How can I find insurance that covers renting out waverunners?
I want to buy some waverunners and rent them out, but can’t seem to find a source to get insurance which covers this. My local insurance guys can’t seem to help (they can give me personal insurance on the waverunners but it doesn’t cover renting.) Any pointer, places to start, or companies I can call?
Thanks
You go to a local, independent agent, they will have to shop it out to a sporting program. This is going to be REALLY REALLY REALLY expensive, just for liability coverage. I’m thinking, minimum premium $25,000, IF you do mvr checks and only rent to adults.
Physical damage is going to cost you about 25% of the value of the waverunners, and have a 2 waverunner deductible – so it will likely only cover, for example, a fire that burns up the waverunners you have stored. You are NOT going to get collision coverage.
You don’t state where you are located – that would have a lot of bearing on where I would refer you to, because you need an agent licensed to sell insurance in your state.
You could try these guys, www.usi.com, they have offices in multiple states, and will write insurance on an account as "small" as $25,000. The Marsh Macks won’t touch anything that small. You want the LARGEST independent agency in your area – the small guys that can’t help you can probably give you their names.
July 17th, 2010 at 5:52 am
Well… it all depends on where you’re located. If you’ll post that info, you’ll probably get some helpful answers.
References :
July 17th, 2010 at 6:36 am
Look on the Waverunner site & ask them or the Lloyds of London site. They insure high risk sitiuations . . .
References :
July 17th, 2010 at 7:01 am
You go to a local, independent agent, they will have to shop it out to a sporting program. This is going to be REALLY REALLY REALLY expensive, just for liability coverage. I’m thinking, minimum premium $25,000, IF you do mvr checks and only rent to adults.
Physical damage is going to cost you about 25% of the value of the waverunners, and have a 2 waverunner deductible – so it will likely only cover, for example, a fire that burns up the waverunners you have stored. You are NOT going to get collision coverage.
You don’t state where you are located – that would have a lot of bearing on where I would refer you to, because you need an agent licensed to sell insurance in your state.
You could try these guys, http://www.usi.com, they have offices in multiple states, and will write insurance on an account as "small" as $25,000. The Marsh Macks won’t touch anything that small. You want the LARGEST independent agency in your area – the small guys that can’t help you can probably give you their names.
References :
agent, 21+ years