There seem to be two mini-threads here on the partnership question: 1) Is a boat partnership, or having boat partners, ever really a good idea? 2) What is one's ultimate liability when a partner in a boat, and does it even extend to accidents that happen when the boat is being used by the other partners and you're not aboard? The second one has been commented on, and I agree that all owners would likely be sued, so one would need coverage for that eventuality.
Once again, it's all about risk and if you know and trust the judgement of your boat partner and his or her skill, then being a partner in a boat can be successful. By that I mean, when the partners part in the end they're still friends and where one partner has not suffered from careless acts of the other(s). Having once been a partner in two boats sequentially for a period of 9 years with guys still my friends, I know a little about how it can work with fairly large $$$ savings for each partner, respectively.
1) IMHO, partners should not be strangers to each other; rather, they should be friends known reasonably well to one another and who plan to use the boat in similar ways; who have similar living situations, such as all being in
good marriages or other stable (couple) relationships. With that, one lowers the risk that something extraneous like a divorce and/or new "friend" enters the mix and "upsets" things. Thus, the "significant others" should also be supportive of the arrangement.
2) The owners should have boating experience and know at least most of the facts about what boats cost to own.
3) Each owner should be able to support the cost of the boat individually for some period of time, say 6 mo, or more. This is to prevent pressure for a "fire sale" if one of the partners loses his job or has some other kind of financial crisis that impacts his ability to keep up with his portion of the routine costs, such as the slip payments.
4) To the above end,
I'd definitely recommend avoiding an expensive, if mortgaged or financed, boat for a partner set; find one that can be bought outright by the partners. You do not want boat costs to compete too visibly (i.e., high monthly expenditures) with other financial needs of the families. Ultimately, it is a "play thing" that takes a
total backseat to vital issues like children, if any, and their needs, etc.
I believe it is too risky to bet on partners, even as I describe above, to help pay for an expensive (recreational) boat that you cannot afford on your own at least for some brief period. The commitment (i.e., to a mortgage) is too long and too hard to "graciously" escape.
5) The partners should have a written agreement (that each will respect) that should include most importantly (after the insurance carrier & policy are settled): a) how routine expenses will be divided, how upkeep on the boat will be divided, and how usage will be divided (to avoid conflicts); b) how to deal with a severely damaged boat where insurance does not completely cover what might need be done; c) statement of each partner's personal responsibility after use [i.e., such as dumping the holding tank; fixing what the user broke (e.g., grill) or replacing what he lost (e.g., winch handle) that was not due to a maintenance failure or to normal wear and tear]; d) how to end the partner arrangement and to either sell the boat to a third party, or to the other partner(s). (For example, the remaining partners might get the boat for less $$ than what it would be priced at w/ a broker, etc., for a third-party sale.)
On usage, it was decided that each partner (in the case of two partners) should get half of the holiday periods, such as 3-day weekends, per year, and nominally half of the weekends. But in practice it was always pretty open as we wanted to use the boat as much as possible. We talked to each other about upcoming plans for the boat, and kept a calendar and a usage log. We adopted what I called "the principle of equitable usage." In short, whoever was "ahead" on usage for the year would yield to the other partner if a "conflict" appeared.
The final tip. Always remember that in a good 50-50% arrangement each partner is saving thousands of dollars each year over sole ownership with very little noticeable (at least in our case) restriction on planned or unplanned usage. So if you somehow get to the point where it seems that you're doing more than half of the work, and getting steamed about it, just say to yourself. "I'd still be down here doing this work if I were the
sole owner of this boat!"
Of course, if you want to see a comedic version of the stereotypical outcome of friends going partners in a boat, watch the Dick Van Dyke episode: "The Ballad of the
Betty Lou." It's hilarious!
http://www.imdb.com/title/tt0559814/plotsummary