Hassle-free solution: Own boat, share it

Agents and brokers may be offering a unique form of boat and yacht coverage. The cost and hassle of boat ownership, including slip and maintenance fees, don't add up to how often owners enjoy their vessels. .

Owners of mid-sized motorboats only use their vessels 50 hours per year, on average, according to Boat U.S., a trade organization. Yacht owners, on average, enjoy their investment an average of 75 hours per year.

Agents may provide coverage for "fractional ownership," programs that are becoming more popular. These companies allow 4 to 8 people to become part-owners of a boat, in effect forming a limited liability company. The boat owners pay a professional management company to take care of all the boat ownership hassles. There are various levels of commitment--from 1 month to 3 years or more--during which time owners know they'll have a boat available to them.

Read about fractional ownership from the Charlotte Florida Weekly.

Wind Path Sailing at Burnt Store Marina on Charlotte Harbor acquired 2 Catalina sailboats for fractional ownership for a group of 6 to 8 people. Wind Path requires only a 3-month commitment, with a cost of $500 to $600 per month.

Owners who partake in the deal also know they have a professional management company--in this case, Wind Path Sailing--to take care of the details, such as boat selection, paying insurance, slip fees and keeping the boat maintained. The vessels are kept clean, stocked and ready to go any time.

Wind Path's online program helps owners keep track of who uses each boat. The company also offers a training program for people who've never sailed before.

Other fractional programs require larger commitments in time and money.

For example, Michael Haney, 59, made a 3-year commitment as part owner of a mid-sized motor boat, a 32-foot Regulator, through Signature Yacht Shares. The company started in Destin, Fla., last year and is in the process of opening a new location at Salty Sam's Marina on Fort Myers Beach. As with Wind Path Sailing's deal, the management company uses Haney's money, along with that of the other owners, to take care of the details.

Because he's part owner, Haney benefits from the high tech security features and other amenities that he probably would have opted out of, had he bought the boat all for himself.

With Signature, a mid-sized motor yacht costing $200,000 goes for $25,000 per share, spread out over 3 years. A share of its $5 million 75-foot Viking yacht goes for $375,000. Larger boats come with a captain and crew.

In the past, it wasn't uncommon for friends to split up the cost of a boat. But serious investments can put a strain on friendships when handled casually, which may be one reason why fractional ownership programs have become more popular.

"Money and friendship don't mix too well," said Caroline Ajootian, consumer affairs director for Boat U.S. "Fractional ownership makes that relationship a lot more formal and sets parameters and rules for how things will be done."

Freedom Boat Club, with 10 locations on Florida's west coast, including Naples, Fort Myers and Punta Gorda, doesn't offer fractional ownership. Instead, boaters simply pay $150 to $200 per month to use whatever boats the club has available and can quit paying any time. It's less personalized than fractional ownership and doesn't offer many of the amenities--although they still offer perks like free training on how to use the boat. But it's also much less expensive.

Fractional ownership companies have also become more sophisticated, with various ownership options and amenities to simulate full ownership.