Boat rental insurance

[NASSAR]

Hello, i have a 18ft open bow speed boat and im renting it un-captained thru GetMyBoat platform, they dont provide any insurance for this matter and i would like to know if there is a way i can protect myself from accidents/damages caused by renters, is there an insurance i can purchase that covers that, i heard about peer-to-peer insurance, i dont know if that works, i already have my own boat insurance that covers but not for commercial use. I live in los angeles california btw

 

[Scott Danforth]

Hello, i have a 18ft open bow speed boat and im renting it un-captained thru GetMyBoat platform, they dont provide any insurance for this matter and i would like to know if there is a way i can protect myself from accidents/damages caused by renters,

you would be better off not renting it. start with your current insurance company, they may have a rider, however once you find out the price, you may want to re-think renting out your toys

 

[Old Ironmaker]

As soon as you say "commercial insurance" the premiums go sky high. It's all about liability but coverage for loss is costly as well. By the time you consider all the costs associated for a rental business, licencing, permits, insurance and maintenance etc. I doubt you make a profit.The last thing I would ever do is rent out my boat to someone I don't even know if they know how to run a boat. We rented a house boat in our early 20's, not a clue how to run the thing let alone using locks and even parking the thing. A 20 minute tutorial before we signed away our lives. I forgot anything I was told 2 minutes after signing the 10 page contract!!A movie could be made about that week and us 5 duffuses. We actually lost 1of the boys one day. He was taking a nap in a dingy tied to the back. A few hours later when we came to a lock we realized the dingy and he was nowhere to be seen. The rope was still being pulled along but no Skeets. Someone found him floating around and took him and the dingy to the closest town.Too long a story for here.

 

[NASSAR]

But in marina del rey and other harbors they rent all the time, i rented once from there

 

[JimS123]

If you can find an insurance company that will write you a policy the premiums will be more than you can ever expect to return on the rental charges.

An acquaintance of mine did such a thing, thought he had enough insurance, but one of his renters had an accident and killed himself. Turns out his limits weren't high enough and last time i saw him his house was up for sale to make the judgement.

If you can't afford to own a boat, sell it and rent one yourself when you want to go boating.

 

[roscoe]

But in marina del rey and other harbors they rent all the time, i rented once from there

"WHO" rents all the time?
Private boat owners?
Boat time share owners?
People who run another business and rent boats as an aside?
People with a fleet of boats?

If you really want to see what renting it out would be like, LEND it to relatives, friends, neighbors, and co-workers for a month.

IF you have a boat left after that, it will be time to junk it.

You are going to need millions of $$$ in insurance coverage including hazmat coverage, recovery coverage, and the liability coverage.

Actually, the answer to your question is on the GetMyBoat-Smashed website.