Buoy rental insurance

Buoy sells usage-based boat rental insurance: renters buy coverage for the trip they are taking, at checkout, and the policy is issued in their name. With Buoy turned on, eligible listings show a Buoy coverage card in your booking flow and on the renter's Next Steps page.

Renters pay Buoy for their coverage. You pay nothing, and the premium never passes through your account or your books. It appears on the renter's card statement as its own line, from Buoy.

How it works

1. Buoy underwrites your business and each boat, once. You answer Buoy's questions about your company and each boat in RentalTide. Buoy approves each boat, or reviews it by hand, and emails your declaration page when your Master Policy is issued.
2. You choose which listings offer it. A listing with several identical units is insured as a group, so the renter is covered whichever unit you hand them at the dock.
3. Renters buy it at checkout. They see the price, the package and its coverage limit, answer a few questions from Buoy, and tick Buoy's terms. They check out once.
4. The policy is issued, then charged. After the booking is paid, RentalTide holds the premium on the renter's card, asks Buoy to issue the certificate, and only then takes the premium. If Buoy cannot issue it, the hold is released and the renter is not charged.
5. Changes follow the booking. Cancel a booking and the certificate is cancelled and the premium refunded. Move a booking and Buoy reissues the certificate for the new dates. If the new dates cost less, the renter is refunded the difference. If they would cost more, the coverage stays on the original dates and you are alerted.

Before you start

• A US rental business. Buoy insures US liveries only, in US dollars.
• Each boat's registration number and basic details (make, model, year, length, horsepower, value, where it is kept).
• An Owner or Admin login. Submitting answers to Buoy is an insurance application in your company's name.

Set it up

1. Go to Settings → Integrations and open Buoy.
2. Company. Answer Buoy's questions about your business and confirm the answers are true.
3. Boats. For each unit, enter its registration number and answer Buoy's boat questions. Each boat comes back Approved, or Under review while Buoy looks at it by hand. If Buoy declines a boat, the reason is shown.
4. Listings. Choose which approved boats each listing sells under, and whether a paid, USCG-licensed captain operates it.
5. Package. If Buoy offers you more than one package, pick one. Buoy allows one per facility: Premium in Florida, Peace of mind elsewhere.
6. Turn it on. Switch Buoy on for all your locations or chosen ones.

What renters see

• A Buoy card on eligible listings, with the package name, the coverage limit and a link to Buoy's packages.
• Buoy's questions about the renter and the trip, then the final price.
• A required checkbox: "I agree to and understand Buoy Insurance Policy, Terms & Conditions, and the disclaimer".
• On the order summary, the insurance as its own line, with the premium tax shown.
• On their Next Steps page, their certificate, or a second chance to buy if they skipped it.

Florida: the insurance refusal

Florida law (s. 327.54) requires liveries to offer insurance and to keep a signed acknowledgement from any renter who declines it. In Florida, a renter who does not take Buoy's coverage is shown the statement the law requires, with the price they are declining, and is asked about their boating safety card before they can pay. RentalTide keeps the signed acknowledgement on the booking and sends it to Buoy.

When a policy is not issued

If the renter's card will not take the premium, or Buoy declines the renter, the booking still goes ahead without coverage, the renter is not charged for it, and you get a Coverage not issued alert.

If Buoy later stops insuring a boat, Buoy is switched off on the listings that use it and you are alerted. If Buoy revokes a renter's certificate, the renter is refunded and you are alerted.

Good to know

• Coverage is for one renter on one boat for one trip. Bookings for several units at once are not offered Buoy coverage.
• Buoy's questions can change. RentalTide always asks Buoy's current questions, so nothing needs updating on your side.
• Check-in and return times from your dock are reported to Buoy automatically.