subject: Getting Started With A Boat Share [print this page] Getting Started With A Boat Share
The boat share concept falls somewhere in the middle between an one-time charter and going all in to buy a boat outright. For anyone who won't be living in it or using it every day, buying a vessel might be overkill. On the other hand, charters are limited to annual trips like a vacation.
Sharing ownership, on the other hand, offers a whole lot of flexibility in terms of use and time spent on the water, without being saddled with the costs and responsibility of ownership. There's no need to worry about buying the vessel, nor about insurance, marina fees, etc. Most importantly, the hassles and cost of the vessel's maintenance are out of the picture.
All these matters are taken care of by the fractional yacht or boat share company. This company buys the vessel and allocates shares in each vessel to different people, thus creating co-owners. Another arrangement is where people pay annual fees to become members, like a timeshare. Any member who wants to take the vessel out into the water then has to pay a small charge, which is nothing compared to what chartering a similar vessel will cost.
In order to get the best possible deal with favorable usage terms and costs, it might be advisable to look around and check out a few of these companies. Check up on things like how much time on the vessel per year the company allows each co-owner, and how they schedule it. Many companies have limits on how soon after one trip a co-owner can book the next one.
Others may require some form of advance notice to prevent a clash of dates between co-owners of a vessel. This is especially true during peak periods, such as holidays and summer vacations. Then there's the question of the maintenance and who pays for it.
Depending on the type and size of the vessel and requirement (or lack thereof) of a crew, there are many more such questions. The bottomline is that a boat share can save a boatload of money and still free the co-owner to roam the seas. But it needs to be done carefully after weighing all the costs and benefits.
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