Join Date: Apr 2006
Thanked 147 Times in 144 Posts
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Jeff, you might only "be into it" for $15k but that's not all you could lose.
Suppose your boat manages to sink in a channel. Marina channel, harbor channel, wherever, someplace it can't be. And some fuel and oil start to bubble up and out.
The USCG, the EPA, the local marine patrol, will all stop by. You may get charged $50k or more, for oil spill containment, cleanup and remediation, and salvage removal to get the hulk out of the channel. If you're real lucky, 100k.
And that bill may endure, even through bankruptcy, with 10% of all your income being set aside for the next 20 years, after all your assets have been seized.
Are you in for $15k? Or perhaps, for $65k?
But it gets better. Let's suppose your renter manages to have a breakout with an irate lover and someone gets personal and manages to get hurt or killed in the fireworks. The ex'es gangster-in-law comes by and sets the wrong boat on fire, next door to yours. The lawsuit is for five million, because the folks on the next boat got killed in the fire.
Guess who they are going to go after? YOU.
Better to keep it on the books, have commercial liability insurance in effect, or just keep clear of unknown "but they look so nice" deals. Unless you are very lucky, in which case you're better off rolling dice at a casino craps table anyway.
Just one man's opinion.