OPERATIONAL
SUPERYACHT MANAGEMENT
Providing services ranging from purely commercial and marketing services to full commercial, administrative and technical services such as: crewing, arranging superyacht and crew insurance, general administration, accounts, technical and ISM/ISPS services, superyacht managers can be an asset to the operation of the superyacht.
Do I need, or should I have a superyacht manager?
• What is market standard? Ensure you know what the manager is providing for their fee.
• Yes, an ISM-certified manager is required for commercially registered/operated superyachts over 500 GRT. • A manager is not strictly needed for privately registered/operated yachts. On a smaller day boat, a captain will normally suffice. However, on the bigger tonnage, engaging a manager is recommended, for example, if the superyacht has a large crew employed or is to undergo works.
• If you are borrowing funds to finance the acquisition of a yacht, check that the manager is prepared to provide a manager’s undertaking on standard market terms to your bankers.
THERE ARE MANY AREAS TO DEAL WITH WHEN OPERATING A SUPERYACHT, SOME WITH INCREASED MEDIA ATTENTION
What should I expect from the management agreement?
• An adapted version of the standard BIMCO Shipman 2009 is a good place to start.
How do I choose one?
• Do they have professional indemnity insurance in place? It is advisable to have it and for superyacht owners to request it. • Limitation of liability — get the relevant, clauses or disclaimers carefully reviewed to ensure the manager’s liability is not limited beyond what is standard or reasonable.
• Are they reputable? Is he or she appropriate for the services needed and superyacht size, intended use and area of operation? Seek references from industry experts and your friends.
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