The Yachtowners syndicate at Shipowners’ P&I Club is offering a liability insurance solution that it says “addresses the unique risks from a super yacht custom build project.”
Shipowners’ note that, hitherto, insurance buyers had been faced with ‘add-ons’ to standard yacht navigating policies and cover from traditional yacht liability insurers that was limited in scope, only responding to the risks associated with crew.
Shipowners’ said that it had worked closely with the industry to assess the risks and build an in-depth understanding of the way in which these projects are carried out.
The policy provides the necessary cover for incidents arising from crew, who at pre-delivery stage are more akin to conventional shore based employees ,and also the range of professionals who will be employed for the duration of the build, who present the owner with potential liabilities, as they often have little or no insurance themselves.