INSURANCE
The size of today’s superyachts means they are often more akin to commercial vessels than traditional pleasure boats, and the insurance cover needs to reflect this, while also taking into account the individual requirements of each owner.
Particular care also needs to be taken if a superyacht is carried as cargo on board another vessel. Sadly incidents causing loss or damage to a yacht as cargo do occur quite frequently. A standard yacht policy will not cover this risk. However, the carrier/owner of the vessel carrying the yacht will typically offer an option allowing the yacht owner to take out cargo insurance for the voyage. If taken out, the yacht owner needs to make sure the cargo insurance provided is adequate and that the yacht is insured for its full value.
There is no one standard form of superyacht insurance cover and superyachts may be insured on various wordings developed specifically for superyachts, in each case amended as appropriate. Many insurers now also offer cover on their own bespoke wordings. Any superyacht is exposed to the risk of accidents resulting in physical damage to itself and its equipment, but also to potential liabilities towards crew members, guests and third parties. The superyacht, the owners, managers and operators must be adequately insured for these risks, not only whilst cruising but also during construction and periods of repair or refit.
INSURANCE IS WHERE SUPERYACHTING BOWS ITS HEAD TO COMMERCIAL SHIPPING
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