Cruzin Boats is following a trend that The Economist says is growing — the peer-to-peer model.
Car sharing has seen a recent spike in growth, with companies such as Zipcars popping up nationwide, NPR reported. Cruzin Boats is an insured peer-to-peer, or P2P, boat rental company.
Cruzin provides a safe place for boat owners to generate revenue, the company said in a statement, while qualified boat renters get access to diverse inventory at affordable rates.
“The idea is to match up boating enthusiasts who don’t own a boat with current boat owners who want to defray some of the costs of keeping their vessel,” a company statement read.
In addition to matching boat owners with those who want to rent, Cruzin provides insurance, renter pre-screening, towing services and boat safety education. Boat owners can create a profile page at the Cruzin website that lists their boat with photos, specs, availability and rental prices. Renters complete an Experian background check and submit boating education and experience for their profile before inquiring about a boat.
Cruzin insures both owners and renters with $1 million in hull and liability insurance from a top marine insurer. BoatUS on-water towing services are available should assistance be needed. Additionally through BoatUS, Cruzin provides free access to Coast Guard-approved boating safety education and certification as part of its boater-qualification services.
“The success of collaborative consumption hinges on establishing a community of trust and providing security to those who participate,” Cruzin CEO Jaclyn Baumgarten said in a statement. “With Cruzin, boat owners can feel comfortable knowing their boat is fully insured and that we’ve taken steps to pre-qualify the renters. Their trust is vital to us.”