FLAGS MAY BE THE VERY VISIBLE SIDE OF THE GREAT BRITISH SUCCESS IN SUPPORTING THE SUPERYACHT INDUSTRY, BUT THERE IS A RAFT OF OTHER COMPANIES DEALING WITH THE INSURANCE, LEGAL AND SAFETY ASPECT OF THE GLOBAL YACHTING INDUSTRY
Article by ONBOARD Magazine
Steamship Mutual provides a dedicated Yacht Liability Cover which answers the specific needs of yacht owners. As well as protecting the yacht owner against liabilities towards third parties, the cover allows the owner to fulfil his obligation to provide financial security for repatriation expenses and unpaid wages in accordance with the MLC. The cover can be extended to include Legal Expenses, Accident and Illness cover for crew, Hull War Risk and Kidnap & Ransom covers and the more prominent and topical Cyber risk cover.
For more details contact Tel +44 (0)20 7650 6646 (direct)
or visit www.steamshipmutual.com/underwriting/yacht-facility.htm
KNOX HOUSE TRUST
An ever-changing landscape means that today’s yacht owners are faced with numerous considerations. This means that working with people who understand the challenges and have the requisite superyacht knowledge and industry experience is a must. At KHMA, they aim to offer expertise that reduces the administrative burden while maximising the benefits of yacht ownership. The award-winning services can be tailored to the exact needs of owners to ensure the smooth operation of the vessel, whether it is operated privately or commercially. Services include: multi-jurisdictional ownership structuring, VAT importations, international registrations, crew payroll and crew recruitment, technical services and much more. Their aim is to take a burden off the shoulders of the owner and senior crew.
For more details Tel: +44 (0)1624 631710
or visit www.knoxhousetrust.com
DIXCART YACHT REGISTRATION SERVICES
Dixcart has extensive experience in the maritime and yachting sector in a number of jurisdictions around the world. Professional staff at Dixcart assist yacht owners and maritime lawyers to establish the structures required to register a yacht, and undertake ongoing work to manage these structures efficiently. They coordinate the entire process, from establishing and administering the relevant ownership structure(s), to flag registration, yacht importation and crewing/payroll, to ongoing corporate support, management and administration, legal and tax advice, and resident agent services. Dixcart has offices in 10 countries around the world, meaning they truly offer a global service to the superyacht owners and managers.
For more details Tel: +44 (0)333 122 0000
or visit www.dixcart.com
SG Survey are independent marine surveyors and consultants providing a first class service for private yacht owners and commercial clients worldwide. Based in the maritime hub of Southampton, the experienced team works flexibly to meet the bespoke needs of each client: attending at short notice and combining a range of services such as new build, pre-purchase, insurance, warrantee and refit surveys. Covering wide areas of expertise between them, the company surveyors have industry leading knowledge in MCA commercial compliance and coding to advise owners on chartering vessels as well as maintenance for private use.
For more details Tel: +44 (0)2380 659350
or visit www.sgsurvey.com
CLYDE & CO
Clyde & Co is a dynamic, rapidly expanding global law firm, with over 50 offices and associated offices worldwide, focused on providing a complete legal service to clients in their core sectors. The combination of sector expertise, commercial attitude and in-depth regional understanding provides a unique perspective. With over 20 years of superyacht sector experience, the lawyers understand the industry and its potential challenges, offering a boutique and tailored service to all of their clients. Their aim, simple, to add value to their clients at every stage, even if this means having to address issues from a less traditional angle. Clyde & Co’s lawyers provide legal advice across every aspect of superyacht law. John Leonida specialises in international marine transactional work and is a prominent member of the firm’s yacht group. John is a regular contributor to superyacht symposia on issues as diverse as tax, the legal pitfalls surrounding superyacht design as well as superyacht finance.
For more details Tel: +44 (0)207 876 5000
or visit www.clydeco.com
ISLE OF MAN SHIP REGISTRY
The Isle of Man’s yachting cluster is centred around its highly successful International Ship Registry, voted ‘Best Shipping Registry 2019’ and topping the 2018 Paris MoU White List. The Ship Registry is open to commercial yachts over 24m and pleasure yachts of any size.
The Ship Registry’s Survey Department is adept at applying the new REG Yacht Code and are always on hand to offer pragmatic advice. Surveyors are based in key yachting locations including Palma de Mallorca and South of France. The Ship Registry also boasts industry-leading systems which include an online finance
package and the ability to issue digital certificates. 2019 has been a significant year for regulation because it has seen the introduction of the Red Ensign Group Yacht Code (‘REG YC’) which follows on from ‘LY3’. Like its predecessor, the REG YC is an IMO recognised equivalence to the SOLAS, STCW and Loadline Conventions.
YC was to write in greater flexibility so that designers and naval architects have greater freedom to accommodate the client’s wishes. They know that yachting is an industry which never sleeps, so the Registry Department offers a 24/7 service (by pre-arrangement) for new registrations that are made outside of normal office hours, which is completely free of charge. Once they have received all the documents necessary, full registration can be completed in a matter of minutes.
For more details Tel: +44 (0)1624 688500
or visit www.iomshipregistry.com
BENTLEYS, STOKES AND LOWLESS
entleys has a dedicated team of dedicated lawyers with considerable experience in the yacht market who are ideally placed to advise on yacht and superyacht related matters. The firm is regularly instructed by buyers / sellers, and financial institutions to advise on sale and purchase matters and financing arrangements. They act for owners, builders and project managers in advising on new build, refit, conversion and project management contract, working with both standard form contracts and bespoke agreements. They can guide owners on issues relating to yacht registration and maritime regulations
compliance and safety issues. They regularly advise on issues arising under the Maritime Labour Convention. Bentleys also handle every type of marine dispute ranging from transactional and shipbuilding and warranty disputes to charter and contractual disputes often involving multiple jurisdictions. They handle recovery actions and are familiar with arrest proceedings and securing claims.
For more details Tel: +44 (0)20 7782 0990
or visit www.bentleys.co.uk