The Florida Protection Package

Buoy’s usage-based protection package, designed to protect renters and rental companies during the boat rental, gives you peace of mind when you set sail. Moreover, Buoy’s insurance policy ensures that livery operators comply with the Florida Boating Safety Act of 2022 (SB606), requiring insurance coverage to be at least $500,000 per person and $1,000,000 per occurrence.

Buoy Usage-based Insurance Policy

We're here to ensure your trips are well-protected with our tailored Usage-based Insurance Policy underwritten by Markel Insurance Company. This policy is designed for commercially insured boats and provides comprehensive coverage throughout the rental period. The Usage-based Insurance Policy offers substantial liability protection, including

  • Up to $500,000 per person

  • Up to $1,000,000 per occurrence

Both renters and Boat Rental Companies are protected during the rental period

What do we cover?

Summary of coverages

Coverages
Insured
Amount of insurance / limits
What does it mean? (illustrative examples)
Hull and Equipment
Livery and Renter
Actual Cash Value
Covers the physical damage to the boat in the event of an accident
Boating Liability
Livery and Renter
Liability Limit per Person $500,000.

Aggregate Limit per Occurrence $1,000,000
Protects you from damage you cause to other people’s property, e.g. collisions
Fuel and Spill Liability
Livery and Renter
Limit per Occurrence $1,000,000
Covers the liability in case the boat leaks oil, fuel, petroleum products, or other hazardous substances
Medical Payments
Livery and Renter
Limit per Occurrence $25,000
In the unlikely event that you get physically injured on the boat, there is coverage for medical treatment
Deductible
For each covered vessel, our obligation to pay for, repair, return or replace damaged or stolen property will be reduced by $5,000.
Exclusions
You can learn more about what is not covered under Buoy’s Usage-Based Insurance Policy in our disclosures and general policy.
Claims
Along with our partners, we do our best to provide you with the tools and resources to make your rental a safe experience, but we understand that sometimes accidents happen. To file a claim, please fill out our digital intake form on our website.
Boat Rental Companies

How it works for Boat Rental Companies

Buoy offers a user-friendly and streamlined process to get started. The steps are as simple as one, two, three:

1. Register your boats

As a boat owner or operator, you can easily register your boats by providing necessary details such as the vessel's name, type, size, and registration information. This step ensures that your boats are properly listed within the Buoy system, allowing for efficient management and tracking.

2. Acquire your FWC permit

Once your boats are registered, you'll need to obtain the required FWC (Florida Fish and Wildlife Conservation Commission) permit. The FWC permit is essential for compliance with local regulations and enables you to legally operate your boats.
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Buoy simplifies this process by guiding you through the necessary steps and providing relevant information to obtain the permit efficiently – free of charge!

3. Welcome aboard and get assistance from a Buoy specialist

After completing the registration and acquiring the FWC permit, you are ready to enjoy the benefits of Buoy. A Buoy specialist will contact you to ensure a smooth transition and help you make the most of the platform.

Got questions?

For Renters

How much does it cost for insurance coverage?

It depends on the boat, duration of the trip, and renter age. On average, Buoy insurance is less per rental-period than rental car insurance, U-Haul insurance, and RV insurance.

So, what does the insurance cover?

Buoy provides liability insurance that meets state coverage minimums of at least $500,000 per person and $1,000,000 per occurrence.

Coverages include:
- Hull & Equipment
- Boating Liability
- Fuel and Other Spill Liability
- Medical Payments

Is there coverage while doing water sports such as wakeboarding, parasailing, or water-skiing?

No.

Is there coverage in case something happens off the boat, e.g. while swimming or scuba-diving?

No.

Is there coverage if we’re multiple drivers of the boat?

Unfortunately not. The person who fills out the application must also be the one driving. However, anyone in the party may pay for coverage. Note from Buoy: we are working on supporting multiple drivers.

Are towing and assistance included?

No.

For Boat Rental Companies

Will you cover my boat?

It depends!

We assess each rental operation and boat individually, but we generally look for:

1. Newer boats (10-15 years old max)
2. No large boats (> 89 feet in length)
3. Boats with an existing annual policy in place (hull coverage)
4. An operation that follows best practices for safety

How much does it cost?

For the boat rental company, it's completely free to use Buoy since the cost of insurance is passed to the renter.

How much does the renter pay?

The price/premium per trip will be different based on factors such as the duration of the charter, season of the year, boat type, and the age of the renter. On average, Buoy insurance is less per rental-period than rental car insurance, U-Haul insurance, or RV insurance.

Apart from renter’s insurance, do you offer a commercial annual policy?

No.

Buoy covers the livery and the renter during the rental period only and as an owner/operator of the boats you'll want the boats covered by your existing policy even when they are not being rented.

Does Buoy help me comply with the law?

Certainly!

The policy meets all requirements of the Florida Safe Boating Act of 2022:
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- Admitted coverage
- Protects both the renter and livery
- Limits up to $500,000 per person, $1M per occurrence
- Liability that could include damage to the rented boat

DISCLAIMER: This information is a summary of the major coverages, exclusions, and other details of Buoy's Florida policy. It is only a general description intended to help you understand the policy and does not create or amend the contract or a policy in any way. All coverages are subject to the terms, conditions, special limits, and exclusions of the policy and all applicable endorsements. This information shall not be construed to replace any provision of the policy itself. In the event of any conflict between the policy and the information provided on this site, the provisions of the policy shall prevail. Please read your policy for details.