ITIC The Wire: Focus on superyachts
- Date: 25/06/2018
ITIC is the leading provider of professional indemnity insurance to superyacht professionals, insuring more than 100 companies worldwide. The team at ITIC has a thorough 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 does not turn out to be what the buyer was hoping for, they often seek to blame their broker for misrepresenting the sale.
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.
- "As far as we are concerned BLP Insurance 'ticks all the boxes' in delivering customer satisfaction". The 4th in ou… https://t.co/9zL8Zq4m0S
- Nearly a quarter of people consider a lack of quality of build to be a major disadvantage of buying a new build hom… https://t.co/LUsMNQxblY
- Grab your chance to win a great day out for 2, simply by playing BLP Bricks, our take on the classic 80's Tetris. T… https://t.co/XBpZ3fdw64
- Read the latest update from the Club here: https://t.co/gKP7Fd4NSH
- Urban regeneration offers an important opportunity to help address the UK's housing crisis. BLP's Kim Vernau highli… https://t.co/iQjqAGAjce
- Did you read our latest press release? Ship agent liable for negligence leading to excessive dunnage disposal charg… https://t.co/QrVK9x7imj
- Why do Seagulls fly over the sea? ....because if they flew over the bay they'd be bagels. #NationalTellAJokeDay
- Why did the shore blush? ...because the seaweed #nationaltellajokeday