When you plan to spend time outside and rent a boat, make sure you protect your assets before hitting the water. Obtain boat rental insurance to minimize potential risks.
Do You Need Insurance for a Boat Rental?
Even though you are not the boat owner, you are held responsible for accidents during the rental period. Insurance for boat rentals protects you from having to pay out of pocket for any repairs, replacements or damages that occur while you have use of the vessel.
Does Your Current Boat Insurance Cover Your Rental?
Every insurance policy differs, so you need to check your specific protections. Typically, the policy you have on the boat you own will not provide safeguards for a rental vessel. You likely need to obtain additional coverage.
Where Do You Purchase Boat Rental Insurance?
You can often purchase coverage directly from the rental company. However, you may want to consult with your insurance agency first to see if you already have watercraft coverage on your existing policy. Rental insurance is also available from credit card companies. If you pay with a credit card, you can often access their insurance coverage option.
Enjoy your water adventures by preparing for any unexpected situations. Obtain adequate boat rental insurance to reduce potential risks.
Owning a business that operates on the water or the waterfront is a dream for many people who live near coastlines. The specifics differ by location and the professional background of the dreamer, but the dream itself is quite common. From commercial fishermen looking to own a boat they can captain to entrepreneurs who want to provide great marina or charter services, the thing many of them have in common is the investment in a boat or even many of them. Not all these investments involve commercial use of the boat, though. When they do, you need a commercial boat insurance program that fits your business model.
Commercial Boat Coverage vs. Other Marine Insurance Options
Commercial boat insurance covers the use of boats for professional purposes in many of the same ways commercial vehicle coverage does. From protecting crew while they work to taking care of liabilities that can come from collisions or other mishaps, it generally insures you against losses caused by damage to the boat or by damage the boat causes to others while it’s being operated on your behalf. That makes it very different from the kind of coverage rental companies need to make sure they are protected when a customer takes a boat out, and it’s also different from the coverage needed when you store or repair vessels. Make sure you’ve got the right boat insurance for your business. Work with professionals that understand the marine industry.
Sometimes clients don’t understand that a type of insurance is meant for their business. One big example in the marine industry is boat rental insurance. It’s obvious to most companies that rent out vessels like fishing boats, speed boats, fishing boats, canoes, and kayaks that they are boat rental services and need some form of rental liability that is specifically tailored to watercraft. What’s less obvious is that other watercraft is also usually covered by boat insurance. That means rental companies that offer jet skis, water bikes, and other personal watercraft that are not commonly thought of as boats probably need the same coverage as those renting out jet boats, just not necessarily with all the same coverage choices.
Rental Equipment Liability vs. Boat Rental Liability
What about existing equipment policies for rental companies? Can they be used to cover personal watercraft instead of boat rental coverage options? Often, the answer is no. Many jurisdictions place additional insurance requirements on boats and watercraft that rental equipment liability policies, in general, do not cover. To make sure you have insurance that truly reflects the liabilities your business needs to manage, you have to work with people who provide the insurance that most specifically reflects the work you do. For watercraft of all kinds, that generally means boat rental insurance.