INSURANCE
STEAMSHIP MUTUAL Steamship Mutual provides a dedicated Yacht Liability Cover which answers the specific needs of yacht owners. As well as protecting the yacht owner against liabilities towards third parties, the cover allows the owner to fulfil his obligation to provide financial security for repatriation expenses and unpaid wages in accordance with the MLC. The cover can be extended to include Legal Expenses, Accident and Illness cover for crew, Hull War Risk and Kidnap & Ransom covers. For more details Tel: +44 (0)20 7650 6646 or visit
www.steamshipmutual.com/underwriting/yacht-facility.htm
opportunity to seek recourse against the yard, or even make an Owner liable for the consequences of the yard’s own negligence that the problems begin.“Owners and Captains should look to negotiate the liability terms in their contracts with the yard as best they can,” advises Hugo Jacquot, Yacht Team Leader at Steamship Insurance Management Services ltd, “If Owners want help, then they should send the intended terms to their insurer for their thoughts and advice. In circumstances where the terms cannot be improved, insurers, like Steamship Mutual, can and do provide contractual liability extensions to standard P&I cover for just these types of situation.”
It is important to remember that the yards want an Owner’s business and so generally there is room to negotiate terms with them, especially if the Owner is simply looking to make the contract more evenly balanced. For instance, ‘fire’ is very often considered as ‘Force Majeure’ by yards and they look to decline all liabilities resulting from such events, even where the fire arises from their negligence. Our view is that such ‘fire’ events should not be considered as Force Majeure and Owners should be allowed under the contract to
pursue legal remedies against the yard in the usual way’. “Don’t forget,” adds Harris, “that in circumstances where an Owner is building a yacht and has not yet taken delivery from the yard, he will have to seek specific cover from a P&I underwriter for insurance in respect of any pre-delivery crew he may have at the yard.”
Harris at Steamship warns that where a yacht sails can have a significant impact on the exposure faced by an insurer, because liability regimes or expected levels of damages vary from jurisdiction to jurisdiction: “For P&I, where we are covering the liabilities of an Owner to third parties, there is a real difference in exposure between a yacht sailing all year in the Mediterranean or the United States. What is important from an Owner’s point of view, is that they always keep their insurers advised of where they intend to sail. If, when placing his insurance, an Owner has told an insurer he will be sailing only in the Mediterranean, but he then sails to the Caribbean, he is likely to be in breach of his insurance and have no cover for any incidents which then occur. The Owner
should advise the insurer beforehand and ensure his policy is updated to take into account the new sailing pattern. This gives the insurer the opportunity to decide if the new sailing pattern is a material change in risk and justifies a change in terms or premium.” If you’re chartering, watch out for the watersports liability for the charterers because it’s an option warns de Campou at ANP and is often overlooked.
Other things to look out for suggests Van der Merwe include: Make sure US cover is included on your policy, especially for crew, just in case a crew member has to be airlifted to US territory or the mainland in a medical emergency. Check for any restrictions on employing US crew and dayworkers. And finally make sure the Hull policy includes the Caribbean trip and transatlantic crossing if the yacht is cruising under its own keel, or if it is going via yacht transport, make sure there is sufficient cargo insurance in place.
Once you’ve patched up any holes in your cover, it doesn’t matter if it’s a season in St Maarten or maintenance at Marseille, Owners, captains, managers can sit back and shoot the breeze in peace as we pivot past Christmas and into another year.
ANP YACHT INSURANCE With an experienced team, ANP Yacht Insurance is based on the French Riviera. Devoted exclusively to the insurance of luxury yachts, ANP is able to source the most attractive products in this highly competitive market and, as an independent broker, to tailor them to your specific needs, delivering the perfect insurance solution for you and the yacht. They can insure superyachts all around the world with marine specialists on hand to give advice and direction. ANP provide the competitive warranties for: Hull & Machinery, P&I and Crew insurance. For more details Tel: + 33 (0)4 96 176 176 or visit
www.harrelcourtes.fr
ONBOARD | AUTUMN 2017 | 63
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