ASA and PSIA Instructor
Join Date: Apr 2000
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Re: Boat Share Ideas Please
I have been in a shared ownership arrangement with a sailing friend that worked quite well over 10 years. Shared means both names on the documentation AND on the insurance.
If you want to consider sharing the use of your boat, but not the legal ownership, then it needs to be well defined legally. I would expect that for your own legal protection, the other party should sign a charter agreement outlining their use privileges and obligations, and more importantly, your legal protections. You will need a rider from your insurance company for the other party, and this may be troublesome to get as in my experience most marine insurance companies do not want to do charter riders. You may need to shop around for an insurer willing to do so.
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