Insurance

[Alain Vo]

Hey guys!

I have a Red Scarlet that I am thinking about renting out in OC. Before I even consider that, I wanted to ask you guys about insurance.

What/who do you guys recommend for insurance? What type of coverages should I be looking for? Has a client ever claimed anything from damage to lost?

Any feedback would be greatly appreciated.

 

[Martin Whittier]

In my experience your own policy will only cover up to about $5,000 for items being rented out. You will need the renter to provide a COI to cover more valuable items such as your Scarlet.

 

[Nick Fury]

Hi Alain,

I have added Athos Insurance coverage. There are many factors to consider, in selecting coverages, of course. A few that interested me were an underwater use rider and a rider to cover replacement rental, for a covered loss. The former is a rather healthy increase vs. base premium, but the latter is, depending on limits, a modest amount. A tight rental contract, including reimbursement, for out of pocket costs is also in order. YMMV, of course and the relationship you have with the client, may alter your coverages as well as the coverages you require of the client.

Thank you very much

Fury

 

[Alain Vo]

Thank you guys!

 

[Nick Timmons]

I have my own coverage for personal use, but for clients I require an additional certificate. Don't send anything out without a COI and a decent contract.