Sharing a boat with others is an easy way to enjoy life on the water without the hassles that typically come with owning the vessel. However, there are some negatives as well. There are many things that may be included in the boat sharing agreement that you should take into account before signing.
As seen on www.marinersins.com/, sharing a boat comes with both pros and cons. Having boat insurance on a non-owned vessel you plan to use is an easy way to stay protected should something go wrong. Some agreements may require that you have the insurance, while others may have the boat insured for third-party use.
Owning and operating a boat comes with many costs from fuel to upkeep and storage. If you share a boat, you will likely have some share in the charges for upkeeping the boat. If you only borrow the boat during some outings, the agreement may specify how much the charges you pay to cover these costs.
For those sharing a boat from purchase to usage, the topic of ownership must be addressed from the outset. Usually, the number of people sharing the boat has equal parts ownership and cost responsibility. However, other agreements can be made depending on other factors.
Read the boat sharing agreement to see exactly how much you are responsible for. Be sure to read anything regarding resolving disputes, having the boat maintained and keeping records.