I'm retired from my original job and want to protect my retirement assets.

I have a USCG Master's license and certification to teach most of the American Sailing classes. I've been teaching for over ten years at American Sailing Schools. The way I understand it, since I'm being paid by the sailing school, the American Sailing Insurance covers me for liability, and the school has hull insurance.

Here in Annapolis, several bare-boat charter companies rent their boats to people who may or may not have the skills to operate them. The charter company provides these guests with a list of captains who have worked on their boats before, and the guest selects a captain. I have done several of these trips. Some are only half a day, some are a full week, and anything in between.

There are four entities involved in this transaction. The owner of the boat, the charter company, or charter agent, the charterer, and the hired captain.

The charter company has the charterer sign a document that spells out the terms of the relationship. In the industry, that relationship is called a demise agreement. It is different from renting a car. The charterer is taking a lot more responsibility and effectively owns the boat for the duration of the term.

Some charter companies, for convenience, have a pre-printed contract between the charterer and the captain. The charter company doesn't care if it is signed, and they don't keep a copy, because the charter company isn't hiring the captain; the charterer is. Some charter companies don't supply a contract between the charterer and the captain.

The contract between the charterer and the charter company states that the charterer takes almost full responsibility for anything that happens, including loss of the boat, oil spills, death, and property damage. Even if the hired captain causes some damage, the liability falls to the charterer. The boat owner has insurance, and the deductible is typically five to ten thousand, which is the charterer's primary risk, with some exceptions.

The charterer can, however, sue the captain if they feel like it.

A related but different situation is a delivery. An owner may ask me to deliver their boat with or without their presence on the trip.

I've never caused any loss as a captain myself, but I would like to protect my assets.

I understand there is a captain's insurance that should be a few hundred dollars a year.

I got quoted, I think, three thousand, which is a no-go, as this is a fun retirement job, and making about ten thousand a year is my goal.

What do those of you who are in my situation do?

Any leads for affordable insurance.