Even if I'm the only one killing the boss, or I am in a party, or when i did half the damage to a boss there's quite a big chance there will be no loot. It is extremely frustrating especially when farming specific sets.
Boss Loot Timer was set to 4 to 5 minutes. But that fluctuates a bit. In the smaller Publics it is easy to kill bosses faster than the cool down timer.
Enjoy the game, life is what you really want to be worried about.
PakKat "Everything was going well, until I died"
Gary Gravestink "I am glad you died, I needed the help"