Originally Posted by Fiveslide
OUPV stands for operator of uninspected passenger vessel. Pretty sure that's what your going for. Your insurance
company, however, will probably have all sorts of requirements, I imagine.
Not a lot more requirements, but the insurance for commercial
versus recreational use is dramatically higher. And, there are a much more limited number of insurers to choose from. Im on a sea-batical from the charter
biz now, first time since 1994 I have not carried commercial
coverage...not missing that payment at all. Also, most companies Ive dealt with want the full years premium up front. Inevitably, this always seems to workout to be in the offseason, when revenues are low. If you dont want to come out of pocket for the premium then set cash aside in the peak season.
No requirements for UPV other than the standard Federal requirements...see CFRs as posted.
Check local & State laws, and tax code, in your intended venue. USCG districts have some degree of autonomy and may also set some requirements for that district. Check with them too...Ive always found the Coasties to be helpful and responsive.
Speaking of tax code, one of the few financial benefits of owning a boat used commercially, is that you can apply the depreciation to your taxes
...depending upon the boat and your tax situation, that can add up to substantial tax savings. Best to have a good accountant handle this for you.