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(not a duplicate) I am setting up a boat sharing partnership and am

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I am setting up a boat sharing partnership and am wondering how the insurance will work. The situation is basically that I own the boat and will have up to 3 other partners who will pay a monthly payment and also share certain costs - as I understand it, this will essentially be a bareboat charter. Can I use the same insurance I now have and just add the partners as additional insureds to my insurance or will I need to have commercial insurance (which would be prohibitively expensive) to make this work.
Submitted: 10 months ago.
Category: Legal
Expert:  Fran-mod replied 10 months ago.
I'm Fran, and I’m a moderator for this topic.

We have been working with the professionals to try to help you with your question. Sometimes it may take a bit of time to find the right fit. I was checking to see if you had already found your answer or if you still needing assistance from one of the professionals.

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Customer: replied 10 months ago.

Hi Fran - haven't found the answer yet - trying to get education before talking with any actual insurance companies. Thanks.

Expert:  wendy-Mod replied 10 months ago.
Hello,

Thank you, XXXXX XXXXX continue to look for a professional to assist you. Please let me know if I can be of any further assistance while you wait.

Best,
Wendy
Expert:  Irwin Law replied 10 months ago.

You haven't said anything about how much money is involved, but I don't see why a joint venture agreement wouldn't work. The venture would have a name and the agreement would set out what each individual participant's duties and rights are. The insurance could remain in your name. Here is a sample JV agreement, which is far more complex than what you need, but you'll see what one looks like. http://www.nist.gov/tip/cur_comp/upload/sample_joint_venture_agree_032010.pdf

 

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Customer: replied 10 months ago.

Hi - the question was more about insurance than the partnership structure.


 


"Can I use the same insurance I now have and just add the partners as additional insureds to my insurance or will I need to have commercial insurance (which would be prohibitively expensive) to make this work."

Expert:  Irwin Law replied 10 months ago.
Yes, you can add their names to your insurance, "as their interests may appear". It is done by an endorsement to your policy that the agent can take care of.
I hope that this information is helpful. Please click on a smiley face so that I will be compensated for assisting you. If you have a follow up question please send me back a Reply without entering any rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.




Irwin Law, Attorney
Category: Legal
Satisfied Customers: 4454
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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