Boat Share Agreement Template (Gibraltar)
Updated on 13 August 2026
Gibraltar's civil law of property follows English common-law principles, so co-owners of a boat can hold it as joint tenants — where a deceased owner's interest passes automatically to the survivors — or as tenants in common, where each owner's share passes under their will. This template asks the owners to make that choice explicitly, and then answers the questions that actually generate disputes: the usage rota, the budget, and a workable exit.
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Boat Share (Co-Ownership) Agreement
- Date:
- Co-owner A:
- — %
- Co-owner B:
- — %
The co-owners own the vessel together and have agreed how they will share its use, its costs and its eventual sale.
The co-owners hold the vessel as tenants in common in the shares recorded above; on death, a share passes under the deceased owner's will or intestacy.
1. Use and booking
The co-owners share use of the vessel by: .
2. Budget
The agreed annual budget is . No owner may commit the others to spending more than on any single item without written agreement, except for emergency repairs needed to keep the vessel safe or afloat.
3. Insurance
The vessel is insured with , with an excess of . Every co-owner must be a named insured, and the excess on a claim is paid by the owner whose use gave rise to it.
4. Transfer and exit
An owner wishing to sell their share must first offer it to the other owners at the price given by .
5. General
This Agreement is governed by the laws of Gibraltar.
Co-owner A
Date:
Co-owner B
Date:
Choose joint ownership or shared ownership, and say so
As under English law, Gibraltar co-owners of a chattel such as a boat can hold it jointly, with survivorship, or as tenants in common with separately disposable shares. This template records the choice as a stated term consistent with the ownership percentages elsewhere in the document.
Put the usage rota in the document
This template offers a named booking method, a rule for peak weeks and public holidays that alternates year by year, a maximum consecutive-days limit, and a fallback so an unclaimed slot becomes available to the other owner.
Budget the running costs
This template sets an agreed annual budget, a joint account, a spending threshold requiring consent, and a reserve fund for haul-out, antifouling, survey and engine work.
Give the arrangement a workable exit
This template adds a right of first refusal at an agreed valuation, a buy-out period, a mediation-first deadlock clause, and provisions for death, incapacity, divorce and bankruptcy.
Clause-by-clause guide
- The vessel and how it is held
- Identifies the boat and whether the co-owners hold it jointly or as tenants in common.
- Shares
- Each owner's percentage share of ownership and costs.
- Usage and booking
- The booking method, notice, and the rule for peak weeks.
- Budget and reserve
- The agreed budget, joint account, and spending threshold.
- Insurance
- One policy naming every co-owner, with the excess allocated to the owner whose use caused the claim.
- Transfer and exit
- A right of first refusal at an agreed valuation, with a buy-out timetable.
Gibraltar compliance checklist
Co-ownership itself is a matter of agreement; registration and insurance rules each impose their own requirements.
Decide joint or common ownership, and record it
Gibraltar recognises both forms of co-ownership of a chattel, following the same common-law principles as England. State which applies rather than leaving it to be inferred.
Name every co-owner on the insurance policy
A policy naming one owner may leave the others uninsured when operating the boat.
Check the GMA registration reflects co-ownership
Make sure the Gibraltar Maritime Administration's registration record matches the co-ownership agreement, particularly the names in which the vessel is registered.
How to complete the boat share agreement
- Choose the ownership structure. Decide joint ownership or tenancy in common, and record each owner's share.
- Agree the usage rota. Set the booking method and the rule for peak weeks.
- Set the budget. Agree the annual budget and spending threshold.
- Record the insurance. Name every co-owner on the policy and agree the excess allocation.
- Agree the exit terms. Set the valuation method and buy-out timetable, then sign.
Frequently asked questions
Should we own the boat jointly or as tenants in common?
It depends what should happen if a co-owner dies. Joint ownership passes the whole boat to the survivor automatically; tenancy in common lets each owner's share pass under their own will. Record the choice explicitly.
How should we split use of the boat?
Pick a booking method and a rule for peak weeks and public holidays that alternates year by year, with a maximum number of consecutive days.
What happens if a co-owner stops paying?
Under this template, arrears suspend usage rights and, if unresolved, trigger the buy-out mechanism.
Whose insurance covers a shared boat?
One policy naming every co-owner — a policy in one name only may leave the others uninsured when they are at the helm.
Can one owner force a sale?
Not immediately — a departing owner must first offer their share to the others at an agreed valuation before the whole boat goes to market.
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Disclaimer
This template and guide are for general information only. They are not legal advice, and no Gibraltar-qualified lawyer has reviewed or approved them. Confirm ownership, insurance and registration requirements before relying on this document.
