We are striving become what traditional insurance is to the marina and boat rental insurance, as Uber was to the taxi cab. Our goal is to launch in late 2021.
One of our founders identified the need for a different insurance approach from his own experience... renting his home on a VRBO website.
His pontoon boat was on a lift in the back yard, and after staring at it every day, the vast majority of guests inquired about renting it. Marina's charge $400+ per day for a basic pontoon boat. If he did half that and rented it an average of one day per week... we are talking serious income on a boat, which are the epidemy of depreciation. Nothing better than buying your dream toy and actually making a real rate of return on it. But his boat owner's insurance policy doesn't cover renting it. There are virtually no providers of insurance for peer to peer rentals. As the owner of the boat, his insurance was $1/day thru a major carrier. When he did find a company that would cover the boat renter, that insurance for the same boat was $86/day!
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Our VRBO owner thought about it and realized the whole system was horribly inefficient. So he thought of a better mousetrap that not only better protects the renter from themselves, but the boat owner as well.
He reached out from a friend with over 30 years in the insurance industry, who loved the idea. This friend then reached out to another insurance industry friend with 20 years of experience, and the idea grew. As the a researched the industry, it became apparent that bareboat rental insurance, and peer-to-peer (P2P) rental insurance was in dire need of an overhaul.
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