Nowadays, short-term rental services are a great way for people to earn extra income. If you own a boat, you can earn extra money by pairing up with someone interested in renting a boat for the day or a weekend. Here is what you need to know about peer to peer boat rentals and how to obtain peer to peer boat rental insurance.
How To Rent Your Boat
It has become even easier to find people interested in renting boats for a short time. Many online platforms help renters and boat owners find one another. However, if you choose to rent out your boat, you need to have a rental policy and adequate insurance.
How To Obtain Insurance
If you only rent on a peer-to-peer basis, you probably won’t have any need for commercial boat rental insurance. Instead, there are P2P rental insurance coverages that may apply to your specific circumstances. These policies may include:
- Watercraft coverage
- Premises and general liability
- Hull coverage
The amount of coverage you need will depend on the type of boat you own and your insurance needs.
When you rent your boat to another party, you still have liability. Accidents happen and if your renter or your boat is involved in one, you could be liable.