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Tag: Boat Insurance

Necessary Things To Consider When Buying Luxury Yachting Equipment

Purchasing a superyacht can be a complex process, many factors need to be analyzed before a sale is agreed. There may be a strict payment and registration rules that must be adhered to as well as after-sales operating considerations.

Because there are hundreds of luxury yachts in the marketplace, deciding which one to shortlist is not always easy. To help narrow down the choices it is important to identify your must-have features. 

The most important step for all owners of superyachts needs to be complete luxury yacht insurance. The risk of damage is very real. With the appropriate level of insurance coverage, your investment will not be put at undue risk as a result of bad weather or other unforeseen circumstances.

Brokers may charge high fees, but the expertise and contacts in the industry can be very valuable. A broker can help to ensure a smooth purchase process and follow the correct legal protocol.

Superyacht Insurance: How the Market is Changing in 2019 ...

                                                                               Image Source: Google

If you need financing, you can contact banks to discuss requirements. If you borrow a large sum of money, be aware that lenders may want to have a voice in the country where the ship is moored and registered.

If you are planning to buy a boat that is, both parties must sign a Memorandum of Agreement. This document should ensure that the rights and obligations of all parties are clear. Moreover, the MOA shall list all appliances included in the purchase of safety equipment for navigation devices and interior furnishings.

If there are problems in this area can not be a registered vessel and therefore can not be legally used. After delivery, the yacht must be tested at sea by a designated representative, to ensure performance matches the specifications that were indicated.