Yacht management has become more complex in recent years. As yachts have grown in size, so have the risks. The wide range of tasks and specialisms expected of a yacht manager is now almost identical to those expected of a commercial ship manager.
It is increasingly mandatory for yacht managers to comply with a range of domestic and international legal requirements such as ISM and ISPS, Marpol, and ILO regulations. They have to ensure surveys are conducted, dry-dockings are arranged and crews managed.
ITIC’s wide experience in assisting yacht managers in minimising the financial impact of claims has included situations such as:
- failure to perform services as agreed under the management agreement;
- breach of warranty of authority;
- failure to arrange a class survey;
- failure to check a new crew member’s certification;
- failure to ensure correct maintenance of ancillary equipment.
As the world’s leading provider of professional indemnity insurance to yacht managers we can advise you on a wide range of potential issues and get you ‘shipshape’ to deal with them should they ever arise.
Is your business ready for the ‘worst case’ scenario?
ITIC’s extensive experience in your sector drives our pro-active service. We help you foresee potential problems; thus avoiding them.