps cover the cost of removing your boat or any debris from the water after an accident or if your boat sinks.

Mechanical breakdowns

Mechanical breakdown coverage pays to repair or replace an outboard motor, unless the issue is due to general wear and tear.

Watersport injuries or damages

Watersport coverage pays for injuries directly related to water sports, like tubing, wake surfing, or water skiing.

Fuel spill cleanups

If your boat spills fuel or oil due to an accident or leaking tank, this coverage can help pay cleanup or legal costs.

Also known as personal effects insurance, this coverage pays for the replacement cost of fishing equipment, scuba gear, clothing, electronics and more.

Uninsured/Underinsured boater

As the name suggests, this option covers injuries caused by a collision with a boater that doesn't have insurance or has insufficient coverage.

This add-on pays for towing if your boat leaves you stranded. It may also cover jump starts, soft un-groundings and fuel delivery. Depending on your plan, you may have to pay a deductible per towing service.

Ice and freezing damage

Ice and freezing damage coverage pays for damages to your boat’s engine or body caused by improper winterization. It may cover your boat while docked outside or if the storing facility's heating system fails.

This endorsement reimburses the cost of moving your boat out of the water before a hurricane or other named storm is headed for your area.

Extending your navigation

Boat insurance typically only pays for losses and injuries that happen within designated geographical limits. You'll have to purchase additional coverage to extend these navigational limits to other areas — like Alaska, the Bahamas, Mexico or the Caribbean.

Types of boats covered

The types of watercraft covered vary across insurance companies but may include:

• Bass/fishing boats
• Pontoon boats
• Power/speed boats
• Personal watercraft (PWC) such as jet-skis

Some insurers may also cover non-motorized watercraft such as kayaks, canoes or stand-up paddleboards.

Agreed value vs. actual cash value policies

Companies offer one of two types of reimbursement: agreed value or actual cash value. The type of policy you opt for will determine your coverage limits and premium.

This pays the amount you and the insurer agree on when you purchased the policy. It doesn’t take into account the value of your boat at the time a claim is submitted. It provides the most protection since it pays to replace or repair your watercraft without deductions for depreciation.

Actual cash value coverage

This option takes into account the market value, age and condition of the watercraft at the time of the accident. The insurer pays for repair or replacement costs after accounting for depreciation. Premiums on actual cash value policies are more affordable, but these provide less coverage in the event of total loss.

Some companies also offer replacement cost coverage. This type of coverage reimburses the full amount needed to repair your boat after an accident. In the event of total loss, the insurer pays to replace your watercraft with the same or a similar model.

Is my watercraft covered by my homeowners or umbrella insurance?

Homeowners insurance may cover your boat — as long as the watercraft meets the insurer’s size and speed restrictions.

Most policies cover small boats under 26 feet in length that have engines of 25 horsepower or less. However, note that coverage limits for physical damage are usually low — typically no more than $1,000 or $1,500 per item — so you may need to purchase an add-on or “endorsement” to insure your watercraft to its full value. Also, coverage for medical payments, other personal property or liability may be excluded.

Umbrella insurance may also cover your watercraft. However, the underlying policy covering your boat must first meet the liability requirements of your umbrella policy. For instance, an umbrella policy won’t cover legal fees and damages if it requires a minimum liability coverage of $500,000 and your boat or homeowners insurance caps at $300,000.

How much does boat insurance cost?

Your premium will depend on factors such as:

• Navigation area: boating inland (lakes or rivers), coastal regions or traveling to the Bahamas, Mexico and the Caribbean (sometimes also Alaska).
• Boat type: the model, year, size and speed of your watercraft.
• Your boating record: prior boating violations, accidents, claims or boating safety courses.

To insure a used boat, underwriters may require a marine survey to determine the vessel's overall value and condition. The surveyor inspects the boat for any underlying issues with its structure, machinery and onboard equipment.

Some insurers offer policies for as low as $25 per month or less but these usually only offer basic liability protection. Advertised prices go up as you add more coverage options to your plan.

How much boat insurance do I need?

The amount of insurance you need depends on the value of your vessel. For example, if you have a $40,000 boat, you’ll want at least $40,000 worth of coverage. It also depends on where you dock, moor or store your boat. Some marinas require at least $300,000 in liability protection but it can be as much as $1,000,000.

How to save on boat insurance

A policy that offers cash value coverage will be the cheapest option, since your insurance company can factor in depreciation when paying for damages. Choosing a lower liability limit and a higher deductible are other ways to lower your monthly premium. Just keep in mind that these choices could lead you to pay more out of pocket for damages, injuries or legal fees after an accident.

Insurers also offer policy discounts that can help you save money on your premium. These commonly include:

• Insuring more than one boat under the same policy
• Bundling your boat, homeowners and car insurance policies
• Paying your insurance in full
• Taking safety courses
• Having claim-free periods
• Having no boating accidents on record
• Owning a diesel-powered boat
• Not using your boat during during certain months (lay-up)
• Installing safety devices such as fire extinguishers or a fume detector

Common reasons for boat insurance claims to be denied

Boat insurance only covers events that are explicitly stated on the policy declaration. However, a claim may be denied even if your policy covers the event. That can happen if:

• You were operating a boat under the influence of alcohol or drugs
• You didn't give the watercraft proper maintenance
• The damages or injuries exceed your policy limits
• You made mistakes when filing the claim
• You failed to safeguard your boat before a storm
• You use your boat for commercial purposes (this usually requires marine insurance tailored for businesses)

Best Boat Insurance FAQs

How much is boat insurance, what does boat insurance cover, do i need boat insurance, is boat insurance worth it, how we chose the best boat insurance.

Here's what we looked for when choosing the best boat insurance companies:

Coverage options and discounts We looked for companies that offered a comprehensive selection of insurance packages, coverage add-ons and policy discounts.

Customer satisfaction As we researched companies, we focused on those that receive mostly positive feedback on online review sites such as the Better Business Bureau (BBB) and customer satisfaction studies by J.D. Power.

Financial strength We considered the financial strength of each company by looking up their rating from A.M. Best, a credit rating agency that focuses on assessing the creditworthiness of insurance companies. All our picks scored between A and A++.

Complaint index We evaluated every insurer’s complaint trend report from the National Association of Insurance Commissioners (NAIC).

Summary of Money’s Best Boat Insurance of 2023

ACTIVE STORM TRACKER Hurricane and Tropical Storm Information Learn more

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Insurance For Peer To Peer Boat Rental

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Today, using peer-to-peer platforms, you can ask a stranger to cook you dinner, move your couch, or walk your dog. There are even those who'll loan you their boat for the afternoon.

Photo: Boatsetter

Given the meteoric rise of companies like Airbnb and Uber, it's clear that peer-to-peer (P2P) services are here to stay. Seemingly, everyone wins: The owner earns extra income and the renter gets better value for the money. However, there's an element of "stranger danger" to overcome for people to entrust their boats, homes, cars, and poodles to just anyone. P2P platforms have bridged this trust gap by using online profiles, reviews, and most importantly, insurance.

In the last six years, more than a dozen startups, billing themselves as "Airbnb for boats," have launched around the world. They've all had to grapple with how to best provide insurance. 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.

"It's kind of like the Wild West," said Mike Pellerin, Vice President of Underwriting for BoatUS Marine Insurance. "There's just less information available. In the auto world, insurance is mandatory. Everybody has it. There's a huge amount of data out there to research claims and loss history. But with this type of boat insurance, you're really going into it somewhat blindly."

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. "We knew it would be a risk, and certainly we're learning from it," said Pellerin. "But as a whole, I think the idea is terrific. It gives access to people who might never have had access to boats before, and it also lets people test the waters to see if boating is right for them."

Peer-to-peer, apples-to-oranges Insurance offerings vary significantly from platform to platform, and in many cases, from boat to boat. For example, Boatsetter provides the BoatUS Peer-to- Peer Boat Rental Policy and on-water assistance through TowBoatUS with every rental. On the other hand, other companies, like GetMyBoat, require the boat owner to hold the appropriate 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.

To further complicate things, there are also important differences between P2P boating insurance and recreational boat owner's insurance. "During the rental you could be subject to different insurance terms than what you may be used to," said Pellerin. For instance, the geographical area you're permitted to boat in is likely to be different. Boat owners and renters should do their due diligence and understand their insurance coverage before renting P2P.

Tips For Reducing Risk & Liability On The Water

Boat owners.

• Ensure your boat has all the required safety equipment.
• Request a trip plan.
• Do a detailed walk through and test drive with renters.
• 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.
• Consider additional insurance that may increase your liability coverage on the water (e.g. umbrella and homeowners insurance).
• In a welcome email, send the renter this link to the free online boating safety courses offered by the BoatUS Foundation for Boating Safety and Clean Water: BoatUS.org/Courses .

Boat Renters

• Take a boating course, like the free state-specific Boating Safety Course offered by the BoatUS Foundation
• Hire a captain, especially if you're renting a boat that is beyond your experience. A paid professional will not only make these safer, but you'll have an opportunity to learn new skills.
• Choose a service like Boatsetter that offers customized P2P insurance and includes on-water assistance.
• Inspect the boat. If it looks like there's a lot of deferred maintenance or if it's lacking required safety equipment, you may want to pass.

Questions A Boat Owner Should Ask

According to Boatsetter, in 2018 the average owner grossed $4,600 in rental income on the platform. It's one way to offset the costs of moorage and maintenance, though regional and demand differences make that figure vary widely. If you're thinking about renting your boat out on a P2P rental platform, here are the insurance questions to ask:

Does my existing insurance cover rentals?

Almost all recreational boat insurance policies prohibit rentals, which leaves boat owners with two other options. The first is through a platform like Boatsetter that provides P2P insurance. Many platforms, however, do not offer insurance or recommend insurance providers.

"Essentially the only other option," Pellerin said, "is to get a charter policy that allows for bareboat charters. Otherwise you and your renter may not be covered at all. These types of policies are typically more expensive and harder to find."

How will my boat be valued in case of a total loss?

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).

"The majority of folks have agreed value policies on their boats, but the P2P policy is an actual cash value policy," said Pellerin. The difference is that an actual-cash-value policy accounts for depreciation.

"Let's say the agreed value on a recreational policy is $30,000. That's what would be paid out if the boat is a total 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 the market industry reference material (BUC or NADA) says that boat is worth $25,000, that's what would be paid out. So when your boat is used in a P2P program, the insured value may be less.

"With that said," Pellerin continued, "there are very few total-loss claims that we see come through the peer-topeer program. Most losses are things like striking submerged objects, striking the ground, hitting the dock, and dock rash scenarios."

How much liability insurance do I need?

The BoatUS Peer-to-Peer Boat Rental Policy provides up to $300,000 in liability coverage, which is comparable to most recreational policies. "With recreational policies, the majority of people carry a $300,000 limit," said Pellerin." However, depending on your risk tolerance, you may want to buy supplemental insurance.

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.

Is my boat safe, and am I meeting regulatory requirements?

"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. "They should be doing a quick safety check and walkthrough with the renter."

Questions A Boat Renter Should Ask

Just because you don't own a boat, doesn't mean you're not potentially liable. "I think with any insurance the consumer should always look to what's excluded," said Pellerin. Here are the questions to ask:

What policy will be in effect over the rental period?

Be sure that you understand whose insurance policy will be in effect over the course of the rental. Does the platform provide the insurance coverage, or does the boat owner? Either way, ask for a copy of the policy and make sure it allows for rentals.

"For the Boatsetter/BoatUS P2P policy, we provide a section with actions to take and how a loss is paid," said Pellerin. "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." If it's not a custom policy designed for P2P rentals or charter, neither party may be covered during a rental, he added.

What happens if the boat is damaged, and who pays the deductible?

"You really want to know the process," said Pellerin. "So if you go out and hit a log with the boat and damage the outdrive, how's that going to be handled? What are your out-of-pocket expenses going to be?" In most instances, P2P platforms collect a deposit up front that would serve as the deductible in case of a loss.

What are the steps for getting back to the dock in case of failure?

Pellerin says renters should always ask, "What do I do, who do I call, and how do I get back?" Confirm with the owner what steps you should take in case of mechanical failure. "Boatsetter provides TowBoatUS on-the-water towing service. So, should something happen, there would not be an out-of-pocket expense to get the boat back to the dock." Renters simply need to call the TowBoatUS dispatch center (800-391- 4869) or local TowBoatUS port to request on-water emergency service, or use the BoatUS App to request a tow.

Who is covered?

In some cases, you'll be required to name designated operators. "Our policy covers the renter and it covers any permissive operators," said Pellerin. "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. As a permissive operator he would be covered. 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?"

Where can I go?

"Make sure you understand where you can take the boat," said Pellerin. "With Boatsetter you can go up to 12 miles from the coast, and you must stay in U.S. waters. So if you're in Southern California, you've got to pay attention and make sure you're not getting into Mexican waters or going to Catalina." Use a GPS so you'll know where you are at all times. You may not be covered if you stray too far.

Are there special circumstances where I might not be covered?

The BoatUS Peer-to-Peer Boat Rental Policy doesn't cover damage in a named tropical storm. In Florida, if you own the boat, the P2P policy is cancelled as soon as a storm is named.

The policies also don't cover navigating at night, racing (including sailboat racing), and commercial uses like towing or nonrecreational fishing.

By asking a few questions and understanding your insurance policy you can enjoy P2P boating with peace of mind. "I think P2P boating is great," says Pellerin. "It certainly lends itself to the needs of up-and-coming generations and the time constraints of young families. They get the bug to go boating and don't have to worry about the ownership aspect."

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Fiona McGlynn

Contributing Editor, BoatUS Magazine

BoatUS Magazine contributing editor Fiona McGlynn and her husband sailed their 35-footer trans-Pacific for two years. Now living north of 59, she’s part of their local search and rescue team and edits WaterborneMag.com, a millennial boating website.

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Ensuring Insurance on Your Peer-to-Peer Boat Rental

Table of Contents

Last Updated on April 14, 2022 by Boatsetter Team

One of our main goals at Boatsetter is to promote and ensure everyone’s safety when they are renting out or renting a boat using our online marketplace. To make sure that everyone involved in the transaction has a safe and wonderful time while they are out on the water, we have become the first online boat rental company that has an insurance policy that protects boat owners, captains, and renters alike. With our BoatUS Peer-to-Peer Rental Policy from Geico Marine Insurance, we are able to protect all of our customers and provide 24/7 on-water support through TowBoat US. Since each Boatsetter rental is covered under the Geico Marine Insurance policy , owners and renters alike can rest assured that they are protected by the best boating insurance on the market.

The #1st and only online boat rental marketplace covered with insurance

One of the best things that separates Boatsetter from our competitors is that we were the 1st and only online boat rental marketplace that offers insurance not only to our boat owners but to our renters and captains as well. Each Boatsetter rental covered under the Peer-to-Peer Boat Rental Policy through BoatUS comes with significant liability coverage: $300,000 per person and $300,000 total liability per accident. The Peer-to-Peer Boat Rental Policy is the primary policy during the rental period and doesn’t require you to change anything with your regular boat policy. If your boat insurance policy doesn’t allow participation in a peer-to-peer rental service, we’ve made it easy to move to BoatUS which does allow their policyholders to participate.

Security deposits are made for each rental with Geico Marine Insurance

Boatsetter includes a security deposit in every listing which protects the boat owner in case there is any damage to the boat. Boatsetter will also use its commercially reasonable efforts to address each owner’s requests and claims related to security deposits, though Boatsetter is not responsible for administering or accepting any claims by owners related to security deposits, and disclaims any and all liability in this regard.  With the security deposit in place, renters are more careful and expected to treat the boat with respect and know that any damage to the boat may result in the loss of their security deposit.

Eligibility and requirements for insurance coverage

In order to be covered under Boatsetter’s insurance policy, the boat must not have been modified in any way that is not endorsed or approved by the manufacturer. The boat must also maintain current insurance, registration, and any federally required licensing or other documentation. Additionally, it also must not be owned by a charter company or commercial operation that charters boats. Boats that are older than twenty-five years, boats that exceed $250,000 in value, boats that exceed 40-feet in length, and boats that can go faster than 50-mph will also require additional information before coverage is granted. As will pontoon boats, houseboats, and any boats that outboard, inboard, or sterndrive. Excluded vessels include jet skis and personal watercraft, boats with carbon fiber or composite hulls or masts, Ferro cement boats, and home-built boats.

All in all, there’s no insurance coverage as thorough and dependable as Boatsetter’s Geico Marine Insurance Policy, so join us today and let’s make the most of our boating experiences!

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Get Your Charter Boat Insurance Quote Now

Charter boats have special insurance requirements. As specialists in marine insurance, we can help you find the most appropriate insurance for your charter boat. We provide charter boat insurance coverage for the full-time charter business as well as six pack charters, USCG inspected charters, fishing guides, and the occasional charter.

We provide coverage to fit your charter boat needs. From Bass Boats to Mega Yachts, we offer charter boat insurance coverage for fishing guides, charter fishing, sight seeing, day cruises or extended cruises. Our team of marine insurance specialists can be the perfect business partner for your charter boat business.

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Individualized Charter Boat Insurance

Further, we can develop an insurance policy for your charter business that is tailored to the specific needs of your chartering service. You need appropriate coverage for your vessel and its intended use. Some policy points include:

• Uninsured boaters
• Captain and crew liability
• Agreed amount value

Read more about boat insurance basics .

As a marine industry leader, United Marine Underwriters has been providing quality and competitive insurance services to professional anglers across the nation since 1990. You can get a boat insurance quote for your fishing boat on your screen in 90 seconds.

We are an insurance agency not an insurance company — this puts you at an advantage when comparing boat insurance quotes. Benefits that we offer include obtaining multiple charter boat insurance quotes as well as individualized customer service. Our agents’ sole purpose is to help you find your best possible charter boat insurance quote.

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Check out our Frequently Asked Questions . You can also Contact Us for a boat insurance quote or to review your policy options.

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Boat Rental Insurance Made Easy

Buoy is a digital insurance solution that allows boat rental companies and their renters to get insured on a per trip basis.

Get started with 3 simple steps

Register your fleet.

Create an account and register your boat(s). You can get started on your own or schedule a demo with one of our specialists. Depending on your fleet size, it shouldn’t take more than 15 minutes!

Start renting out

At the dock, have the renter sign up on Buoy and search for your listed boat by the registration number. Buoy helps your renters purchase insurance and complete the required pre-charter safety instructions and inspect the boat’s condition - completely paperless!

Complete the check-out process with the renter when they return the boat at the end of their charter.

Get your FWC Livery Permit

The new FL Boating Safety Act of 2022 (SB606) mandates boat rental companies to offer insurance that covers the renter. Buoy’s insurance policy is compliant with the new law and covers the renter. However, providing renter's insurance is just the first step. You also need to apply for the FWC Livery Permit. But fear not! We'll help you do it - for FREE.

For Boat Rental Companies

Buoy offers usage-based coverage for boat rental companies and their renters. Renters pay for insurance on a per-trip basis. With Buoy, you get peace of mind while staying compliant with relevant legislation. Our specialists are excited to help you get on board - book a demo today!

Got questions?

Here are some of the most common questions we get - and their answers.

Buoy offers liability insurance that covers both the renter and the rental company during the rental period. Most commercial annual policies do NOT cover the renter and that’s where Buoy comes in. Buoy dovetails your existing policy to include renter coverage during the rental period. In fact, to use Buoy, we require you to have an existing commercial hull insurance policy that protects your boats when they’re not being rented out.The Buoy policy also meets all requirements of the Florida Safe Boating Act of 2022: - Admitted coverage - Protects both the renter and livery' - Limits up to $500,000 per person, $1M per occurrence - Liability that could include damage to the rented boat

It’s easy as 1, 2, 3. ‍ Step 1: Register your fleet Create an account and register your boat(s). You can get started on your own or schedule a demo with one of our specialists. Depending on your fleet size, it shouldn’t take more than 15 minutes! ‍ Step 2: Renter buys insurance Have the renter go to Buoy’s website and sign up. From there, the renter answers a few questions before purchasing insurance directly from our mobile-friendly website. They receive a confirmation email including their certificate of insurance along with claims information.The renter can purchase coverage ahead of time or down at the dock. Whatever is easiest for you and your customers! ‍ Step 3: Get peace of mind That’s it! You get to run your business with peace of mind knowing that you and your renters are protected, while also complying with Florida state requirements for insurance.

Certainly! The policy meets all requirements of the Florida Safe Boating Act of 2022: ‍ - Admitted coverage - Protects both the renter and livery - Limits up to $500,000 per person, $1M per occurrence - Liability that could include damage to the rented boat

For the boat rental company, it's completely free to use Buoy since the cost of insurance is passed to the renter. How much does the renter pay? The price/premium per trip will be different based on factors such as the duration of the charter, season of the year, boat type, and the age of the renter. On average, Buoy insurance is less per rental-period than rental car insurance, U-Haul insurance, or RV insurance.

No. Buoy covers the livery and the renter during the rental period only and as an owner/operator of the boats you'll want the boats covered by your existing policy even when they are not being rented.

Nope! Feel free to BYOB(S) - bring your own booking system. If you’re on Boatsetter or Stellar , renters will have the option to purchase insurance directly at checkout. Want us to integrate with your booking system? We’d love to do that. The easiest way to speed up the process is for you to reach out to your booking system provider and ask them to support Buoy insurance. We’re ready when they are - with APIs and developer-friendly documentation.

Here are four ways Buoy is different from other solutions on the market: ‍ 1. Renter coverage: most insurance policies do not cover the renter. We do. ‍ 2. Compliance: The policy meets all requirements of the Florida Safe Boating Act of 2022 (SB606). ‍ 3. Renter pays: the cost of insurance is passed to the renter. ‍ 4. Bring your own booking system: you can use your own booking system and don’t have to switch in order to use Buoy.

Still have questions?

Don’t hesitate to reach out to us.

Get started with a free demo