Please select your home edition
Edition
Maritimo S Series

BoatUS checklist: How to rent your boat

by Scott Croft 21 May 2019 18:52 PDT
Renting your boat may help offset ownership costs, but you need to do a little homework first, according to BoatUS © Scott Croft

Airbnb has shown that the sharing economy can work. A new report says, in 2018, the peer-to-peer rental company's annual sales surpassed Hilton, based on data from U.S. travelers (excluding business spending). For boat owners looking to make extra money renting their boats on peer-to-peer boat rental networks like Boatsetter, what can they learn from Airbnb's success?

Boat Owners Association of The United States (BoatUS) offers five tips for the most important things boat owners should consider before renting out their boats.

1. Know your liabilities: If you wish to rent your boat, your first concern should be insurance. Most everyday recreational marine insurance policies don't cover boat rentals, so you need to see if the peer-to-peer rental company offers coverage for both the boat (hull) and liability, as well as other coverages like medical payments for potential claims such as a trip to the emergency room. Most peer-to-peer boat rental companies, however, simply advise owners that they need to determine if coverage is provided under the owner's boat policy. The largest peer-to-peer network, Boatsetter, offers both boat (hull) coverage and liability coverage through the BoatUS Marine Insurance program's peer-to-peer policy, regardless of the boat's own insurance policy.

2. Know your coverage: Once you have insurance coverage, you need to understand it. It may be different, both in type, coverages and policy limits, from your boat's own policy. The BoatUS peer-to-peer policy for Boatsetter is underwritten by GEICO Marine Insurance and provides hull coverage on an actual-cash-value basis and includes $300,000 per person liability coverage and $300,000 total liability per accident, $25,000 in medical payments, and $100,000 in uninsured boater coverage. Renters using peer-to-peer networks are typically responsible for any deductibles related to insurance. In the case of Boatsetter, the company takes a $1,000 deposit at every rental for this purpose.

3. Unexpected breakdowns: Recognize that unexpected breakdowns can happen and there may be a need to tow your boat to the dock or launch ramp. If a boat owner has an on-water assistance towing plan provided by a national towing-assistance company, chances are that the service is not extended to a renter, so the owner will likely need to make arrangements and pay separately for this service, which averages about $750 per incident nationwide. BoatUS provides all Boatsetter rentals with 24-hour on-water assistance by TowBoatUS, dispatched through the BoatUS App or by calling 24-hour nationwide dispatch. This service is included with the rental fee.

4. Will you be the captain? While most peer-to-peer boat rentals are "bareboat," you may want to helm your boat for the rental period or provide a hired captain. Just remember that any captain on a hired vessel must be U.S. Coast Guard-licensed. Having a captain also means the number of guests aboard is limited to six, which complies with regulations for an Operator of Uninspected Passenger Vessels ("6-Pack") license. To carry more than six passengers, additional regulations and inspections will apply.

5. Do a little checking up: Most peer-to-peer companies require renters to fill out a boating experience questionnaire and will confirm a valid driver's license. Like Airbnb, peer-to-peer boat rental companies also provide a rating system that's useful when past renters want to rent your boat. That's harder to do with new renters. That's when it's up to the owner to work on building their comfort level. Set up a phone call way ahead of time or meet the renters, or take them out for a short ride to get a feel for their experience, abilities and any boating safety training. This would also be a good time to familiarize the renter with systems and equipment on the boat. Most peer-to-peer boat rentals give the owner (and renter) the option to cancel for any reason, but it usually must be done by a certain date prior to the beginning of the rental period.

Related Articles

Capt. Doug & Melanie open TowBoatUS Rocky Point
Capt. Doug & Melanie Nelson open TowBoatUS Rocky Point, Minnesota Straddling the U.S.-Canada border, Lake of the Woods is a vast expanse of pristine waters more than 70 miles wide with an incredible 65,000 miles of shoreline and nearly 15,000 islands. Posted on 12 Jun
Kathy Sinnett honored with Women's Sailing Award
Continuing the tradition in epitomizing the leadership to promote chances for women Since 1999, the BoatUS/NWSA Leadership in Women's Sailing Award has recognized extraordinary women who have inspired, educated and enriched the lives of women through sailing. Posted on 11 Jun
All the hurricane preparation info boaters need
Atlantic hurricane season starts June 1 Recreational boaters whose vessels have been impacted by a hurricane and came out relatively unscathed know it all starts with a plan. Posted on 29 May
Capt. Anthony new owner of TowBoatUS Santa Cruz
Capt. Anthony Capriccio is the new owner of the company that provides 24/7 on-water towing A former employee and captain for TowBoatUS Santa Cruz, an on-water towing and assistance company for boaters, has stepped up into the ownership role at the company. Posted on 25 May
Douglass Marine expands on East End
With the opening of TowBoatUS Orient, New York A long-standing East End family business providing boat service, repair and storage on the tip of Long Island's North Fork is growing. Posted on 16 May
TowBoatUS Pittsburgh ready to assist boaters
New owners for TowBoatUS Lake Anna, VA The 24/7 on-water towing and assistance service for recreational boaters with ties to nationwide fleet of more than 600 towboats has come to Pittsburgh's Three Rivers. Posted on 8 May
TowBoatUS adds port in the Big Apple
Miller's launch opens its second TowBoatUS on-water towing port on Staten Island Miller's Launch, a commercial marine service provider on Staten Island's northeastern Stapleton waterfront has opened it's second on-water towing and assistance port for recreational boaters, TowBoatUS Staten Island. Posted on 3 May
Three TowBoatUS Ports under new ownership
Assisting boaters from Sandusky River to Fairport, Ohio On Lake Erie's West/Central Basin, TowBoatUS Sandusky owners Capts. Jimmer Kennedy, D.J. Huntley and Jason Majoy are new owners of TowBoatUS locations in Vermillion, Lorain, and Cleveland. Posted on 1 May
National Women's Sailing Association Conference
“Knowledge – Skills – Fun” while celebrating NWSA's 35th anniversary in St. Petersburg, Fl. The National Women's Sailing Association (NWSA) is expanding its 2025 National Women's Sailing Association Conference, presented by American Sailing, to three days. Posted on 18 Mar
‘Turning the Tide Online' Virtual Summit
New solutions for recycling boats, derelict fishing gear, plastics and more BoatUS Foundation's "Turning the Tide Online" summit highlighted three days of educational resources, enlightening panels and keynote addresses. Posted on 10 Mar
Selden 2020 - FOOTERMaritimo S SeriesRS Sailing 2021 - FOOTER