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;
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:
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.
David G, Private Client
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