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How often can I use my boat?
Typically boats in the share program have 8 members. Each member is entitled to 45 days usage per year, but each day there are 2 time slots. This means there are 90 time slots per year for each member. Time is split between weekend and weekdays. There are 64 weekday slots and 26 weekend slots. Therefore each member has the ability to use the yacht every other weekend.
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Do I have access to other boats in the program?
You may have limited access to other yachts in other locations, however, in your location, you may only use your yacht. We want you to feel that you are an owner of the yacht, not just a member of a “club”. This creates an ownership situation instead of a boat club.
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Where are the boats kept?
The yachts are typically moored at the selling dealer or local marina.
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Will the boat be launched if all of the shares are not sold?
At least half of the share in a vessel must be sold before it is launched. In the unusual situation when this does not occur by the launch date, each individual who has reserved a share will have the option to receive a full refund, or wait for an extended launch date. Each location will market heavily to insure each boat launches on time.
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Who is liable if the boat is damaged?
Members have the same responsibility as any boat owner while it is in their possession. If the damage is not covered by insurance, you are ultimately responsible.
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Can I sell my share before the 3-year commitment?
Yes, shares may be sold by at any time, however as with all new members, any potential purchaser must be approved by your management team. A membership transfer fee may be charged.
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Are there limitations on where I can use the boat?
Yes, there is an area of use for all locations, specific to the geography. This area is however typically very large, and in the unlikely situation you wish to use your yacht beyond this point, your management team can grant special permission.
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What is the maximum number of shares sold per boat?
Typically eight, however if this is different you will be informed whenyou are given pricing.
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What is the monthly cost of a share?
It depends on the boat type, location, mooring costs, insurance, and running costs.
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Can I see the Owner Member and Lease Member contracts?
Yes, copies are available by request, however due to the valuable nature of this market these are not published through the website.
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Can there be additional assessments added to the price of the share during the three year commitment?
No, unless there is an increase in costs out of managements control, such as slip fees, insurance premium, or natural disaster damage not covered by insurance (Hurricane Katrina was a lesson in insurance company policies and coverage discrepancies.)
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Are there any other terms offered besides the three-year commitment?
Some locations may offer shorter, but typically not longer terms, these may be re-sale memberships, however most new leases are for the three year term.
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Can multiple people share one membership?
Yes, there would be some additional paperwork and training.
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Can I see my boat in person before I purchase my share?
Yes, most boats are available to view.
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Who is responsible for outfitting the boat?
The dealer will rig the boat based on the local boating environment. They will take into consideration factors like local weather, fishing, topography, aesthetics, past experience, and ease of use.
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Who is responsible for washing the boat?
The dealer is responsible for weekly wash downs, but members are still responsible for leaving the yacht the way they found it, for the next member using it.
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Who is responsible for re-fueling?
Refueling is the responsibility of the member, however some locations may offer a fueling service.
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How does American Yacht handle unruly members?
There will be three written warnings which can include financial punishments. After this the member will forfeit the privileges under the member agreement, but not the responsibilities. The members share may be sold if a financial default occurs.
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Can I use the boat even though I haven't certified through training?
You may use the boat but an approved certified captain, provided at your cost, must pilot the boat until you have been trained and certified. This usually takes a few hours of online training and on-the-water qualification. If you are not an experienced boater, full training will be provided.
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How are major holiday bookings allocated?
Times of high demand will be designated as ‘special dates’. To use the boat on one of these times, each member wishing to use the boat must enter a lottery and a winner will be chosen at random. Any member who wins a lottery will be barred from the next consecutive lottery, unless no other member wishes to use the boat. This process is completed online through the FlexiBook™ system.
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If the boat is out of commission for an extended period of time, how will the usage be made up?
If repairs and updates take longer than expected, each member will have a pro rata share of bookings deducted from their allocation.
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If I do not have access to the internet, would I be able to speak with a live person?
es, American Yacht Share has someone available to take care of all your needs, plus your representative at your location will be available to help.
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What happens if the management company files bankruptcy?
Our program is based on a multi level management structure. Your direct management team will be the location where the share is purchase, independently AYSM overlooks all vessels, and many of our programs are represented by the yacht manufacturers. In the event one party goes out of business, another entity will take over responsibilities to insure the members are not adversely affected. If any location goes bankrupt, AYSM will take over the management, if AYSM files bankruptcy, each location will continue the management, and manufacturers may select a new management company to replace AYSM. In any event our program protects all members and participants like no other fractional leasing program on the market today.
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