Ever wondered why yacht insurance premiums have hit the roof? Does the frequency of named storms have everything to do with it, or is there more to the story? Here’s a promise: By the end of this podcast episode, you’ll become well-versed in the complex world of yacht insurance and the important role of an experienced insurance broker. It’s a crucial education to help prevent you from making a costly mistake—even multiple costly mistakes.
We dive deep into the legalities surrounding yacht insurance. For instance, did you know your insurer may include a captain’s warranty clause—necessitating an insurer-approved captain? How about the possible repercussions of breaching policy terms? We dissect a case where an owner incurred all accident costs because the fire extinguishers expired, despite no fire being involved. You’ll learn about a Supreme Court showdown, too, that could forever change the marine insurance game. Can you imagine the implications of a ruling that upholds the underwriters’ freedom to choose contract language from another state’s law in their contracts when the yacht isn’t even in that state?
As the old saying goes, the devil is in the details. That certainly holds true for insurance when it comes to yacht-transport contracts, a.k.a. contracts of carriage. We explore the important yet often misunderstood domain of NVOCCs (non-vessel owning common carriers) and the limitations of liability. You will learn why obtaining the right insurance for yacht transport is more crucial than ever.
Finally, did you know your policy may exclude yard periods? Further, do you know why a shipyard’s insurance certificate matters as much as a contractor’s? We uncover a case where a yard had insurance with a limitation of liability clause, but a court ruling toppled the tables in favor of a superyacht owner.
This episode of The Yacht Law Podcast is a wake-up call to all yacht owners. It highlights the necessity of understanding insurance cover notes and policies thoroughly.
Have a yacht law question? Email it to firstname.lastname@example.org or email@example.com for your chance to have it answered on our podcast. We respect all requests for confidentiality and/or anonymity.
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