Letting a friend borrow your boat might seem like a simple gesture of trust. Maybe they’ve borrowed it before, or perhaps they want to take it out for a quick spin on the lake. At Modern Risk Management in Houston, TX, we understand that while sharing your boat may feel like no big deal, it’s crucial to know how your insurance could be affected if something goes wrong.
Understanding Your Responsibility
In most cases, boat insurance follows the boat, not the person operating it. This means that if your friend causes damage or injury while using your boat (with your permission), your insurance policy will likely be the one to respond. Any claims made could impact your policy, potentially leading to increased premiums. Additionally, you may be responsible for deductibles or costs that exceed your coverage limits.
Review Your Policy Before Sharing
Not all boat insurance policies allow anyone to operate your vessel. Some policies have restrictions on who is covered, while others may require additional operators to be named in advance. If your friend isn’t explicitly covered under your policy, your insurer may deny the claim, leaving you to cover the costs out of pocket. It’s always a good idea to review your policy or consult your agent before handing over the keys.
Plan Ahead for Peace of Mind
Sharing the joys of boating is terrific, but it’s even better to do so safely and responsibly. If you’re unsure whether your current coverage protects you when someone else takes the wheel, give us a call at Modern Risk Management in Houston, TX. We’ll help ensure your policy is ready for any situation so that you can lend your boat with confidence.
