Winter Yard Periods – the Devil is in the Detail!

With many yachts spending time in a shipyard over the winter period, even if for routine maintenance, insurance is one element that is often overlooked when selecting a yard.

Some yards have limited insurance cover, and some have nothing at all.  Making sure that you have the appropriate cover in place is a must, as is careful review of any yard contract before signing, as the small print can often remove any liability for the yard thereby creating a liability risk for the owner.

This is best navigated by someone with a trained eye who can analyse the shipyard contract against the yacht’s existing insurance as wording is often hidden in the small print.

While we are not a regulated provider of insurance services, we have long-standing relationships with specialist marine insurance markets which enable us to assist our clients to secure the most appropriate and cost-effective coverage.

As well as insurance there are many other aspects to be considered while the yacht is in the yard, including VAT, both in respect of the works and the yacht itself. Our earlier article Shipyard Works, Handle with Care! provides further information on this aspect.

Please note that this article is intended to provide a general overview of the matters to which it relates. It is not intended as professional advice and should not be relied upon as such. Any engagement in respect of our professional services is subject to our standard terms and conditions of business and the provision of all necessary due diligence. © Praxis 2023