In November 2022, specialty insurance broker One80 Intermediaries launched the first-of-its-kind boat rental insurance program in partnership with vQuip and insurance carrier partner, Nationwide Insurance.
Bringing innovation to the maritime industry, this rental insurance program provides liability coverage for individual boat renters across all 50 states. With this innovation shaking up the maritime industry, the vessel liability program was recently named the 2023 Program Launch of the Year at the Program Manager Awards in New York City.
The 2023 Program Launch of the Year recognized a new, innovative product launch that broke boundaries and made waves in the market. The winning criteria required that programs be efficiently structured, well-priced and successfully executed.
Following three years of detailed development, the One80 Charter Vessel Liability program was launched, allowing the purchase of personalized boat rental insurance through vQuip’s end-to-end operational platform.
When a renter works with vQuip, they receive access to affordable renter’s insurance, which protects them financially from injuries or damage caused to themselves, others or the watercraft while operating the boat rental. This not only benefits and safeguards the renters but also adds value to rental facilities by providing them with more competitive rates on their commercial coverage year after year, upon renewal.
Before this program launch, an individual renter or charterer of a boat had no means of securing liability protection for themselves as an operator of a vessel.
“After going marina to marina, I realized that not only was the customer experience for a rental a headache but there was a hole in the risk management process of boat rental businesses–no rental insurance,” says vQuip CEO Cam Serigne. “From here, I sought out maritime insurance carriers, underwriters and lawyers to see what it would take to bring personalized renter’s insurance to the market for the very first time. Now our vision for renter’s insurance has come to life.”
The One80 Charter Vessel Liability program is highly adaptive, combining Nationwide’s significant experience with rentals and marinas with One80’s ability to handle claims on their behalf–all mediated and made available through vQuip’s digital platform.
We thank One80 Intermediaries and Nationwide Insurance for their hard work and commend the recognition of the One80 Vessel Program at the 2023 Program Manager Awards.
Learn more about the personalized renter’s insurance program here: https://vquip.com/insurancefaq/