Yacht-Pool International’s Post

🛥 To all (future) boat owners, yacht or not, this article is for you! Demush Memishi, Yachting expert at PSPI Private Insurance Office tells you: - 💥 Claims and the (still) hefty bill 💰  - 😱 A concrete example of a claim that was close to 900,000 euros ... reduced to around 100,000 euros thanks to PSPI's intervention.  - 💡 5 tips for (future) boat owners. https://lnkd.in/d277dhEa

Yacht inspections peak in the summer when most incidents occur, leading to an increase in insurance-related inspections. However, there are other types of inspections, such as regular maintenance checks, whose importance is evident at any time of the year. Read our latest article to learn more about boat and yacht inspections: https://lnkd.in/dhjrF4_N #MarineInsurance #RiskManagement #YachtSurvey #Claimar

🚢 Why Choose Voluntary Compliance for Your Yacht? 🌊   At Sirius Maritime Group, we know that while some yachts fall outside of compulsory compliance, adopting voluntary standards brings substantial benefits that go beyond just meeting regulatory requirements.   Which Yachts Are Exempt? Private yachts, smaller vessels (typically under 24m or below 500GT), and certain historic or locally operated yachts may not be bound to international regulations such as ISM, ISPS and MLC. While these vessels may have lighter requirements, many owners still opt to follow rigorous standards.   Why Choose Voluntary Compliance?   1. Safety First: Prioritizing high safety standards protects guests, crew, and the yacht, reducing risks and enhancing vessel security.    2. Enhanced Charter Potential: Many charter clients seek yachts with top-tier standards. Voluntary compliance can make your yacht a preferred option for high-profile guests.    3. Boosted Resale Value: Yachts that meet compliance often have higher resale values and attract a broader range of buyers, as they’re seen as a lower-risk investment.     4. Insurance & Cost Efficiency: Compliant yachts may receive better insurance terms, reflecting their lower risk and high standard of care.   Whether your yacht requires compliance or not, aligning with these standards enhances safety, reputation, and sustainability. At Sirius Maritime Group, we guide owners in making informed decisions to ensure both optimal enjoyment and the long-term value of their vessels. 🌍⚓   #YachtManagement #SiriusMaritime #SafetyAtSea #Yachting #VoluntaryCompliance #Sustainability #YachtLife #MarineRegulations

As applications for events on yachts alongside and at anchor at the Monaco GP are now closed, the information requested by the port highlights how the requirements behind the organisation of these events has become more formal in recent years. The parties will always be expensive for the organiser and are expected to be amazing for those attending, the thing that is never mentioned and is always taken for granted is that they will be safe. As the numbers of guests will exceed those detailed in the yacht’s certification, confirmations of ‘No Objection’ are generally required by the Port Authority, Flag Administration and the Yacht’s Insurance. The Insurers will inevitably require flag and harbour requirements to be fulfilled, these will generally be covered by a Risk Assessment with the hazards and control measures ensuring that all eventualities are covered. These will range from Noise levels, Stability, Guest control and evacuation routes to Sewage and crew Hours of Rest.   Marc Verburg from the Marshall Islands has written articles on the subject and Cayman Islands issued CIGN 04-2022 Rev 02 that details the requirements at paragraph 5, which is similar to the information in the Isle of Man Commercial Yacht Master’s Handbook section 19.16. For larger events further information and calculations may be requested on stability and for those at anchor the clear deck area at the muster station so that the maximum numbers can meet the 0.35m2 required per person and 700mm virtual corridors required for crew to undertake emergency duties.

Ever wondered how yacht co-ownership stacks up against sole ownership or chartering a yacht? Let’s break it down: 🛥️ Sole Ownership Owning a yacht outright sounds appealing, but the reality is different for most. You’re responsible for 100% of the cost—maintenance, crew, slip fees, insurance—while your yacht sits underutilized for most of the year. Plus, the time spent managing all the logistics often takes away from actually enjoying your time on the water. ⚙️💸 🛥️ Chartering a Yacht While chartering offers flexibility and no long-term commitment, those sky-high fees add up quickly. You’re paying a premium every time you want to set sail, with no lasting investment to show for it. 💰✈️ 🛥️ Co-Ownership with Luxe Elite Yachts This is where yacht co-ownership shines. With co-ownership, you enjoy all the benefits of having a luxury yacht without the full burden of ownership. You share costs with other owners and let turnkey management handle everything from maintenance to scheduling. Even better, charter income potential can offset your costs, turning your yacht into a smart investment. 📈🚤 We crunched the numbers and if you charter a yacht more than 1 week a year and up to 270 days a year, co-ownership makes the most sense! Why own a yacht outright or keep paying steep charter fees when you can own for less in the long run and truly live the yacht lifestyle? 💫 Share this post if you know anyone who loves the yacht life and who should consider yacht co-ownership!

How do you plan as an entrepreneur when you don't even know what your cashflow will be? "Oil spill clean-up: Yacht charters stuck in limbo, unsure about receiving compensation on economic losses". "Yacht charters in Singapore are haemorrhaging losses from the recent oil spill nearly three weeks ago, and have been lowering boat rates and relying on social media to bring back customers. But these moves are not enough to cover the full extent of losses, they said." This oil spill has really showed how out of touch with real business owners the goverment, Sentosa management and Sentosa Development Corporation are. Business owners need to know where cash will be coming from or do they fold when they can't pay the bills? So with the government/Sentosa taking their sweet time to decide on compensation and timings what do they expect these oil spill affected businesses to do? Twiddle their thumbs? One walk around any part of Sentosa and you can see the lack of tourists, and indeed mainlanders, here let alone people from the Cove itself, many of whom have decided to go on early holidays to avoid the oil spill areas. All the hotels, FnB and leisure operators are down on customers and therefore money. Just to show how out of touch and deluded the management of Sentosa are I keep getting spammed by the management about all the great things that they are doing and how the oil spill is not affecting anyone! 🙄🤣🤦♂️ They're deluded, living in a different privileged world. This is typical of many operators here, the oil has stained many of the sea based activities whether that be the entire Hydrodash equipment or boats like this one: "“I have easily about 10 charters being cancelled in the first two weeks, and that amounts to roughly S$80,000 (US$59,000),” said Mr Daniel Ong, owner of a super yacht docked in Sentosa's Marina One. He added that the oil spill also stained the boats." Filing insurance claims (may not be) so straightforward, and we may need to wait for maybe months or even a year for the claims to come in.” Seaside businesses had previously told CNA about their fears that they cannot tide over a three-month hiatus and a potentially lengthy compensation process." Wake up Sentosa and open your eyes or let businesses go under and then wonder why tourists have less to do in the future....your choice....🙄🤣🤦♂️ What do you think? If you’re an entrepreneur and would like help finding new clients our Ultimate LinkedIn marketing and personal branding services can do this for you, our premium and highly recommended service details are here on this LinkedIn SmartLink: https://lnkd.in/dqWRi6EZ https://lnkd.in/gZhm6tEx

Rising Risks in Yachting: Key Insights from 2024 As an insurance advisor in the marine sector, I find it crucial to stay informed about the evolving landscape of risks that yacht owners face. According to Dea Jusufi's recent article, 19 superyachts faced fires, collisions, and sinkings in 2024, driven by factors like new technologies, adverse weather, and an aging fleet. Notable incidents include: - Lady Moura and Venus Collision: A reminder of how quickly conditions can change at sea. - Wally Love Grounding: Highlighting the impact of severe weather. - Atina's Fire: Underlining the need for robust fire safety measures. - Persefoni I's Arson Charges: Emphasizing the legal risks associated with yacht operations. These events stress the importance of comprehensive insurance and proactive risk management. Let’s prioritize safety and protect our investments in the yachting world. If you have questions about marine insurance, feel free to reach out! #MarineInsurance #YachtingSafety #RiskManagement #InsuranceAdvisor #YachtIncidents2024

Be sure to check with your rental provider first, as some suppliers have specific rules or prohibitions. Ensure you have the necessary documentation and that your insurance remains valid. Arrive early, follow staff instructions, and note where you park for easy disembarking. Safe travels! #TravelTips #Travel #CarRental #FerryTravel #TravelSmart #Explore #RoadTrip #TravelAdvice #TravelPreparation #SafeTravels #LifeIsMeantToBeDriven

Sailing in the Mediterranean: What is Required Before You Set Sail Sailing the Mediterranean? Prepare for Your Dream Cruise Here. Embark on a Mediterranean adventure with confidence! Discover key insights into sailing conditions, peak seasons, and the importance of comprehensive yacht insurance before setting sail. https://lnkd.in/gWGfhbfx