What is Fractional Yacht Ownership?

what is fractional yacht ownership
what is fractional yacht ownership
what is fractional yacht ownership

How do I join?

Joining New Wave Sailing is faster and easier than you’d think.
· Call or email to book a visit so you can see what you’re buying
· Choose your boats and Compass Share Scheme that suits you best then sign up
· We’ll help to make sure you are comfortable with the scheme with our 14 day cooling off period before you spend a penny and you’re ready to go

Contact us now if you want to discuss joining.

What is a share and how many may I purchase?

A share is 1/48 of the usage and cost of the yacht. Each 1/48 share entitles you to 1 week annually and you can purchase as many weeks as you wish. There are 48 weeks split into sailing areas:-
26 weeks in Greece May - October
18 weeks in the Canaries November - April

4 weeks transit trips
4 weeks maintenance December - January

What does it cost?

A number of membership levels are available see membership prices

Your membership, joining and induction fees, are all included in the scheme.
We take care of all the running costs – insurance, mooring, maintenance, etc.
Members are responsible for the fuel they use in powerboats (included in sailboats), off base mooring and damage or loss limited to £1,500 for each incident.
Any additional costs which you accrue will be invoiced monthly.

How does the deposit work?

We reserve the right to take a refundable damage deposit up to £1,500 If any damage or loss occurs to a New Wave Sailing boat or 3rd party boat, the cost of repair (limited to £1500) will be charged to the member.
We strongly advise you take out waiver insurance to cover any possible incidents and losses to yourself, we recommend http://www.schomacker.de/en/charter-insurance/charter-deposit-insurance.html

How do fuel charges work?

You refuel to the top at the end of your stay, if there is a shortfall you pay a per litre charge for the fuel that will be invoiced to you. This said we will check at handover the levels.

Joint membership – can I share with a friend?

Yes. There is a small joint membership admin fee £200 per member.

What is the length of the contract commitment?

Three years.

What qualifications or experience do I need?

Our members' experience levels vary greatly and we recognise that formal qualifications are only an indicator of proficiency and experience.

To join New Wave Sailing Compass Share requires you to have a recognised qualification (or equivalent experience) to skipper the boat. For both our sailing yachts and motorboats, the guideline minimum is RYA Day skipper theory and practical certificates plus 2 years skippering experience. For the smaller outboard engined powerboats the minimum requirement is RYA Powerboat Level 2.

We reserve the right to conduct a practical on the water assessment and may recommend additional training or refresher courses. No matter how much boating you have done, we can arrange training to get you to the required level of experience.

What happens if I want to buy more usage?

You can purchase more weeks, subject to availability on the vessel you have a share in or you can purchase into the latest yacht.

Am I insured?

Yes, all members are insured under New Wave Sailing's insurance policy which carries a material excess that varies by boat. In the event of a claim being made the Member will be liable for costs incurred up to the maximum liability of £1500.

What safety standards do you operate to?

MCA coding

Will you be changing the boats at all?

Yes, New Wave Sailing will review the boats on a half-yearly basis, and add various options.

How can I book boats?

Members can book boats via the online scheduler on the New Wave Sailing website.

Who is responsible for cleaning the boat?

The simple rule is "leave it as you’d like to find it" i.e. clean. We ask members to wash down the boat after use and remove their rubbish. If something goes unexpectedly wrong and you find the boat in a less than prepared state then please inform us via the simple check in/out process so that we can deal with it. If it’s urgent then call us immediately and we’ll do everything we can to get it put right and minimize any inconvenience.

We will have the boats professionally cleaned after each party leaves, but the club requires a degree of trust and co-operation to get the most value from our sailing – that’s why it’s a club and not a boat charter operation.
Our maintenance programme keeps the boats in tip-top condition, above and beyond daily house-keeping.

How far can I take the boat?

As far as you like, as long as it's back on time. If you are going beyond 50 miles from base we’d like you to tell us in advance.

How is the boat equipped?

The boats are coded to MCA category 2/3 and have a full inventory of cruising equipment – details on request. Normally you would bring your own wet weather clothing all bedding and towels are provided.

Where are you based?

Greece and the Canaries

Am I a ‘part owner’ when I join New Wave Sailing?
Yes. Shared ownership brings many complexities however that is why we are contracted by the Limited By Guarantee company you have the share in to manage the yacht on your behalf. New Wave Sailing is the founding partner so can not be removed. Our ‘shared use’ model provides all the sailing of shared ownership but without the ownership headaches – the best of all worlds.

Can I get training and assistance?

Our staff and RYA Sea School can provide training, skippers and general advice. Training and skippers are available at additional cost, see our RYA Academy.

Do you offer corporate memberships?

Yes, please contact us to discuss your requirements.

Who decides what weeks I get?

On a new boat the weeks are available through the online calendar, you can pay for fixed weeks in advance at an additional charge. On a resale of a share you are purchasing someone else’s allotted time slot for the first year and then you will be allowed to use the calendar.

What happens if I can’t use my assigned time?

There are several choices you can choose. 1st New Wave Sailing would approach the other owners for a “swap” of time. 2nd you may give your weeks to family, friends, clients, or, you may opt to sell your time to other members and receive the income.

What are the costs associated with the maintenance of the yacht and what am I responsible for?

Nothing New Wave Sailing manage and pay for everything.

What happens if another owner damages the vessel or it breaks down?

The yacht is fully insured but the policy does have deductibles. If you damage the yacht, then you are responsible for the entire deductible. If the yacht is not available due to damage or malfunction we will offer you a different yacht until we can resolve the issue. The yachts are covered under a 3 year warranty as they are all new while you own them so any issues are covered by the manufacturer.

What role does New Wave Sailing play once I am a fractional owner?

New Wave Sailing’s management teams are fully responsible for the management of the yacht including but not limited to crew placement, scheduling, repairs, insurance, outside resources and accounting. New Wave Sailing management becomes your go to source for any questions or suggestions you may have or for help with any plans you may want to make.

How much does New Wave Sailing charge for their services?

New Wave Sailing charges a flat fee of £100.00 per foot per month for the entire yacht. This includes all maintenance, berthing, cleaning, insurance,etc.

That sounds great. How do I get started?

Becoming a member in the Compass Share family is very simple. We will help you select the right yacht for your needs, where you want to cruise and how much money you are comfortable spending. After the yacht selection and a refundable deposit is given, along with a signed binder, New Wave Sailing will prepare and forward the Fractional Documents to you. Upon execution of the documents, simply return New Wave Sailing’s “copy” along with the balance of the purchase price. Then all you have to do is start packing for your luxurious and fun filled cruise on your own yacht. If for whatever reason you decide not to go forward with the purchase, just return both sets of documents to us and we will refund your deposit.

Are there any tax benefits associated with fractional ownership.

If your business purchases the share and is used for business purposes then you may be eligible to claim. Please consult your accountant to clarify the position