Join Date: Dec 2012
Location: Columbus, Ohio
Thanked 8 Times in 8 Posts
Rep Power: 8
Feasibility of shared "ownership?"
Sorry for the length of this, I'll get to the point shortly. I'm in a unique position. Before I sold my Catalina 25 on a small Central Ohio reservoir, I bought my current Beneteau 361 and keep it up on Lake Erie. The way the marina administration works for the reservoir, I was able to "keep" my slip, which I lease, there as long as I kept paying the annual fee (about $900). But the Marina Administration would then sublease the slip for that year to the next person on the waiting list. I can't sublease the slip myself, and anyone who keeps a boat in their leased slip has to show proof that they are on the title/registration of the boat.
The reason why I kept the slip (into my fourth year having it subleased) is because if I let go of it, I'll never get another slip there because of the waiting list, and I thought I MIGHT like to get a small sailboat for the Wednesday Night races.
Well this year I volunteered to crew on Wednesday nights on a guy's Ranger 26 who is on a year-to-year sublease at the marine. so there's no guarantee he'll have a slip next year or the next. He and I seem to get along pretty well, and now I'm considering offering to "buy in" to his boat, if he wished, which would put my name on the registration, guaranteeing him a slip every year. Originally I wanted to buy my own Catalina 22 because we have a one-design fleet, but my wife isn't crazy about me buying another toy.
But am I considering something I should leave alone? Would liability insurance make it so complicated that it's not worth it? I mean, I would ONLY want to use the boat for the Wednesday Night races. So what would happen if he's out with his friends some other time and has an incident in which insurance claims are made? Since I'd be named on the registration, would I be responsible, liable to be sued, whatever? Seems like it shouldn't be so difficult, but in today's litigious society it gives me concern.