Buoy offers usage-based insurance for the rental industry, designed to protect renters and rental companies during a boat rental. Moreover, Buoy’s insurance policy ensures that livery operators comply with the Florida Boating Safety Act of 2022 (SB606), requiring insurance coverage to be at least $500,000 per person and $1,000,000 per occurrence. By introducing Buoy to your existing customers, you can continue to be a greater resource to your clients and have the opportuniuty to earn comissions for referrals as a licensed insurance agent.
Along with our partners, we do our best to provide you with the tools and resources to make your rental a safe experience, but we understand that sometimes accidents happen. To file a claim, please fill out our digital intake form on our website.
For each covered vessel, our obligation to pay for, repair, return or replace damaged or stolen property will be reduced by $5,000.
You can learn more about what is not covered under Buoy’s Usage-Based Insurance Policy in our disclosures and general policy.
Here are some of the most common questions we get - and their answers.
It depends on the boat, duration of the trip, and renter age. On average, Buoy insurance is less per rental-period than rental car insurance, U-Haul insurance, and RV insurance.
Buoy provides liability insurance that meets state coverage minimums of at least $500,000 per person and $1,000,000 per occurrence.
Coverages include:
- Hull & Equipment
- Boating Liability
- Fuel and Other Spill Liability
- Medical Payments
No.
No.
Unfortunately not. The person who fills out the application must also be the one driving. However, anyone in the party may pay for coverage. Note from Buoy: we are working on supporting multiple drivers.
Towing can be included with the purchase of a policy. Depends on how the existing rental operation addresses towing with renters.
Fill out our agent intake form here. You will need your license number.
Buoy provides liability insurance that meets state coverage minimums of at least $500,000 per person and $1,000,000 per occurrence.
Coverages include:
- Hull & Equipment
- Boating Liability
- Fuel and Other Spill Liability
- Medical Payments
- View the policy
Step 1: Tell your customers to create an account and list their fleet
Tell your customer to create an account and list their vessel's. This is all self guided on the Buoy site. By having the customer "list" their vessels, is what allows Buoy to underwrite the rental business & their vessels. Send an email to hello@buoy.rent with your cusotmer (the boat rental business) CC'd and we will tag your your name to said boats.
Step 2: Vessel Approval & Underwriting Review
Often times veseels will be automaticlly approved instantaneously. If not, the Buoy team will follow up with the company listing their inventory about what additional information is need to get underwritting approval.
Step 3: Start Selling Policies
Once the vessels have all been approved, we will work with the customer to either embed the Buoy offering into their booking system, or provide QR codes for the customer to have on site. Renters can then scan said QR codes as part of the vessel saftey briefing and purchase the policy right then and there.
You connect Buoy with a boat rental business and we associate your name with all the vessels of that boat rental business. Each rental offers a Buoy policy at checkout. Every policy that is sold from those referred boats adds to your gross written premium total. Buoy calcualtes your share of that premium, paying you out via ACH quarterly.
The more policy's your referred customer is able to sell, the greater the earning potential for you as a licensed insurance agent.
Nope! It only complements your book. Buoy covers the renter and operator during each charter period and works alongside your clients commercial annual policy instead of replacing it.
Nothing! The premium is paid by the renter at booking, so the rental company adds protection without adding expense. That makes it an easy introduction, as you start to inform your book of business about Buoy.
Once you've made the introduction, Buoy handles onboarding, booking system integration, policy issuance and ongoing client support. You can help by making sure the cusomter has listed all their vessels on the Buoy platform.
It depends!
We assess each rental operation and boat individually, but we generally look for:
1. Newer boats (10-15 years old max)
2. No large boats (> 89 feet in length)
3. Boats with an existing annual policy in place (hull coverage)
4. An operation that follows best practices for safety
5. Create an account and start listing a boats with Buoy to find out if your vessels will be approved. Most decisons are made on the spot.
For the boat rental company, it's completely free to use Buoy since the cost of insurance is passed to the renter.
How much does the renter pay?
The price/premium per trip will be different based on factors such as the duration of the charter, season of the year, boat type, and the age of the renter. On average, Buoy insurance is less per rental-period than rental car insurance, U-Haul insurance, or RV insurance.
Yes!
The Buoy use based policy covers the livery and the renter during the rental period only and as an owner/operator of the boats you'll want the boats covered by your existing commercial annual policy even when they are not being rented.
Get in touch if you are in need of commercial annual policy, as that combined with Buoy's use based policy makes for a powerful "insurance stack" You can contact us at: hello@buoy.rent
Certainly!
The policy meets all requirements of the Florida Safe Boating Act of 2022:
- Admitted coverage
- Protects both the renter and livery
- Limits up to $500,000 per person, $1M per occurrence
- Liability that could include damage to the rented boat
DISCLAIMER: This information is a summary of the major coverages, exclusions, and other details of Buoy's Florida policy. It is only a general description intended to help you understand the policy and does not create or amend the contract or a policy in any way. All coverages are subject to the terms, conditions, special limits, and exclusions of the policy and all applicable endorsements. This information shall not be construed to replace any provision of the policy itself. In the event of any conflict between the policy and the information provided on this site, the provisions of the policy shall prevail. Please read your policy for details.
Fill our the agent intake form. We will gather your details and license number to set up a call to talk further.
Agent Intake Form
