I Am Looking To Open A “bareboat” Rental Serv. Looking On How To Get Insur. For This Type Of Business
We want to charter out boats, small pontune ect. and need a busness insurance for this. Own homes in lake Delavan WI. and would not like to start a boat rental service.
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There is a good Wisconsin company called “General Casualty” in Madison that has a large inland marine business that may be able to help you.
However, you will need a LOT of liability coverage.
No matter what you get for business insurance, you should also make sure you up your own liability insurance for your home and other assets and consider getting a personal umbrella liability policy.
The business you describe potentially carries a large amount of risk with very large claims.
If your business insurancy policy has a $2-million limit, for example, and you injure somebody badly enough that they win a lawsuit against you for $5-million. That policy is ONLY going to pay $2-million and you will have to come up with the rest on your own….so buy lots of coverage.
you can see these suggestion about insurance saving.
http://www.bernanke.cn/insurance-saving-tips.html
Wish it will help you.
Good Luck!
Hope you have a lot to invest in insurance!! This will NOT be cheap. Pontoon boats in particular are very prone to having drunk people fall off of them and drown. Plus, being a new venture, you’ll be paying top dollar. Assuming you have three boats you want to rent/charter out, and ONE is a pontoon, and one is fast enough to waterski, I’d guess liability insurance would be at LEAST $7500 a year.
Your best bet is to contact a local independent agent, and have them shop this out. You’re not going to find an awful lot of insurance companies that will be willing to give you coverage at ANY price, due to the high likelihood of loss, so if you can find an agent willing to quote, you should take them out to lunch even if you don’t end up buying the coverage from them.