How do I update my deposit (known as the incidental coverage limit)?
It is important to note that GetMyBoat does not charge a customer a typical security deposit upfront for a rental. GetMyBoat charges the customer the full price of the charter once they approve an offer. These funds are held until a trip completes and may be subject to your cancellation policy if a customer cancels a trip.
However, there is a section in your listing that allows you to enter an amount for a "deposit". This is known as the incidental coverage limit and it can be applied to any post-rental charges you may want to charge a renter. These can include:
- Minor damages that won't be covered by insurance
- Damages that fall under the Falvey deductible limits
- Cleaning fees
- Gas fees
- Additional time tacked on to a rental
- Any other charges agreed upon by you and the customer during the trip
It is strongly recommended that you get clearance and agreement from a customer about any post rental charges before claiming an amount for the incidental coverage limit. GetMyBoat will be required to confirm any post-rental charges with the customer that are claimed by you and may also request documentation from you including the following:
- Any documents, contracts, receipts, invoices, estimates, or photographs that can be used to support a claim.
Please note the maximum amount you are allowed to claim is based on the amount you have in your listing as a "Deposit".
Here is how you edit your "Deposit" amount in your listing:
- Login to your GetMyBoat account
- Click on "Your Listings"
- Click on "Edit Pricing"
- Fill in the "Deposit" amount. This amount will be displayed in your listing as the "Incidental Coverage Limit.
To view a brief video tutorial on how to update your deposit, click HERE