The guide to Superyacht law - Fourth edition

The size of today’s superyachts mean they are oftenmore akin to commercial vessels than pleasure superyachts and the insurance cover needs to reflect this, while also taking into account the individual requirements of each owner. There is no one standard form of superyacht cover and superyachts may be insured on standard policy wording used for commercial superyachts or on 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 crewmembers, 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. WHAT ARE THE POSSIBLE RISKS? The range of potential incidents that may give rise to questions of insurance coverage, is endless, but may include: • Damage to and possible total loss of the superyacht • Injury or death to the crew and/or passengers • Grounding resulting in salvage liabilities and/or possible wreck removal • Possible collision with other superyachts and liabilities towards the other superyacht, its crew/ passengers and possibly cargo • Contact damage to a jetty and any consequential damages • Pollution liabilities

49

Made with FlippingBook Online newsletter