Buoy’s usage-based protection package, designed to protect renters and rental companies during the boat rental, gives you peace of mind when you set sail. 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.
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.
No.
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
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.
No.
Buoy 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 policy even when they are not being rented.
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.
