Sarnia Yachts

Although an extensive builder’s risk or yard policy may be in place for the yacht whilst in build, these are primarily to cover the yard’s own risks rather than the owner’s. Such policies often have high deductibles which might leave an owner exposed to losses in the event of a claim.

It is a common misconception that the first port of call to check on safe manning requirements is with your insurers, this is not the case.

Insurance clients have a duty of disclosure. If you are an Insured/Reinsured, you have a legal duty to provide complete, accurate and timely disclosure of all material facts to your Insurers/Reinsurers. Any breach of this duty may jeopardise the validity of your Insurance/Reinsurance.

Not notifying your insurance company prior to going into a yard for refit or repair could seriously jeopardise your coverage!