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.
Louise Billington from our Yacht Management team is an insurance specialist with more than 15 years’ experience in the Superyacht insurance sector. Louise is on hand to support and guide our captains and owners through the various aspects of insurance as it relates to Ownership, Management and Crew.
As well as insurance there are many other aspects to be considered whilst 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.
Get in touch today to discuss your winter yard requirements with Louise.