Renewing your license is also a big deal. You need to document a minimum number of sea hours over the last five years. In my case I did not have the sea time so I did not qualify for renewal. The license course is great to teach you how to navigate and the navigation rules. Once you have the license you certainly have responsibility, like I would never even drink a single beer while operating my boat even just with my own family. Any kind of accident and you have any level of BAC and it will be bad news. Commercial pilots can't drink for 24 hours before a flight, I don't think anyone wants boat captains putting them at risk either. Knowing the rules and what you are doing makes it much less probable you will get into trouble but there is always the case where the power boat slams into you from behind and says it is your fault. A license is required any time compensation is involved in your boating and a grey area is if your guests bring food, beverages, etc. that can be considered by authorities as compensation in exchange for the boating experience. So be very careful. Having the license eliminates that risk. When you have guests on board make sure you buy all the food and beverages and don't accept other gifts if you don't have a license.