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Welcome to the latest edition of ITIC's The Wire, focusing on Greece, where ITIC insures 150 members including shipbrokers, commercial managers, ship managers, ship agents, marine surveyors, naval…

ITIC is the leading provider of professional indemnity insurance to superyacht professionals, insuring more than 100 companies worldwide. The team at ITIC has a thorough understanding of the risks,…

A yacht broker acted for potential buyers in negotiations for the purchase of a superyacht. An MOA was entered into, where the yacht broker agreed to act as stakeholders for the buyers’ deposit of…

In a recent article in a superyacht publication, a lawyer suggested that as yachts were very different to oil tankers, BIMCO Shipman 2009 (Shipman) was not a suitable document to use. ITIC…

A naval architect was appointed to re-design and certify part of a mast support structure on a large sailing yacht. The naval architect had no involvement in the original design of the yacht. As the…

A yacht manager was contracted to provide crew management and ISM consultancy for a superyacht. Although the manager was not contracted to provide technical management, the owner sought their advice…

A yacht manager arranged on behalf of the owner to store a helicopter ashore whilst not in use. During a routine inspection by customs, it was found the helicopter had stayed in the country for more…

After a survey on her electrics, a yacht was purchased and taken to a yard to be refurbished. After further inspection, the yard reported that there was in fact substantial damage to her wiring and…

An owner of a superyacht asked a yacht manager as a favour to recommend a master for an upcoming charter. The yacht manager hoped to acquire the management of the yacht. No formal contract was in…

A yacht broker incorrectly marketed a yacht as having zero speed stabilisers, which it in fact did not have. The owners of the yacht brought a claim against the broker alleging that this…