Co-ownership checklist
What boat partners settle before the first argument
A plain list of questions to answer together and write down. It is not legal advice and not a contract; rules differ by state, so have a lawyer draft or review the agreement itself.
Ownership
- Whose names go on the title and the state registration, and in what shares?
- Is there a loan? Whose name is it in, and who pays it if a partner stops?
- Who keeps the original title and papers?
Insurance
- Is every partner named on the policy and allowed to operate the boat?
- Who pays the deductible after damage: the partner on their turn, or everyone by share?
- What happens if a guest of one partner is hurt or damages the boat?
Turns and use
- How are weekends and holidays shared? (The rotation calculator deals them by share.)
- How long can one turn last, and how far ahead can a partner book?
- Can a partner lend the boat to family or friends without being aboard?
- What condition must the boat be left in: fuel level, cleaning, cover on?
Costs
- Which costs split by ownership share and which by use (fuel, engine hours)?
- Who pays bills when they arrive, and by when must the others pay their part?
- How much can one partner spend on a repair without asking the others?
- Is there a shared reserve fund, and how big?
Decisions
- Which decisions need everyone (selling, big upgrades, a new partner) and which need a majority of shares?
- How are disagreements settled: talk, a vote by share, mediation?
Leaving
- How does a partner leave: notice period, who may buy the share first, how is it valued?
- What happens if a partner dies, divorces or stops paying?
- Can the boat be sold if one partner wants out and nobody buys the share?
Keelshare keeps the turns, hours and money once you have agreed the rules. Open a partnership.