What is a refundable security deposit?

The refundable security deposit for a boat rental represents the amount set up by the Boat Owner to cover any incidentals or extra charges that might occur during the trip. 

Some examples (this is not an exhaustive list):

- Minor damages 

- Extra fuel fees that are not settled in person 

- Cleaning fees that are not settled in person

- Additional time out on the water

- Crew gratuity

In case the Boat Owner requested a refundable security deposit to be managed by Sailo, 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.  

Absent any claims, the funds will be released 48 hrs after the trip. 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. 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 your bank records, we advise the Renter to contact the bank directly.

In case the Boat Owner requested a refundable security deposit to be payable at base, the Renter will have to pay the respective amount directly to the Boat Owner, on the day of the trip, before embarking on 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. 

The information about the refundable security deposit is displayed on the checkout page, booking page and also communicated to the Renter in the booking related emails received once a booking request is submitted.