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13 Apr 2022

Superyacht insurance and the role of the crew

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In the world of yacht insurance, policies come in many shapes and sizes. The spectrum includes the commonly used American R12 "all risks" cover; the more traditional "named perils" cover of the Institute Yacht Clauses; and the various bespoke clauses, some of which naturally build on the standard form wordings. A yacht owner/ its managers are likely, if well advised, to seek the guidance of a suitably qualified insurance specialist to effect the necessary insurance. That is to ensure that the insurance cover is properly tailored to meet the requirements of the given yacht and ensure that terms which are particularly important to an insurer (e.g. warranties, subjectivities, particular exclusions or limitations) are appropriately highlighted/ understood. This is key because, although insurers/ brokers do much to make policy documents clear and accessible, they remain complex and warrant appropriate investment in terms both of time and money.

The focus of this article is a brief exploration of some of the issues which arise, in an insurance claim situation, out of the yacht's crewing. This article does not go into any of the numerous crewing/ broader yachting/ insurance-related issues arising out of the developing and tragic events in Ukraine, the subject of huge significance and concern on multiple levels. 

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