For any owner wishing to rent his boat, it is essential to make a declaration to his insurer so that it covers the risks related to the rental of his boat.
Simple boat insurance is not enough and exposes you to financial risks and disappointments.
Let us explain why...
In the event of a damage during a rental, the responsibility of the tenant is engaged only up to the amount of the deposit that he has previously let to the lessor. Beyond that, it is the owner's insurance that takes over.
However, if the owner has not taken out rental insurance then he will not be able to turn against his insurer. Damage will always be borne up to the deposit by the tenant, but all costs beyond that will be borne by the owner directly.
The insurance of the broker cannot be used for two reasons. The first one is that the broker cannot take out insurance for a boat that does not belong to him. The Insurance Code prohibits double insurance of the same property. The second one is that the broker's professional insurance only covers him for his own responsibilities. The responsibility of the broker cannot be engaged in case of damage created by the tenant during navigation.
It is therefore essential to make the declaration of rental of your boat with your insurer and to agree with the broker on the amount of the deposit to take. This is a trade-off between the value of the boat and the amounts of possible repairs. If the deposit is too low, the owner can quickly find himself claiming for his insurance in case of disaster during the rental. If the deposit is too high, the tenant could be put off or would find himself unable to cover the amount (often taken by bank imprint).
It should be noted that insurance certificates hardly mention the coverage of the boat in case of rental. You must either ask the insurer to make it clearly mentioned on the certificate or provide the broker with the proof that the boat is duly covered for rental.
TOP CHARTER remains at your disposal to advise you on these insurance issues so that you can rent your boat with confidence.