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A duty to Disclosure

For a yacht owner or yacht manager, top on the agenda of the year’s most arduous of tasks is the renewal of the vessel’s annual insurance policies. With the ever mounting cost of yacht ownership, as a non-physical expenditure, quite often the tedium of insurance is brushed over, and this can cause much heartache and anger if the policy is incorrectly set up and a claim denied, most often through non-disclosure of facts to the insurer.

SINCE THE GLOBAL FINANCIAL APOCALYPSE of 2008 the cost of policies for many owners has been a crucial decider on which policy to take and how much cover to have. The insurance premium of a vessel can be affected by numerous factors such as size and value of the vessel, geographical sailing limits, the crew’s nationality and qualifications and whether the vessel is subject to finance. When arranging the annual insurance it is an owner or a yacht manager’s prerogative to disclose all the facts so as not to invalidate cover and thus a claim if it arises.

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Family Office & UHNWI is an exclusive wealth management and lifestyle magazine for the Ultra High Net Worth community.
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