Refundable Security Deposits

1. If the Boat Owner requests a refundable security deposit to be managed by Sailo, then we will place a hold on the Renter’s credit card to cover any incidentals 3 days before the trip or at the time of booking, whichever comes last.  

Important: while most banks will show the hold correctly as “pending” on the statement, some banks may show it as a “charge”. That is incorrect, as Sailo’s system does not charge a security deposit, only places a hold on it. If there are any concerns, please contact the bank. The Renter can see the details of the status of the security deposit on the booking details page in his/her Sailo account under “My Trips” section. If funds released to the Renter’s account are not showing up in the bank records, we advise the Renter to contact the bank directly.

In the case a claim is filed by the Boat Owner, the hold on the Renter’s credit card will be charged and will be held until the claim is resolved. In case of any additional expenses or damages above the deposit amount, Sailo may decide to charge the Renter’s credit card. 

Absent any claims, the hold will automatically be cancelled and the funds will be released 48 hrs after the trip. Once the hold is cancelled, the money should appear in the Renter’s account within a few hours, depending on the bank. If funds released to the Renter’s account are not showing up in the bank records, we advise the Renter to contact the bank directly.

2. When the Boat Owner requests the refundable security deposit to be payable at base

In case the Boat Owner requests the refundable security deposit to be paid at base, the Renter has to pay the respective amount directly to the Boat Owner, on the day of the trip, before embarking the boat. We recommend for the Renter to discuss the details of the type of payment with the Boat Owner (cash, credit card, etc) beforehand, in order to avoid any issues on the day of the trip.