Charter Boat Insurance
If you run a charter boat company than you know that you need a charter boat insurance plan. If you are looking to start a charter boat business than read this article so you know the facts when it comes to charter boat insurance.
Charter boat insurance is like any other kind of boat insurance out there. The insurance protects against other vessels as well as any accidents you may have. Some charter boat insurance plans even cover damages from weather. What makes charter boat insurance different than other boat insurance is the fact of liability. Since, a charted boat is basically a rental boat then you as the owner of the boat need a way to protect against other people using your boat. This means that if your charted boat gets damage you will not be liable for any costs that may come your way.
Since, charter boat insurance is like rental insurance the premiums that you, the owner of the charter company, will be a lot higher than regular boat insurance. This happens because you are essentially renting the boat to a person who may or may not have a good clean boating record. However, most charter boat insurance is not astronomically different than regular boat insurance, but you there are ways you can get lower premiums.
The first and easiest way to get cheaper charter boat insurance is to build your company reputation. Show the insurance company that you are a safe bet. You can do this by showing you make a profit and showing them that you do not file a lot of claims. This method does take some time like 2-3 years but it is one of the best ways to get cheaper charter boat insurance. Another, method you could use to lower your charter boat insurance rates is to make customers sign waivers. Make sure the waiver stipulates that the customer has to take some liability if an accident does occur. This will lower your rates because the insurance company knows that the risk is not all on them, but rather split amongst the customer and the insurance company.
Charter boat insurance is necessary when running a charter boat company. Charter boat insurance will help protect your business from costs associated with a boating accident. Remember to always make your customers sign a waiver so you get cheaper insurance. Charter boat insurance should not have to cost an arm and a leg.