Collaborative fisheries research (CFR) is an emerging alternative to traditionally centralized approaches to resource management, and it is considered attractive because of the social and scientific benefits of including stakeholders in research. Although CFR now has institutional support and precedent in California, it is often impeded by the cost and difficulty of procuring vessel insurance for commercial vessels. This report summarizes important financial and logistical considerations from our experience procuring vessel insurance as University of California (UC) researchers building a collaborative fishery research program with commercial fishermen and oversight from the California Department of Fish and Game. Current UC policies require that charter vessels carry $1 million in Protection and Indemnity (P&I) coverage, and in our research program this cost an average of $4889 annually per commercial lobster vessel (n=5). This level of insurance is typical of other universities, nongovernmental organizations, and management agencies. Participation of multiple commercial fishing vessels benefits CFR programs by providing logistical flexibility, increasing sampling efficiency, and maximizing community participation. High total insurance costs, however, reduce direct funds for research. We present strategies for minimizing insurance costs in programs that employ multiple vessels. Alternatives to multiple vessel use are the dedication of a single (and insured) commercial vessel whose activity can be directed by additional onboard fishermen, as well as retrofitted research boats that can be used as fishing vessels that are captained by fishermen or researchers trained to use fishing gear by master fishermen collaborators. We explore the costs and benefits of these different strategies and we present additional recommendations for managing the cost of vessel insurance while maintaining the benefits of stakeholder participation in CFR.