Do you run a charter boat company in the Caribbean? Boat charters are big business in the Caribbean and running your own charter company can be a great way to make a living. You make money from guests on your boat and get to spend your time sailing the beautiful Caribbean seas.
While a boat charter can be a fun and exciting business, it can also be a costly one. You have expenses for your boat, gas, crew, and much more. One big expense is insurance for your charter. Accidents happen, and your insurance can save your boat and your business should you ever suffer any damage. Fortunately, there are some steps you can take to minimize your premiums and reduce your costs. Below are a few tips to consider:
Limit your sailing area. Insurance companies like certainty. If they know the exact area where you will charter, they are likely to quote you a lower rate. That's especially true if that area has a low incident rate for charter accidents. The larger your sailing area is, the higher your premiums are likely to be. It pays to define a strict sailing area in advance and stick to that area so you can get the lowest rates possible.
Brag about your experience. Boat insurers love experienced captains. Your experience sailing has a direct impact on your insurance quote. If you have years or decades of experience, your quote will be lower than if you are relatively new. Experience also helps with types of boats. If most of your experience is with a boat similar to your charter, that's helpful to share on your application. When you apply, don't shy away from bragging about your experience. It could save you a significant amount on your premiums.
Offer travel insurance for guests as an add-on. One of the tricky parts of charter insurance is coverage for guests and their belongings. The longer the guests are on your boat, the more expensive the coverage may be. If you're offering day trips for a few hours, coverage may not be that expensive. If you're offering longer trips that last several days and nights, you will likely pay more to cover your guests and their belongings.
One way to reduce the cost is to offer optional insurance that passengers can buy to cover their trip and their belongings. They can purchase this as an add-on to their charter rental. You would likely still need to carry a small amount of liability insurance for your passengers, but it could be reduced if they also have their own travel policies to cover their belongings.
Looking for more ways to save on charter insurance? Contact a Caribbean charter boat insurance provider in your area today.Share