Yacht Insurance

Yacht Insurance

- Sam Bowen

Once your financial future and that of your family have been secured, you may decide that it’s time to enjoy the fruits of your labour. This could mean travelling to new countries and visiting some of the most luxurious destinations the world has to offer. What better way to travel than on your yacht!

New Super Yacht owners must be aware of the some of the issues they will face and seek advice from experienced professional advisors. Before you even take delivery of your new yacht, there are the decisions to be made around the ownership of the vessel. Depending on your country of domicile and current financial structure, the most tax efficient way to arrange the ownership of the vessel can vary. It is vital to take advice from an experienced lawyer and tax advisor. New owners must also be prepared for the ongoing running costs of Super Yacht ownership. It is often reported that the annual operating costs are equal to 10% of the initial purchase price so there can be significant financial outlay.