ITIC The Wire - Focus on Superyacht
ITIC is the leading provider of professional indemnity insurance to superyacht professionals, insuring more than 150 companies worldwide. The team at ITIC has a complete understanding of the risks, combined with a high degree of claims experience.
Any professional working in the superyacht sector will face day-to-day exposure to risk, but will be able to rely on ITIC to help reduce potential hazards. To demonstrate potential liabilities in this sector, the following claims scenarios may be helpful:
- Yacht manager's failure to maintain yacht - when engines or equipment fail on a yacht, an owner may turn to the manager to recover their losses.
- Yacht broker's misdescription - if a yacht is not what the buyer or charterer was hoping, they often seek to blame their broker for misrepresenting the deal.
- Yacht agent's negligence - if the port services for the yacht are not arranged in a timely manner, the charter can be delayed. The owner may then turn to the agent to recover their losses.
- Naval architect's negligence - superyachts are complex structures. Errors in the design can lead to very expensive losses.
- Crew manager's failure to appoint suitable crew - if the crew are not certified to perform the jobs for which they are hired, the owner will be in breach of the terms of his insurances and the yacht manager will be liable.
The following selection of articles from this edition of The Wire will give you practical information on loss prevention, as well as on contract terms, illustrated by a variety of claims examples.