During the summer, residents of Brecksville, OH may rent high-quality boats to go out on one of the many lakes in the area. However, what happens if these individuals crash a boat? Will they have to pay for the damage? Here’s what we at Ganley Family Insurance can tell you about boat insurance when renting a vessel.
Peer-to-Peer Coverage Helps Protect Against Loss
Typically, companies who rent boats and other types of vehicles for temporary use use what is known as a peer-to-peer policy to protect their investment. This policy goes into effect when they let another individual use the boat for a fee. Essentially, it pays for issues caused by a person while renting a vehicle.
In this way, an individual can protect their boat when somebody takes it out on the lake. Just as importantly, people renting these boats are protected from having to pay excessive money to replace a boat or repair it after causing damage. Lawsuits and other issues may occur, however, but the boat owner is protected with liability coverage.
Issues Covered By These Policies
Multiple issues may occur while somebody is renting a boat. For example, the hull may become damaged, as well as the equipment. Peer-to-peer policies will cover these problems. These policies will also cover the actual cash value of the boat, the well-being of the boat owner, the medical costs associated with injuries, and more.
The liability coverage is particularly important in this type of incident. Typically, peer-to-peer rental coverage pays for injuries to those who didn’t cause the accident as well as those who did. The reason or this is simple – the injured individual may try to sue for damages if liability coverage didn’t provide them with payment.
Protect Yourself Today
So anybody who owns or rents boats in Brecksville, OH should contact us at Ganley Family Insurance to learn more about these coverage options and how they can affect their summer fun.