Being a boat owner certainly has its own obvious perks, and renting out your yacht is definitely one of them! It is a great way to make sure that your yacht doesn’t spend too much time berthed or parked on land (especially if you don’t take it out very often), and it is also a great source of side income!
Before putting out the advertisements for your yacht rental, you need to find out if chartering your yacht is covered under your boat owner’s and/or private boat property insurance policies. This depends on your insurance carrier. If your current insurance policy does not cover accepting payments for use of your yacht, you can purchase additional boat owner’s insurance from other providers. This is extremely important!
If you use your boat quite regularly, this shouldn’t be a problem. However, if you have been keeping your yacht in storage, and perhaps 5 years later, decided to earn some money by renting it out, you might want to check that it will still function properly while in the water. Send it in for maintenance, keep all records on hand, and make sure that it is clean!
Because most transactions are done through the Internet these days, it is vital to know who you are renting your boat to. A deposit is a good way to protect yourself. Meeting with the renter will definitely be the best option.
Make sure that your rental agreements cover all of the important facets of the transaction. This is to protect both yourself and your potential customers.
of course renting out a yacht can be a scary notion for a person, especially for a first timer, but yacht charter companies make this process smooth and easy! Here at The Epicurean State, we partner with many yacht owners who trusts us to take care of these transactions for them! If you’re interested in renting out your yacht but don’t know where to start, send us an email at firstname.lastname@example.org and we’ll help you get started right away!