Peer to Peer Yacht Sharing

A yacht is a sailing vehicle that many people enjoy for recreational purposes such as cruising or even racing. Typically, yachts have a cabin and features that permit overnight use on the water. While many yacht owners participate in peer-to-peer yacht sharing, there are some important factors involving liability concerns that every yacht owner should remember. 

Peer to Peer Yacht Sharing

Individuals participate in yacht sharing as it is a cheaper alternative to yacht ownership or membership. The process permits prospective renters to easily find yacht owners willing to rent out their boats.

 For non-yacht owners, yacht sharing is attractive as it permits them to enjoy a yacht without the responsibility of paying for or managing the boat. Additionally, yacht owners appreciate the practice as renting out their yachts can pay off their yachts or provide an extra source of income. 

Responsibilities and Liabilities

While peer-to-peer yacht sharing may seem ideal for both renters and yacht owners, it is not without faults. For owners, renting out their vessel opens the door to a window of financial and legal responsibilities and liabilities. 

As such, any yacht owner wishing to engage in peer-to-peer yacht sharing must consider standard risk management practices to avoid hefty financial and legal consequences.