Boatsetter’s peer-to-peer insurance coverage is provided under the Peer-to-Peer Boat Rental Policy underwritten by GEICO Marine Insurance Company. The Peer-to-Peer Boat Rental Policy was written from the ground up as a stand-alone boat rental insurance policy to cover the period of time that a vessel is being rented through Boatsetter. Coverages are only active when your vessel is rented through the Boatsetter website or app. Please refer to the following explanations regarding GEICO’s Peer-to-Peer Boat Rental Policy.

When is the boat insured?

Your boat is only insured during the “Rental Period”, which is the period of time indicated on the “Rental Summary” document emailed 24 hours before the booking. A rental period may be extended beyond the time stipulated in the “Rental Summary” if the renter is delayed in returning the insured vessel to the owner’s possession due to an accident, breakdown, or stranding, or if the renter obtains permission from the owner to extend the rental period and agrees to pay any additional rental fees. The vessel will need to have its own insurance policy that covers the vessel during times other than when it is being rented through Boatsetter.

How much is the boat insured for?

The coverage provided for your vessel during the rental period is on an actual cash-value basis. Actual cash value is defined as the value of the covered property at the time of loss or damage. The actual cash value will be determined by industry reference materials, such as the N.A.D.A. book, the BUC Used Price Guide, and the ABOS Marine Blue Book. 

What happens if there is damage?

Each booking requires check-in/check-out forms regarding the vessel’s condition to be signed by both the owner and renter. Digital check-in and check-out forms can be accessed through the Boatsetter Owners app.

To avoid $7,500 in liability on damages claims, complete the check-in and check-out process and take accompanying photos/videos. In the case of damages, please file a claim and send applicable photos/videos to claims@boatsetter.com.

What happens if there is a need for on-the-water assistance during the rental?

Towing and assistance for breakdowns on the water will be provided by TowBoatUS. You may contact TowBoatUS by phone at 1-800-391-4869 or VHF Channel 16: Hail “TowBoatUS.” Be sure to provide your Boatsetter Membership ID (49000251) when requesting on-the-water assistance from TowBoatUS.

Do I have coverage for my belongings on board?

Personal items (including, but not limited to, scuba gear, fishing equipment, clothing, stereos, and camera), fuel, perishables, and consumables (including, but not limited to, food, ice, and beverages) are not covered under the policy.

Are waterskiing and wakeboarding covered by insurance?

Please refer to the Peer-to-Peer Boat Rental Policy for specific coverage-related questions. This policy does not cover bodily injury or property damage arising out of parasailing, kite skiing, or riding in/on any other device that is designed to become airborne.

What are my liability limits?

The policy includes boating liability coverage for bodily injury and property damage with a limit of $300,000 per person for each accident up to a total limit of $300,000 per accident.

What other coverages are included in the Peer-to-Peer Boat Rental Policy?

The policy also provides Fuel and Other Spill Liability, Medical Payments, and Uninsured Boater coverage as well as trailer coverage, if the rented vessel comes with a trailer and is indicated on the listing.

Where is the boat covered?

Coverage is provided during the rental period while the insured vessel is afloat in the United States and Canadian coastal and inland waters within 12 miles of shore and while being transported by land conveyance within 250 miles of its regularly garaged location in the United States.

Are multi-day rentals covered?

Yes, multi-day rentals are covered by the GEICO Peer-to-Peer Boat Rental Policy as long as the vessel is moored at a safe location from sunset to sunrise. If the rental is booked for a single date, the rental period cannot exceed 24 hours. For multi-day bookings, coverage ends according to the trip details. All multi-day bookings automatically end at 6:00 P.M. each day and that time cannot be adjusted.

Boatsetter is not an insurance provider. This information is a brief summary of insurance coverage FAQs. For the full insurance policy, please check the insurance documentation provided to you by GEICO Marine Insurance Company.