Offset the Expenses of Boat Ownership With P2P Rentals

Owning a boat is expensive. Fuel, maintenance, docking, storage and insurance are only some of the associated costs. One way to offset these expenses is to rent the boat out on an hourly, daily or weekly basis.  As this option has increased in popularity over recent years, websites handling peer-to-peer boat rentals have become more common. However, what many boat owners may not realize is that their personal recreational marine insurance policy will not provide coverage during rentals leaving them exposed to a number of potentially costly liabilities.

Risks of P2P Boat Rentals

Many of the websites handling P2P vessel rentals have various safeguards in place. For example, they require renters to sign an affidavit and provide proof of previous boating experience. Nonetheless, boat rental risks abound. These include:

  • Damage to the rented boat
  • Bodily injuries
  • Damage to other vessels, equipment and marina infrastructure

Without insurance, the boat owner may be responsible for covering the costs associated with these risks.

Diminish Risks With Rental Insurance

Personal watercraft rental insurance is designed to provide boat owners with the vital protection they need when renting out their vessel. Owners should look for insurance that includes hull, watercraft, and general liability coverage. It is also recommended that they have the rental agreement reviewed by an attorney to make sure that all eventualities are covered by the policy.

Boat rentals can be an excellent way to pay for the many expenses that come with ownership. Moreover, a specialized insurance policy is essential to ensuring that the benefits outweigh the costs of P2P rentals.

The Basic Facts About Aviation Liability

If you love flying high in the sky, you aren’t alone. Whether you enjoy flying drones, taking to the clouds on your own, or renting planes out to others, there are an estimated 750,000 people that enjoy the same activities each month. However, when it comes to owning flying crafts, it is essential to make sure your company is protected with an aviation liability policy.

Federal Rules

Any aircraft that is rented, loaned, or flown with the known intent to unload is considered part of the aviation exclusion in Commercial Liability Insurance coverage. In fact, the FAA has now added UAS and drones to the aircraft exclusion. With the number of crafts that those exclusionary definitions include, it is not surprising the market for aviation liability insurance has risen.

Insurance Coverage

Aircraft owners need to protect their property from damage, suits, and theft. When you acquire aviation insurance, you can opt for coverage that includes:

  • Machines
  • Operators
  • Hangers
  • Passengers

In fact, aircraft policies can cover whatever you want them to.

Advisor Specifics

The best thing about aviation liability insurance policies is that your agent can create a document that covers your specific needs. That makes them cost-efficient for anyone that owns a drone, private jet, or a fleet of rental liners. If you own a flying machine, talk to your insurance advisor about what type of policy will cover your liability needs today.

What You Should Know About Force Placed Insurance

Homeowners with existing mortgages can benefit from understanding forced placed insurance and how it affects them. This insurance coverage is often called lender placed coverage or collateral protection. Since it protects lenders from borrowers whose property insurance lapses, here are some essential things, you need to know about this insurance option.

Insufficient Coverage?

If a property’s coverage expires or is deemed insufficient, force placed insurance allows the lender to protect their financial interests within the property. Additionally, lenders may also require forced place insurance on dwellings at a high risk of flooding if the insurance coverage doesn’t meet the legal minimum.

Rising Foreclosures

Lender placed coverage is becoming more relevant because of rising foreclosures and increasing lapsed property coverage. This insurance option also allows lenders to replace coverage and protect mortgage interest immediately.

Letter Cycle

During the “letter cycle,” lenders can formally notify homeowners of insufficient coverage and request evidence of current insurance coverage. After borrowers supply the requested documentation or fail to produce it, force placed coverage can be backdated to fit the last insured date.

When both borrowers and lenders understand collateral protection, they can ensure property value and protect financial assets. Additionally, when coverage is insufficient, borrowers can benefit from understanding why lender placed insurance is required.

A Quick Review of Commercial Vehicle Insurance

Commercial auto insurance comes in a variety of forms, but companies who own a fleet of vehicles may want to consider a policy that insured all the vehicles at once rather than individually. Regardless of how many employees may be driving the vehicles, fleet insurance is more comprehensive coverage that addresses the potential liability of any employee operating a vehicle.

Vehicle Ownership and Ultimate Liability

An employee driving a company car who gets into an accident may create legal chaos in the event that physical or bodily damage occurs to third parties or properties. The company, as the owner of the vehicle, bears the responsibility for the accident and subsequent claims filed against the company. A commercial plan that provides owned auto coverage can bear the brunt of the financial strain.

Coverage Areas for Company Vehicles

When a fleet of vehicles is insured, typical coverage protections include:

  • Liability coverage
  • Medical payments coverage
  • Comprehensive and collision (physical damage) coverage
  • At-fault party damage coverage

The number of employees that may be listed as drivers for the vehicles, as well as the individual driving records, will factor into the cost of this coverage. The primary geographic locations of vehicle operations and the types of vehicles being insured also impact premium rates.

Vehicle insurance is a must-have for any commercial business. Specific coverage requirements depend on the number of vehicles owned and the use that the vehicles typically see.