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.