Hi Glen,
welcome to the world of model boats. You presume right, there are normally several spot frequencies in the 27 mhz band all identified by colours. The only exception used to be on some cheap or very old types of radio control which used most of the band. These were called superegenitive or non superhet radios, not expresions you hear these days.
To check you could try 2 things, switch both on together and see what happens. if the transmitter from one works the other you might have a problem, or they may both have the same spot frequency.
Alternativly, and much better, you could go to a decent model shop or boat club and get some help.
Can you tell us a bit more about the models? it might help us to be more precise with an answer.
Charlie