Navigating the Stormy Waters of Yacht Insurance: A Comprehensive Guide

Text us your ideas and feedback!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 episode, you'll become well-versed in the complex world of marine 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 marine 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? You’ll learn about a Supreme Court showdown, too, that could forever change the marine insurance game. Could 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, and that certainly holds true for insurance when it comes to yacht-transport contracts, a.k.a. contracts of carriage. Not only do we dissect landmark legislation, but we also explore the important yet often misunderstood domain of NBOCCs (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, and why a shipyard's insurance certificate matters as much as a contractor's? We further discuss a unique case where a yard contract had insurance with a limitation of liability clause, but a court ruling toppled the tables in favor of a superyacht owner. This episode is a wake-up call to all yacht owners - highlighting the absolute necessity of understanding insurance cover notes and policies thoroughly.  Have a yacht law question? Email it to [email protected] or [email protected] for your chance to have it answered on our podcast. All requests for confidentiality and/or anonymity are respected.Hiring a lawyer is a big decision. Visit Moore & Company for the legal team's qualifications and experience.  And, to learn the latest about superyacht launches, shipyards, designs, and destinations, visit Megayacht News.