Zedra Marine FAQs

Zedra Marine FAQs

Q: How do I ensure that the valuation of the vessel I am purchasing is right? Do I need to get this right for insurance?

A: Yes - and in Agreed Value policies you should look to the following sources for the correct value;

  1. The price actually paid
  2. The value of other vessels for sale with a similar specification
  3. Seek an independent survey for valuation purposes

 

Q: Should I own the vessel in my own name, in a special purpose vehicle or as Limited Company?

A: There is no right answer per se and each buyer’s circumstances might be different, particularly as it relates to tax and VAT priorities. But for insurance purposes:

  • For motor yachts over £500,000 in value, a private owner should take a moment to consider unforeseen losses that might give rise for a damages claim against them that is either an unlikely uninsured loss, or a loss that exceeds the level of liability indemnity. As a Limited Company in these circumstances, liability is limited.
  • If you are chartering, and therefore a commercial craft, an SPV or company entity ownership structure would be wise – again unintended losses (parties on board and accidents, high profile guests)
  • A private owner user, with a sailing yacht or motor boat under £500,000 should be adequately covered with up to £5m protection and indemnity (P&I) or Third Party Liability.

 

Q: If I am chartering, do I need to demonstrate MLC compliance as an owner?

A: You do. Since January 2017, owners are required to request from their P&I insurers a certificate that demonstrates that the owner has taken the necessary steps to make provisions for the financial responsibilities to paid crew for sickness, welfare, wages and negligence in the ownership and operation of the vessel from a liability to others stand point. It should be prominently displayed on the vessel and a record kept by any connected Trust officers and insurance managers or brokers.

 

Q: Should I cover crew when they are not working in relation to the vessel for crew accident and medical?

A: You don’t have to, but many insurers extend their coverage to include downtime ashore, holidays and even skiing. This is potentially a useful mechanism to mitigate any interruption to the business and the staffing of the vessel, through faster treatment, care and early reinstatement for crew that become sick or injured on annual leave.
 

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Mike Taylor-West ACII

DIRECTOR, PRIVATE CLIENT AND MARINE

Direct Dial: +44 (0) 203 290 1774

Mobile: +44 (0) 7500 109737

Email: mike.taylorwest@laplayainsurance.com

Twitter: @MTWLaPlaya