As a boat owner, you are keenly aware that your watercraft costs money even when you are not using it. You may want to rent out your boat to help defray the expenses of ownership. Before you get started with your plan, make sure you have the rightinsurance for renting out your boat.
Renting Your Boat Creates New Risks
If your boat sustains damage after you rent it or someone gets hurt due to the renter’s actions, you need to ensure that your insurance policy provides adequate coverage. When the renter causes an accident with your vessel, you may be liable for the associated expenses. Many typical marine insurance policies do not cover your craft once you rent it out for use by other people.
Protecting Your Investment With Insurance
Ensure that you understand your current policies and identify any potential gaps in your coverage. You do not want to have to pay costly legal fees and damages resulting from the actions of others. Speak with an experienced agent to determine if you have the right insurance for renting out your boat to others. Personal watercraft rental insurance helps pay for repairs, medical costs and other liability expenses that may arise if an accident occurs.
You invested significant money in your craft. Prevent possible losses by obtaining sufficient insurance coverage for renting out your vessel.