Buoy is an AI-enabled fintech platform that provides per-trip insurance coverage for boat rentals, ensuring compliance with the Florida Safe Boating Act of 2022. By allowing renters to purchase insurance directly at checkout, Buoy addresses the lack of renter coverage in traditional policies, offering peace of mind for both rental companies and their customers.
Funding
Funding not disclosed
Founders
Product
Problem
Many commercial boat insurance policies do not cover renters, leaving boat rental companies and renters vulnerable to liability during the rental period. This lack of coverage creates financial risk and potential non-compliance with regulations such as the Florida Safe Boating Act of 2022.
Solution
Buoy provides per-trip insurance coverage for boat rentals, directly addressing the gap in renter coverage often found in traditional insurance policies. The platform allows renters to easily purchase insurance on a per-trip basis, ensuring compliance with regulations and providing financial protection for both the renter and the rental company. By offering this usage-based coverage, Buoy integrates with existing commercial hull insurance policies to include renter coverage specifically during the rental period. The cost of insurance is passed to the renter, making it free for boat rental companies to use the service.
Target Audience
Buoy primarily targets boat rental companies in Florida needing to comply with the Florida Safe Boating Act of 2022, as well as individual boat renters seeking per-trip insurance coverage.
Features
- Per-trip liability insurance coverage for boat renters.
- Compliant with the Florida Safe Boating Act of 2022 (SB606), including admitted coverage, protection for both renter and livery, and limits up to $500,000 per person and $1M per occurrence.
- Seamless integration with existing boat rental booking systems via APIs.
- Mobile-friendly website for renters to purchase insurance.
- Digital check-in and check-out process.
- Free FWC Livery Permit assistance.