Renting Out Your Boat

Things to Know Before Renting Out Your Boat This Summer

Many people love getting out on the water in the warm weather. However, not everyone can afford or desires to own a boat. Many rent one making boat rental insurance a necessity for owners loaning out their vessels.

Liability Risk

The insurance company Merrimac Marine Insurance states that the owner takes on the liability when someone else drives their boat. This means bodily injuries and property damage come out of their pocket without coverage for boat rentals. Insurance helps reduce those out of pocket costs for owners.

Renter Knowledge

If you work with a boat rental company, many of them have renters fill out questionnaires when applying to rent out a vessel. These are handy regardless of how you rent out the boat. These questionnaires can mitigate some risks of loaning your boat out to someone who has no idea how to operate the boat.

Good Reviews

Like with most products and services, good reviews are often your friend. They can help you continue to have renters interested in borrowing your boat. Many of these review sites even have places for reviews on renters helping you bypass those who have a record of not taking care of the property.

Protect your assets with boat rental insurance. Then you can be comfortable knowing that you’re protecting while someone else enjoys your boat. The summer is long with nearly endless opportunities to take advantage of.