Ensuring Insurance on Your Peer-to-Peer Boat Rental

Written by Mariah Hoefle
May 24, 2019

Last Updated on April 14, 2022 by Boatsetter Team

One of our main goals at Boatsetter is to promote and ensure everyone’s safety when they are renting out or renting a boat using our online marketplace. To make sure that everyone involved in the transaction has a safe and wonderful time while they are out on the water, we have become the first online boat rental company that has an insurance policy that protects boat owners, captains, and renters alike. With our BoatUS Peer-to-Peer Rental Policy from Geico Marine Insurance, we are able to protect all of our customers and provide 24/7 on-water support through TowBoat US. Since each Boatsetter rental is covered under the Geico Marine Insurance policy, owners and renters alike can rest assured that they are protected by the best boating insurance on the market.

The #1st and only online boat rental marketplace covered with insurance

One of the best things that separates Boatsetter from our competitors is that we were the 1st and only online boat rental marketplace that offers insurance not only to our boat owners but to our renters and captains as well. Each Boatsetter rental covered under the Peer-to-Peer Boat Rental Policy through BoatUS comes with significant liability coverage: $300,000 per person and $300,000 total liability per accident. The Peer-to-Peer Boat Rental Policy is the primary policy during the rental period and doesn’t require you to change anything with your regular boat policy. If your boat insurance policy doesn’t allow participation in a peer-to-peer rental service, we’ve made it easy to move to BoatUS which does allow their policyholders to participate.

Security deposits are made for each rental with Geico Marine Insurance

Boatsetter includes a security deposit in every listing which protects the boat owner in case there is any damage to the boat. Boatsetter will also use its commercially reasonable efforts to address each owner’s requests and claims related to security deposits, though Boatsetter is not responsible for administering or accepting any claims by owners related to security deposits, and disclaims any and all liability in this regard.  With the security deposit in place, renters are more careful and expected to treat the boat with respect and know that any damage to the boat may result in the loss of their security deposit.

Eligibility and requirements for insurance coverage

In order to be covered under Boatsetter’s insurance policy, the boat must not have been modified in any way that is not endorsed or approved by the manufacturer. The boat must also maintain current insurance, registration, and any federally required licensing or other documentation. Additionally, it also must not be owned by a charter company or commercial operation that charters boats. Boats that are older than twenty-five years, boats that exceed $250,000 in value, boats that exceed 40-feet in length, and boats that can go faster than 50-mph will also require additional information before coverage is granted. As will pontoon boats, houseboats, and any boats that outboard, inboard, or sterndrive. Excluded vessels include jet skis and personal watercraft, boats with carbon fiber or composite hulls or masts, Ferro cement boats, and home-built boats.

All in all, there’s no insurance coverage as thorough and dependable as Boatsetter’s Geico Marine Insurance Policy, so join us today and let’s make the most of our boating experiences!

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