Much of the negativity in these replies is based on a very incomplete first post. If that was the entire story, by all means, the reactions were correct. However, post by post, we got more of the story. We find out, after about 10 posts, that there were injuries involved and a possible drunk driver. If the story had been related accurately at the beginning, this entire thread would read very differently.
But the advice is sound - don't be trying to discuss this case on the internet - just let the insurance company handle it and, if it looks like damages could exceed your coverage, hire an attorney yourself. Don't be at all surprised if the parents attorney, as noted, decides to include you in the list of defendents - especially if the BOC level comes back in allowable limits.
If nothing else, this story should make everyone a little more cautious when someone asks to borrow their vessel.