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Letting a friend borrow your boat might seem like a generous gesture, especially on a sunny weekend. But before handing over the keys, it’s important to understand the risks and responsibilities that come with lending your vessel.
Insurance Considerations
Most boat insurance policies cover the owner and any “permissive operators,” meaning someone you’ve given permission to use your boat. However, coverage can vary widely. Some policies exclude nonfamily members, restrict high-powered watercraft use, or require the operator to be of a certain age or have a boating safety certification. Review your policy before lending out your boat to avoid unexpected coverage gaps.
Liability and Responsibility
If your friend causes an accident or injury while operating your boat, you could be held legally and financially responsible. Even if your insurance provides liability coverage, your premiums may increase after a claim. It’s wise to discuss safety expectations, ensure your friend understands navigation rules, and confirm they have experience handling your type of vessel.
Safety and Legal Requirements
Different states have varying boating laws, including requirements for safety equipment, licensing, and registration. Make sure your boat meets all legal standards and your friend knows where to find essential safety gear, like life jackets, fire extinguishers, and flares.
Setting Clear Boundaries
Establish clear rules regarding where your friend can go, how long they can use the boat, and what to do in an emergency. Clear communication protects your friendship and your investment.
McCormick Insurance Inc. Is Here to Serve Pembroke Pines, FL
At McCormick Insurance Inc., our team is proud to serve Pembroke Pines, FL, and we’re here to help you with all of your boat insurance needs. Contact our team to schedule a time to talk with one of our agents.