Buoy and Markel Bring Technology to Rental Insurance

Buoy, an affiliate of bolt Agency, is collaborating with Markel® to introduce a new insurance offering for boat renters and liveries with app-based technology that enables check-in/and check-out, safety education, compliance, and facilitates liability coverage for liveries and renters as required by Florida’s Boating Safety Act of 2022. 

Starting January 1, 2023, Florida law requires boat liveries and renters to obtain insurance of $500,000 per person and $1 million per occurrence during the rental period in order to obtain an operators’ permit from the Florida Wildlife Commission (FWC).

The Florida Boating Safety Act of 2022 requires liveries, or boat rental operators, to carry a commercial policy that names the livery and the renter on the same form and carry the required limits. Buoy looks forward to expanding beyond Florida in the future.

“We’re incredibly fortunate to collaborate with Markel, a top-ranked insurance provider for boat-businesses, with over 45 years of marine underwriting and claims experience,” said Rob Bauer, chief MGA officer at Bolt. “Inventing embedded insurance offerings with technology that incentivizes safety is part of our mission, and we look forward to growing this collaboration.”