The specialist yacht syndicate of The Shipowners’ Club says it has worked extensively with superyacht insurance brokers, legal advisors and the superyacht owners’ community in order to offer a pre-delivery liability policy which addresses the risks associated with a superyacht custom build project.
Yachtowners, the specialist yacht syndicate of The Shipowners’ Club, has launched a pre-delivery liability policy. The new liability insurance solution addresses the risks arising from superyacht custom build projects.
Ian Ferns, business development manager at The Shipowners’ Club, explains that the company has worked extensively with superyacht insurance brokers, legal advisors and the superyacht owners’ community in order to offer the new pre-delivery liability policy.
“We also have the support of leading P&I reinsurers in the Lloyd’s and company market who we have worked with to model the risks associated with superyacht build projects.
“From land-based exposures to the potential liabilities stemming from professionals connected with the build phase, we are ready to provide the necessary cover required,” Ferns says.
The Shipowners’ Club says in a statement that it has worked closely with the industry to assess the risks and to build an in-depth understanding of the way in which these projects are carried out.
The primary issue facing owners, the company explains, is that the crew, who are not at sea while the yacht is constructed, are more akin to conventional shore-based employees and need to be treated as such.
There are also numerous professionals employed over the duration of a build from project managers to acoustic engineers. This staff presents the owners with potential liabilities, as often they have little or no insurance themselves and arrange contracts to pass on all or some of the responsibility for their actions to the owner.
The Shipowners’ Club is a mutual marine liability insurer. The firm provides protection and indemnity insurance for small and specialist vessels and it has been on the market since 1855.
The Club is a member of the International Group of P&I Clubs and works with more than 600 brokers globally to insure sections and geographical areas.