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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About La Playa Private Client

Specialist & Independent

La Playa's Personal Risk Concierge service means advice you can trust - from an expert who understands you:

  • Specialist, global policies for affluent lifestyles
  • Independent, specialist advice
  • Boutique–style, luxury service
  • “Can do” culture
  • Worldwide capability with offices in London & New York

Independent and specialist
As an independent broker, we can advise on the best policies available - and on risk management measures including valuations, security, fire prevention and property marking - preserving the value of your property and giving you complete peace of mind. We have access to excellent terms with market-leading high net worth insurers.

In-house Wealth Management
We see insurance as integral to your financial planning - and our in-house financial advice team provides Wealth Management, Pensions and Financial Planning; a joined up approach with a team of advisers working for your best financial interests - all under one roof.

What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. A dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

Oh, and...

  • No call centres
  • No ‘hold’ music
  • No hidden fees

*subject to availability with our insurer panel

Photo from Private Client
Photo of Mike Taylor-West ACII

Mike Taylor-West ACII

DIRECTOR GLOBAL MARKETS
PRIVATE CLIENT, MARINE & AVIATION

Direct Dial: +44 (0) 203 290 1774

Mobile: +44 (0) 7500 109737

Email: mike.taylorwest@laplayainsurance.com

Twitter: @MTWLaPlaya