A key question for boat owners who are interested in adding a partner to their boat is, “How will this affect my insurance?” Actually, insuring your boat with partners is really quite easy. However, as with everything, open and honest communication will be critical to the success of your partnership because their age, boating experience […]
The simple answer is yes, having what is known as a “Bareboat Sharing Contract” in place with your partners is essential. In the beginning of a relationship or if you have a relationship that has never had any problems, it may seem awkward to introduce the formality of a contract. However, the moment something goes […]
A great question I sometimes get is, “If we are going to be sharing do we have to keep the boat stored at a marina?” Quite simply no, I know a number of individuals who share a boat that keep the boat at their home. A great example of this is when you are sharing […]
It is all coming together; you and your three best friends have worked through the details, hammered out the sharing agreement and come to terms on how on-going maintenance expenses will be paid. But with each of you owning 25% of the new ski boat…who’s in charge? While you each have an equal share it […]
It could be as simple as a new coffee pot or it could be the latest in boating technology such as Satellite TV, FLIR or Underwater lights but at some point one partner will want to add something to the boat that another may not want to? So how do you handle it? The first […]
You currently have a boat and would like to bring someone on board to help share some of the costs and maximize your investment. But you are just not sure if anyone would be interested. After all your 15′ center console could be a dingy for most of the boats you see listed looking for […]
There are more than 70 million Americans enjoying boating, and approximately 17 million registered recreational vessels in the United States; however, on average, a boat is only used 14 days per year! What if you could have the watercraft of your dreams, pay for only ½ or ¼ of it, and still use it the […]
Sharing a boat seems like such a great idea.After all, there are approximately 17 million registered recreational vessels in the United States, but on average a boat is only used a total of 14 days per year. With that amount of usage, sharing only makes sense, right? But purchasing any asset with people you know can create the kind of problems that can end those valued relationships.Dreams of weekends at the boat club and watching everyone's kids grow up together can be replaced with large maintenance expenses, angry calls about who gets which holiday weekend and even possible lawsuits.