Boat Co-Ownership Agreement – Key Points & Professional Guidance

These are guidelines. We’re of course open to discussion, as we will all be equal co-owners.

This way of sharing is also new to us.

⚓ 1. Usage & Planning

Who uses the boat when?
Each owner is allocated a fixed two-month block per year. Swaps are possible by mutual agreement, but each owner retains the right to stick to their original schedule if preferred. Three blocks: May-June, July-August, September-October.

What about swapping weeks or emergencies?
Week swaps are permitted if mutually agreed upon in writing. In the event of an emergency, priority will be given to the affected owner, provided it does not reduce another owner’s allocated time without their consent.

Can friends or family use the boat without the owner present?
No. For insurance and liability reasons, and out of responsibility to the other co-owners, use of the boat without the owning partner present is not permitted.

The boat is kept ashore during the winter. We like to keep her in excellent condition and as a seasonal boat. We’re looking for owners who share the same vision. Each owner has 2 months of use per year.

🔧 2. Maintenance & Responsibility

Who handles maintenance (coordination, bookings, transport)?
A designated Boat Manager will be appointed to ensure the vessel is prepared for both summer and winter seasons. Responsibilities include arranging haul-out and launch, checking and storing sails, applying antifouling, and overseeing all routine maintenance tasks.

Who pays for what?

  • Standard maintenance and safety checks are shared equally.

  • Damage caused during personal use — and not related to the vessel’s age — is paid for by the owner in use at the time.

  • Damage due to normal wear and tear or age is shared equally.

How are unexpected costs handled (broken equipment, storm damage)?
Where possible, such costs will be covered by insurance. If not covered and not due to negligence, costs are shared equally among owners.

Is there a shared maintenance fund?
Yes. Each owner contributes a fixed annual amount to a joint maintenance account. This fund covers routine servicing, yard fees, and minor standard repairs.

💸 3. Costs & Finances

How are costs divided (equal or per use)?
General fixed costs (insurance, winterstorage, annual servicing) are split equally. Variable costs (fuel, water, gas) are paid by the user at the time of use.

Which costs are shared? Which are personal?

  • Shared: Insurance, winterstorage, annual servicing, safety equipment.

  • Personal: Fuel, consumables, damage from own use.

Is there a joint boat account?
Yes – all shared costs are paid from a joint account, replenished quarterly by each owner.

How are major investments discussed and approved?
Any investment above €1,000 requires unanimous written approval.

🛟 4. Insurance & Liability

How is the boat insured?
Fully comprehensive marine insurance, including third-party liability, storm damage, and theft.

What if someone causes damage?
If due to negligence, the responsible owner covers the repair or insurance excess.

What about theft or loss of items?
Covered by insurance if included; otherwise, the user at the time is responsible.

Is there an insurance excess, and who pays it?
Yes – the owner in charge at the time of the incident pays the excess (2000 euro), unless damage is due to normal wear and tear.

🧭 5. Usage Style & Behaviour On Board

Is the boat mainly sailed or motored?
Both are permitted, provided engines and sails are used according to manufacturer guidelines.

Anchoring vs. marina stays?
At the discretion of the user, but proper anchoring techniques must be followed to avoid damage.

How to leave the boat after use?
Return with full fuel and water tanks, empty waste tanks, clean interior and deck, sails dried, and all equipment stowed.

What if something breaks or is found broken?
Report immediately to the Boat Manager via the shared logbook and WhatsApp group.

🛑 6. Rules on Damage, Negligence or Disputes

What if an owner damages the boat or ignores agreements?
If caused by negligence, the owner covers all costs. Repeated breaches may result in suspension of usage rights.

Is there a penalty or correction?
Yes – a fixed penalty fee for breaches plus repair costs.

Independent mediator or arbitration?
Disputes will first go to an agreed mediator. If unresolved, binding arbitration will apply under maritime contract law.

🔐 7. Duration & Exit Strategy

How long is the commitment (minimum 4 years)?
Minimum four years unless all owners agree otherwise. After 4 years, the owners will review and decide on the future of the boat’s ownership.

What if someone wants to leave early?
Their share may be sold, but only with written consent from the other owners, who have first right of purchase.

What happens if the boat is sold?
Proceeds are split according to ownership shares.

What if there’s a major dispute or breach?
Mediation first; if unresolved, arbitration. In extreme cases, the boat may be sold to protect remaining owners’ interests.

🌍 8. Home Port & Cruising Area

Where is the boat based?
Winter storage is at Kos Marina. The boat is collected from here at the start of the season and returned at the end. Transfers between owners will always take place in Kos, as the boat manager is based there.

Can it go to other countries?
Within the Mediterranean cruising area, visits to other countries are permitted. Each owner is responsible for obtaining the correct transit log and paying any related duties.

Who arranges marina/winter storage?
The Boat Manager, with cost approval from all owners.

🎯 9. Long-Term Goals

Upgrades?
Subject to unanimous agreement and budget approval.

Sale?
Considered if all owners agree, or at end of agreed term.

Purpose?
Holiday cruising with flexibility for occasional liveaboard use, subject to maintenance schedules.