renting out my Typhoon

[pjust]

I may be renting out my house in Maine for a week or two this Summer and a potential tenant is interested in renting my Typhoon along with it. He's an experienced sailor (including with a Typhoon) and the friend of a friend, so I'm not too nervous about renting my baby out, but I haven't the foggiest idea of how much to ask. Any suggestions?

[Jim Walsh]

Perhaps the price of a whole loss policy (for a week or two). If the worst happens and it is discovered that you allowed use as part of a property rental agreement I'll wager your current boat insurer would balk at paying a dime.

[Skeep]

Peter, that sounds like a terrific question. As for liability, I'd check with Boat US if you have a policy with them. The price of disaster would certainly help. Their experience base is huge.

[Uffda]

Watch out for the rocks around the clam ledges and Andrews Island.

[steveg]

I would not do it. Here in Michigan the owner is responsible for the negligence of others using the boat. Your regular insurance policy most likely does not cover you in a commercial renting arrangement. Not to mention the fact that no one takes care of your stuff as well as you do. You did say it was your baby right?

[pjust]

Watch out for the rocks around the clam ledges and Andrews Island.

No kidding! The rocks just west of the Clam Ledges do kind of sneak up on you. And I'm still trying to work up the nerve to navigate the passage between Flag Island and Bar Island on my own. Maybe I shouldn't rent her out after all.

[Uffda]

I'd hate to see that pretty little boat all banged up.

[tom ricks]

I didn't even know this place was a rental. Great location for boat lovers--I think it overlooks the Tiffany-like collection of boats in Center Harbor, ME, next to Joel White's yard.

http://rentals.daagy.com/vacation-renta ... C06-H1-427

I also think there is a Typhoon or Cape Dory of some sort that rents at the Buck's Harbor Marina.

[pjust]

Thanks, Tom. That gives me a place to start.

[Markst95]

Old Quarry in Stonington rents out a Ty.

http://www.oldquarry.com/

[joemerchant]

Your homeowners is always your backup for liability. BUT, your homeowners policy may not cover renting out your home. In some cases, they can endorse the policy to cover the rental without having to purchase rental or landlord policy. Contact your homeowners agent and get it in writing.

If your homeowners is endorsed to cover your property for rental, then ask about having your boat endorsed onto your homeowners.

Keep in mind a key exclusion in many policies is that "doing business on premise" Normally, anything you are doing as a business requires a business policy.

Again, contact your local agent as each company and State may be different.

My opinion, If you are covered, don't have a separate agreement for the boat, but include it on the rental agreement and price for the house.

[jen1722terry]

Sorry to be late chiming in on this one.

We rent out both our homes a great deal. We live in New Hampshire for the winter and rent it in the summer, and we live in Nova Scotia for the summer and rent it when we're off cruising.

Some insurers are used to rentals, some aren't. We use USAA for the New Hampshire property and they seem to be very savvy to renting and are competitive in their pricing. We had a claim last year and they were easy to work with. They are limited to military and vets.

Also, some insurers will allow you to rent a certain number of weeks (typically four) without getting a landlords policy (which can cost a lot more - $1,000 in our case). We do this most summers.

On the boat, I looked into chartering our CD 31 last year and found the insurance cost prohibitive in both the US and Canada. If you really want to charter, put it with a charter company.

Happy spring outfitting, friends!

Jenn and Terry