Looking for Shared Ownership Tips and Advice

[Ed_on_WD]

I've even heard of sellers offering prospective buyers a 'test drive'....as in: Take it out for a a few days, see if you like it. Of course you'd be responsible for all costs and any damage.....but that could be enlightening, eh?

We test drive cars, and try on shoes, right?

Our insurance would cancel the policy if they caught wind of that. To be covered, for any claim, a named owner must be onboard. If the boat were to leave the slip without a named insured at the helm, no coverage would be in effect. We had a friend on another boat with the same insurance, who owned 4 shares. As she sold off 3 of her shares, she took the prospective buyers out for a week at a time, with her supervising. She taught them the controls, anchoring, planning, etc. When she returned, she reported to the other shareholders of the boat what she thought of the buyers.

If she had sent them out for a "test drive" without her on board, she would have been treated as if she was renting out the boat, which was forbidden, even if her "rental income" was zero $.

Unsupervised test drives equals WAAAY too much risk, on many levels.

 

[Rainbowbridge]

Our insurance would cancel the policy if they caught wind of that. To be covered, for any claim, a named owner must be onboard. If the boat were to leave the slip without a named insured at the helm, no coverage would be in effect. We had a friend on another boat with the same insurance, who owned 4 shares. As she sold off 3 of her shares, she took the prospective buyers out for a week at a time, with her supervising. She taught them the controls, anchoring, planning, etc. When she returned, she reported to the other shareholders of the boat what she thought of the buyers.

If she had sent them out for a "test drive" without her on board, she would have been treated as if she was renting out the boat, which was forbidden, even if her "rental income" was zero $.

Unsupervised test drives equals WAAAY too much risk, on many levels.

As Johnny Carson would say: 'I did not know that' ....and obviously the folks who told me about this practice didn't either. They probably thought it was like lending someone their car

Thanks for that post, Ed....

 

[Ryan]

Our insurance would cancel the policy if they caught wind of that. To be covered, for any claim, a named owner must be onboard. If the boat were to leave the slip without a named insured at the helm, no coverage would be in effect. We had a friend on another boat with the same insurance, who owned 4 shares. As she sold off 3 of her shares, she took the prospective buyers out for a week at a time, with her supervising. She taught them the controls, anchoring, planning, etc. When she returned, she reported to the other shareholders of the boat what she thought of the buyers.

If she had sent them out for a "test drive" without her on board, she would have been treated as if she was renting out the boat, which was forbidden, even if her "rental income" was zero $.

Unsupervised test drives equals WAAAY too much risk, on many levels.

I think every insurance policy has that same policy exclusion. In addition, Aramark doesn’t allow it, and if caught, you could have your boat kicked out of the slips/bouy.

 

[Big_BobberII]

I had someone approach me last winter when we were on the boat doing maintenance and he wanted to rent it. I said that wasn't allowed per Aramark. He still tried to push me. I said one of the rental houseboats was his best bet. He didn't like that idea. I spent too much time cleaning this old boat and repairing every little thing to just let anyone take it out. Rules or not. Even the grandkids are taught to respect this little boat and not treat it like a jungle gym.