Sharing your boat may be too great a risk

By: Denise Koslowsky

A recent Westchester Magazine article shared the news that an “Airbnb” for boats would be coming soon to Westchester.  You can read the full article here:

Westchester Magazine: The “Airbnb for Boats” Is Coming to Westchester

We understand the appeal to renters seeking to enjoy a day on the boat.  We don’t, however, think that the risks will make it worth it for boat owners.  An inexperienced boater will have a higher tendency to crash which makes this seem like a bad idea for our clients.

Your current coverage won’t apply

If you rent your boat for profit, the boat insurance you currently carry will not offer coverage.  While Boatsetter does offer insurance, it may be a good idea to have a conversation with your Insurance Specialist.

Talk to your insurance advocate

As with any insurance policy, the coverage provided will likely contain conditions and limitations so you’ll want to consider the insurance coverage carefully.  You’ll want to be sure any risks unique to your situation are covered and a specialist like the ones at Advocate Brokerage will be able to discuss your options.

If you do decide to go ahead, please consider the following:

Reduce your risks

Before you rent your boat, you’ll want to do all you can to ensure that it is safe and has all the recommended safety equipment on board.  Minimizing safety risks isn’t just the right thing to do, it also lessens the chances of being sued by a guest who is injured while using your boat.

Cover your bases

It goes without saying that if you make the decision to rent your boat utilizing a share service such as Boatsetter and don’t already have an umbrella policy in place, we would strongly suggest that you consider adding one to your insurance portfolio.

Educating our clients and helping them to protect their property is of the utmost importance to the entire team at Advocate Brokerage.  We are here to help our clients learn more about the insurance solutions available, weigh their risks, and make educated decisions.  If you are considering renting out your boat but have questions about the risk, please get in touch with us at 914-723-7100.

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