https://www.thebethesdalife.com/types-commercial-insurance-policies/Many people are familiar with peer to peer lodging rentals and with ride-sharing services, but not as many realize there are similar platforms for peer to peer boat rental. The use of personal watercraft for passive income is rising, though, and many boat owners’ insurance policies do not cover damage or liability when boats are used for private person to person rentals. Personal watercraft policies tend to exclude rental coverage like that even when they cover liability and damage in cases where you lend the boat to a friend or family member.
Details About P2P Rental Coverage
Basic coverage for P2P rentals is designed to augment your personal watercraft insurance. It plugs the gaps caused by standard exclusions on many personal policies. The three most common coverage provisions are:
- Hull coverage to protect against damage or loss while it is rented out
- General liability coverage with premises insurance to protect against injuries to boaters as they enter or leave your property
- Watercraft coverage against damage or liability when a client has possession of the boat
Costs for coverage depend on your vessel class, features, and the frequency with which you make it available to others. To learn more about what peer to peer boat rental coverage for your watercraft will cost, you need to contact a leader in marine insurance coverage for an in-depth quote.