BEFORE YOU RENT, MAKE SURE YOU EVALUATE YOUR RISK
If you're thinking about renting your boat, be aware that nearly all recreational marine insurance policies, do not cover the boat during a rental period; that is considered to be commercial use that falls outside of a recreational boat policy. If you are mulling this over, call us first to discuss.
Many companies will not cover you and your boat at all if you participate in these peer-to-peer sharing arrangements which have recently hit the boating world. With the advent of Boatbound and Boatsetter, companies that assist owners in renting their boats to others, renting has gained momentum. Other ways to share your boat have surfaced too, such as through Airbnb.com, a sort of floating hotel room program. If you are considering this, make sure you have that conversation with your insurance company before signing up.
If something happens to your boat, or worse, someone is injured on your boat, you may not have coverage under your personal recreational boat policy. The insurance provided through the peer-to-peer program really matters, then, if you and your boat are to be protected.
Make sure you understand what the insurance covers — and what it doesn't — before deciding to list your boat in one of these programs. Airbnb provides a Host Protection program that includes liability coverage; still, you should carefully review the program coverage to ensure it will cover your boat as well as it would a land-based residence. If you want to rent your boat on a regular basis — even just as sleeping quarters — consider purchasing a commercial charter policy that covers your boat for this kind of use.