Boat rental services are everywhere, in areas that you wouldn’t even expect. From canoe livery services on individual rivers in the inland areas of the U.S. to rental companies serving the needs of recreational users near the public beaches and marinas on the coasts, every state has a whole industry made up of the companies that provide watercraft to individuals and businesses. Rentals are different from charter companies, because they typically entrust the craft to an amateur user, the same way car rentals do. Charters, by contrast, include a professional crew that handles the craft, and the two businesses have very different insurance needs as a result.
Coverage for Your Property and Liability
Boat rental insurance coverage needs to take care of all your risks as a rental business owner, not just the liabilities that come from owning a craft under someone else’s operation. You need protection in the event of mechanical failure that causes damages to the renter or to third parties affected by the renter’s use of the boat. You also need protection from your share of the liability in the event a renter behaves in bad faith by using your boat in an unsafe way. On top of that, there’s protection for your property in the event it is damaged while out on a rental. It should be no surprise that the best way to make sure you are fully protected is by working with an insurer who focuses on providing comprehensive insurance to suit the individual needs of boat rental businesses.