The following is an explanation of all current fees assessed by Boatbound. Failure to charge any of the below fees does not constitute a waiver of the right to exercise the same in the event another fee should become due at any other time.
A 10% service fee charged on each rental. The 10% fee is applied to the price before any coupons or credits are applied to the final bill and is non-refundable.
A Towing fee of $15 per five day period is charged on each rental that is covered under our insurance plan (P2P). This fee is not charged on Charter (commercial) rentals. The $15 fee is a pass-through fee on which Boatbound does not make a profit.
P2P: A 35% fee is charged on each rental to owners who use the Geico P2P insurance policy (non-commercial boats).
CHARTER: Boats with Commercial Insurance or a Charter Insurance Policy, pay a 5% fee per rental. This service fee may increase in 2017.
Boatbound charges processing fees on any additional payments processed on behalf of the owner or renter. This includes fuel, damage/security deposit payments, or other miscellaneous charges. In 2016, the processing fee was 2.7% + $0.55 per charge. Processing fees may increase in 2017.
Boatbound reserves the right to charge an additional $30 administrative fee for various issues such as chargebacks, disputes, or late fees. This is determined on a case-by-case basis. Administrative fees may increase in 2017.
The fees listed below are related to any post-rental resolution between parties. Failure to charge any of the below fees shall not constitute a waiver of the right to exercise the same in the event another fee should become due at any other time.
If a renter returns a boat after the agreed rental period end time or arrives late to the start of the rental, they can be charged a late fee. This late fee is calculated by combining a one-time administrative fee of $30.00 plus the prorated hourly rental rate (based on the daily rental rate for the boat rented) plus applicable insurance charges. If the late return results in the disruption of another rental or if Boatbound needs to find the owner of the boat alternative transportation due to the late return, the renter will pay the full daily rate for every eight (8) hours the boat is late and an additional $100 administrative fee. Boatbound WILL deduct the standard Service Fees from any late fee charge.
If the boat owner does not show up to meet the renter and make the boat available for the renter at the agreed upon rental start time or if the boat is in an unacceptable condition, Boatbound will treat this as an owner cancellation and can charge the owner up to $100 per no-show at their discretion.
If the Renter is a no-show within one hour of the agreed start time, the owner has the ability to cancel the rental. Boatbound will treat this as a Renter cancellation. The full cancellation policy can be found here.
In the case that the Owner's fuel policy is not followed, Boatbound will charge the Renter for fuel replaced as well as the standard $30 administrative fee.
A minimum of $500 will be held for each rental as a security deposit. Owners reserve the right to charge higher deposits, which will be held on the renter's credit card to cover any incidental damage or lost items. The credit card hold will be released 72 hours after the rental period ends if no dispute or claim has been filed. In the case a claim is filed by the owner, the security deposit will be captured and held until the claim is resolved. If Boatbound is unable to capture a security deposit before the rental, the rental can be canceled.
For any claim event, the renter's security deposit will be captured to pay the insurance deductible, damages, and fees. Any portions of the security deposit that are unused will be refunded back to the Renter at the resolution of the claims process.
*Charter or commercial service fees and commissions are subject to change at any time.
Boatbound reserves the right to charge a $15 chargeback fee to both the renter and owner depending on the type of chargeback. Additionally, owners are 100% responsible for any amount disputed or charged back. When a chargeback occurs Boatbound will stop payout on a rental until the chargeback is resolved. In the situation that an owner has already received a payout related to a chargeback, Boatbound will charge the owners bank account for the chargeback amount and hold that amount in escrow until the chargeback is adjudicated. If the chargeback is won, Boatbound will return the amount back to the owner, less a $15 administrative fee. If the chargeback is lost, the money will not be returned and used to issue a refund. In this case, both Boatbound and the owner lose which makes being diligent on checking for fraudulent renters even more important.
Last Updated: January 2017