Companies that rent out jet skis have to contend with considerable risk exposure. A lot of people renting jet skis have never operated one before. While they’re relatively safe to use, inexperienced or reckless renters could experience an injury or accident. Here are some important things that you should keep in mind about your company’s risk exposure and your insurance needs.
Comply With Regulations Where You Operate
If you lease space, you may be subject to stringent regulations about jet ski rental insurance. Most marinas and other docking facilities require lessees to maintain minimum levels of insurance coverage.
Understand Policy Exclusions
It’s essential that you have a through understanding about the types of accidents that your insurance covers. Not all policies will cover damage from weather-related events, vandalism, or the criminal acts of third parties. If you have questions or concerns about coverage exclusions, you should have an in-depth discussion with an experienced agent.
Consider Possible Damage to Others’ Property
It’s easy for a company to gauge the value of its own property in determining its insurance needs. However, you also need to carefully weigh the possibility of damage to another company’s property. If one of your renters should cause significant property damage to a third party, you’ll need insurance coverage that can adequately address the situation.