The guide to Superyacht law - Fourth edition

ART ON BOARD For some superyacht owners, housing their art collection on board is a necessity. It represents the style and tone that they wish to impart upon the superyacht. In doing so, there are a number of factors to consider to ensure art on board the superyacht is properly owned and well-maintained. • Ownership : It is necessary to consider who owns the art work on board the superyacht to ensure they are aware of any tax, customs or insurance implications. Will the ultimate beneficial owner of the superyacht own the art work? Or will it be the superyacht owning company or a different company altogether? • Security : A robust security/alarm system on board the superyacht to prevent theft is essential. The captain should also keep an inventory of all artwork on board with appropriate documentation. It is also worth educating the crew about appropriate methods of care for different art pieces to ensure they are not inadvertently damaged • Insurance : You may need to have separate specialist cover for high-value items. This will require you to declare to your insurer the art on board the superyacht and its estimated value • Tax : If the art is not physically part of the superyacht, it may have its own tax treatment separate from the superyacht, which may not be consistent with the superyacht’s status If your art is covered by your standard insurance policy it is worth checking what limitations apply to its cover. For example, geographical limitations may apply.

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