How do fees work?

Fee Policy


The following is an explanation of all current fees assessed by Boatsetter. 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.

 

SERVICE FEES-PAID BY RENTER

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.

For example: A boat is listed as $1,000 per day. Upon checkout, price will include a 10% booking fee meaning the new price will be $1,100 to the renter.

 

TOWING FEES-PAID BY RENTER

A Towing fee of $15 per five day period is charged on each rental that is covered under our insurance plan (P2P). The $15 fee is a pass-through fee on which Boatsetter does not make a profit.

 

BOAT OWNER FEES-PAID BY OWNER

P2P: A 35% fee is charged on each rental to owners who use the Geico P2P insurance policy (non-commercial boats). For example, a boat is listed at $1,000, the owner will be paid $650. Remaining amount will go towards insurance cost and Boatsetter.

CHARTER: Boats with Commercial Insurance or a Charter Insurance Policy, pay the following commission: Based on a 12-month rolling calendar year.

Rentals 0-10 15% commision $1,000 listing owner payout of $850

Rentals 11-25 12.5% commision $1,000 listing owner payout of $875

Rentals 26+ 10% commision $1,000 listing owner payout of $900

 

PROCESSING FEES

Boatsetter charges processing fees on any additional payments processed on behalf of the owner or renter. This includes fuel, damage/security deposit payments, or other post-rental fees. The processing fee is 2.7% + $0.55 per additional charge.

 

ADMINISTRATIVE FEES

Boatsetter 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 2018.

 

POST-RENTAL FEES

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.

 

LATE FEE

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 Boatsetter 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. Boatsetter WILL deduct the standard Service Fees from any late fee charge.

 

OWNER NO-SHOW / BOAT IN BAD CONDITION FEE

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, Boatsetter will treat this as an owner cancellation and can charge the owner up to $100 per no-show at their discretion.

 

RENTER NO-SHOW FEE

If the Renter is a no-show within one hour of the agreed start time, the owner has the ability to cancel the rental. Boatsetter will treat this as a Renter cancellation. The full cancellation policy can be found here.

 

REFUELING FEE

In the case that the Owner's fuel policy is not followed, Boatsetter will charge the Renter for fuel replaced as well as the standard $30 administrative fee.

 

SECURITY DEPOSITS

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 hold is placed 48 hours before the rental starts. The credit card hold will be released 48 hours after the rental period ends if no dispute or claim has been filed. If Boatsetter is unable to capture a security deposit before the rental, the rental can be canceled.

In the case a claim is filed by the owner, the security deposit will be captured and the additional amount to cover the deductible will be charged. These funds will be held by Boatsetter until the claim is resolved. For any claim event, the renter's security deposit will be captured to pay the insurance deductible, damages, or fees. Any portions of the charges 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.

 

CHARGEBACK FEES

Boatsetter 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 Boatsetter 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, Boatsetter will charge the owner's bank account for the chargeback amount and hold that amount in escrow until the chargeback is adjudicated. If the chargeback is won, Boatsetter 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 Boatsetter and the owner lose which makes being diligent on checking for fraudulent renters even more important.