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Liability question

1785 Views 11 Replies 8 Participants Last post by  Minnewaska
If one was to buy a boat and put it in a charter fleet that is covered by the charter fleets Insurance what would the personal liability to the actual owner be if someone is hurt onboard or damages another boat or property when the boat is out on a charter? Thanks for any info
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What Minne said.

IF you are placing it outside the US you need to consult an attorney and get their answers in writing, them confirm them.

Same thing in the US, but here you can ask if a state is a "vicarious liability" state, in which case the vehicle (vessel) owner has liability regardless of how many intermediaries may be involved. A good (high and expensive) insurance policy can help that, and your charterer can probably obtain that as a commercial policy cheaper than you can, assuming the various contracts place that burden on them, and they don't slip out of it by bankruptcy or non-payment of premium or some other means.

You're right to worry. Find that lawyer.

They'll probably suggest forming a limited liability corporation (LLC) or some other "firewall" besides private direct ownership of the boat, which may have other advantages as well.
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