# Security deposit (Owners)

> For all bookings a security deposit is held on the renters card to cover any incidental damage or lost items      Boats under GEICO BoatUS insurance policy  

Source: https://support.boatsetter.com/en_us/security-deposit-owners-S12GU1ino

Last updated: 2026-02-11T20:41:25.245Z

For all bookings, a security deposit is held on the renter’s card to cover any incidental damage or lost items.

## **Vessels under the Buoy Peer-to-Peer Insurance Policy**

A minimum $500 hold will be placed on the renter’s credit card for the security deposit. Boatsetter holds all deposits until the damage claim investigation is complete. Renters are liable for up to $5,000 in damages, including their initial security deposit amount. To [file a claim](https://support.boatsetter.com/hc/en-us/articles/360045091412-Reporting-boat-damage-or-lost-items), you must have completed the [check-in and check-out forms](https://support.boatsetter.com/hc/en-us/articles/115005652066-Check-in-and-check-out) to verify the boat’s condition and detail any damages that occurred during the booking. These forms can be found on the booking details page after you’ve completed the check-in and check-out process on the website or app.

## **Vessels under the owner’s commercial insurance policy** 

A $500 hold will be placed on the renter’s credit card for the security deposit. Boatsetter holds all deposits until the damage claim investigation is complete. To [file a claim](https://support.boatsetter.com/hc/en-us/articles/360045091412-Reporting-boat-damage-or-lost-items), it is important to have completed the check-in and check-out forms. Next, submit a request through our [Contact Form](https://boatsetter.kustomer.help/contact/contact-us-rybdP8n5i) with relevant photo/video evidence to verify the boat’s condition and detail any damages that took place during the booking. 

## **Can I raise my boat’s security deposit higher than $1,000?**

The default security deposit is $500, with an option to increase it to a maximum of $1,000 for [commercial owners](https://support.boatsetter.com/en_us/using-commercial-insurance-S1QNLJohs). Unfortunately, we cannot accommodate a higher deposit as this may discourage renters from booking. To protect your asset, we recommend relying on comprehensive insurance coverage.

## **Why was my security deposit request rejected?**

Security deposit limits are capped at $1,000. While we understand the need for additional protection, higher deposits can reduce booking conversion. We recommend staying within the limit and ensuring adequate insurance coverage for your boat.

## **Can I charge a security deposit off-platform?**

Boatsetter requires all payments, including security deposits, to be processed on-platform. Off-platform transactions violate platform policies and may lead to penalties or account suspension.