Insurance Options for Boats Used as Vacation Rentals

Owning a boat used as a vacation rental can be a lucrative venture, but it comes with its own set of risks. To protect your investment, it’s crucial to understand the various insurance options available.

What Insurance Do Boats Used as Rentals Need?

Boat rental companies should consider the following types of insurance:

• Liability insurance can help financially protect you against claims for bodily injury or property damage that occur while your boat is rented out. If a renter gets injured or causes damage to another vessel, this insurance may help cover the legal costs and settlements.
• Hull and physical damage coverage can help financially cover damage to your boat itself. Whether it’s a collision, fire, theft or vandalism, hull insurance can help cover the cost of repairs or replacement. This is essential for maintaining the value and usability of your boat.
• Uninsured boater coverage can help financially protect you and your renters if an accident occurs involving uninsured or underinsured boaters. In such scenarios, this coverage can help pay for medical expenses and other damages resulting from the accident.
• Personal property coverage can help financially protect personal items that renters bring on board in case of theft or damage.
• Loss of income coverage can help compensate for the revenue lost during the repair period if your boat is damaged and out of commission. This can help safeguard your business’s financial stability, even in the face of unforeseen events.
• Umbrella insurance can offer additional coverage beyond the limits of your primary insurance policies, covering gaps and exclusions that might leave you exposed.

Learn More

For boat insurance coverage near you, contact Esquire Insurance Services of Georgia.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.