BoatUS has launched a boat rental insurance policy available for rentals through Boatbound, a nationwide boat rental marketplace. The new Peer-to-Peer Boat Rental Policy covers the rental period and is designed specifically to meet the needs of this new and growing market.
According to BoatUS Assistant Vice President Ed Holownia, most recreational boat insurance policies don’t provide coverage during a rental. “For boats to become a viable part of the sharing economy, the insurance question had to be addressed,” he said.
Now three years old and with thousands of boats listed across the US, Boatbound has been the fastest-growing company in the boat sharing market, according to BoatUS.
Boatbound’s average renter is between 25 and 44 years old with five or more years of boating experience.
“Boatbound is fundamentally changing boating,” said Boatbound Founder Aaron Hall. “Finding a boat is now as easy as finding a hotel, and boat owners can share their boat when it’s not in use to offset boat, slip, and maintenance costs turning their boats into assets.”
With the new Peer-to-Peer Boat Rental Policy, BoatUS offers coverage to renters and protection to owners for rentals arranged through Boatbound.
Boat owners wishing to rent their boat through Boatbound must have an underlying recreational boat insurance policy. Those with BoatUS or Seaworthy Insurance Co. policies will be eligible for a fast-track approval process. Once the boat owner signs up at Boatbound.co and gets approved, the Peer-to-Peer Boat Rental Policy provides primary coverage during each rental period. The cost of the policy is included in the fee owners pay Boatbound for each rental.
The Peer-to-Peer Boat Rental Policy is underwritten by Seaworthy Insurance Co. and will pay up to the actual cash value of the boat. The policy includes $300,000 liability coverage per person and up to $1 million total liability coverage per accident. Up to $854,400 in fuel spill coverage is also included as are $25,000 per person/per accident medical payments coverage, $100,000 in uninsured boater coverage, and full salvage coverage up to the boat’s actual cash value. Deductibles are based on boat value.
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