OPERATING COST 4: MAINTENANCE AND REPAIR Just like any other substantial investment, a superyacht must be maintained to safeguard its value and ensure dependable operation. This not only grants one peace of mind but also secures the safety of everyone on board. Frequent yacht usage requires regular preventive maintenance to keep the vessel in the best shape. A proper maintenance schedule saves tens of thousands of dollars over a yacht’s lifetime. A well-maintained yacht will also fetch a higher price should you decide to resell.
OPERATING COST 5: VESSEL INSURANCE Insuring your superyacht is financial protection against unforeseen circumstances, such as bad weather, fire, theft, crew injury, and so on. These incidents would otherwise cost you an exorbitant amount. Premiums for superyacht insurance vary by cruising location, size, brand, record, age, crew number, toys on board, and whether the vessel will be chartered. A 78-foot superyacht in Fort Lauderdale for private use, for example, will cost about $11,000 in annual premiums.
THE TAKEAWAY Navigating the intricacies of yacht ownership can be a challenge for many buyers. One way to make this task simpler is to hire a yacht management company to handle tasks such as cleaning, painting, manning, maintenance, repairs, insurance, yard scheduling, and more. This liberates the buyer to enjoy the actual yachting experience.
Superyachts are synonymous with glamor and luxury, but owning one requires an ongoing investment. However, if you’re prepared for the real costs of ownership, it’s one of the greatest pleasures money can buy.
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