ITIC The Wire - Focus on Superyacht
- Date: 15/05/2019
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.
- Cargo integrity is the adoption of best practice in all aspects of cargo care, through the entire intermodal supply… https://t.co/bHdNODfQWB
- ✅Risk Awareness: CARGO CLAIMS, LNG TANKERS - Use our colour -coded checklist as an aid to risk identification and l… https://t.co/x1CFRzAyny
- ✅What a success! We would like to thank the near 400 attendees of our first Webinar: Fuel Quality - Practical & Leg… https://t.co/KIvzOqOgr1
- A message for our Members from Ulrich Kranich and Charles Fenton (Chairman and CEO, TT Club). We are still here, wo… https://t.co/ZfPFfuDSWJ