The Rise of Peer-to-Peer Boat Rentals on Lake Mead: What to Know About Insurance

As peer-to-peer (P2P) boat rentals grow in popularity on Lake Mead, insurance has become a critical topic for both boat owners and renters. Unlike traditional rental companies, P2P arrangements often involve private individuals, which can complicate liability and coverage in the event of an accident or damage.

Insurance Considerations for Boat Rentals

One of the most important things to understand is that standard boat insurance policies typically do not cover commercial or rental use. This means that if a private boat is rented out without proper coverage, the owner could be left financially responsible for any damage, injury or legal claims that arise during the rental period.

For renters, the risks are equally significant. Without the right insurance, you could be liable for damage to the boat, injuries to passengers or harm to other vessels or property. Even minor incidents can result in costly repairs or legal fees. That’s why verifying that the boat is covered under a rental-specific or commercial policy is essential before taking the helm.

A well-rounded insurance policy for P2P rentals should include the following:

• Liability coverage
• Hull coverage
• Medical payments coverage
• Uninsured boater coverage

Additionally, renters should ask for proof of insurance and understand the policy’s limits, exclusions and deductibles. Owners should also verify that their policy explicitly allows for peer-to-peer rentals and complies with Nevada boating laws.

Learn More

For insurance solutions near you, contact Accupro Insurance Service.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.