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Yacht Insurance

DT&F: Expanding New Yacht Construction Business in U.S.

DT&F_Sorcha_152_crop1 web.jpg

Following its assessment of activity at this year’s Monaco Yacht Show, Dwight Tracy & Friends Yacht Sales announced expansion of its program for representing new construction shipyards, both in the U.S. and Europe.  According to DT&F founder and CEO Dwight Tracy, “The current strength of the euro against the U.S. dollar, and the current situation in our domestic new yacht market, makes this a time of opportunity for European yacht buyers in search of first-quality vessels. The key, however, to a successful buying experience is to have representation that is knowledgeable and experienced. We’ve positioned ourselves with a New Build Program that is led by a former CEO of world renowned new build shipyard, Palmer Johnson Yachts. So, when we say that DT&F can deliver to a client the best and most successful new yacht purchase experience available, we really can. No ands, ifs, or buts.” According to New Build and Refit Program director Phil Friedman, the latest DT&F initiative is an omnibus menu of value-added services that includes initial concept development to project planning, build team coordination, project management, owner representation, and ancillary support in the areas of finance and insurance. Noted designers, naval architects and engineers, shipyards


Builders Risk Policy Serves as Inland Marine Insurance

The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance


Drydocks World spearheads the launch of DCMMI

Khamis Juma Buamim addressing the meeting

Drydocks World, a service provider in the maritime industry, has announced  the formation of the Dubai Council for Marine and Maritime Industries (DCMMI), a specialized non-profit trade and industry council to promote the interests of the marine and maritime industry in Dubai and the UAE. DCMMI represents a wide cross-section of the UAE’s marine and maritime industry such as Offshore & Engineering, Ship Repair & Maintenance, Shipbuilding & Conversion, and Rig building


DOT Offers Insurance For Commercial Ship Owners

Maritime Administrator William G. Schubert today announced that the Maritime Administration (MARAD) is now accepting applications for war risk insurance to cover commercial ship operations in the Middle East. President Bush authorized the Department of Transportation (DOT) to provide the insurance at the request of Transportation Secretary Norman Y. Mineta. U.S.-flag vessels are eligible, as are ships owned by U.S. companies


Vessel Title Insurance Helps Protect Assets

By Sharon Donovan When maritime liens turn up, an unsuspecting vessel owner and the lender can be left in the wake of a deal gone sour. But thanks to a new form of title insurance tailored to the maritime industry, owners, lenders and lawyers who might have green-lighted the transaction with a legal opinion are insulated from the potential risk. First American Transportation Title Insurance Co., a member of The First American Corp


Moore Stephens Strengthens Regulatory Advisory Team

Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer


DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

Photo courtesy of DSG Marine

P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility


Engstrom is Named Willis' Seattle CEO

Willis has named Chris Engstrom CEO of its Seattle office, one of the global insurance broker's leading U.S. operations. Engstrom brings tremendous local market knowledge and 16 years of insurance industry experience. He previously served as senior vice president for Wagle Insurance Companies in Seattle.


Proposal on Spray Painting Passes

NMMA in conjunction with Lauderdale Marine Center (LMC) and the National Fire Protection Committee on Spray Finishing, recently drafted and approved a new standard which reduces the fire risks of spray painting large objects, including yachts in temporary membrane enclosures. Temporary membrane enclosures are used in the marine industry to paint yachts that are too large to fit in a spray booth. The standard not only makes painting safer but eases the concerns of fire marshals and regulators


Vericor Gas Turbines Will Power High-Speed Yacht

Three Vericor Power Systems’ TF™50 marine aeroderivative gas turbines have been selected to power the 118 Wallypower high-speed yacht being built by Intermarine Shipyard, Sarzana, Italy for Wally Yacht. This is Wally Yacht’s first foray into high-speed power yachts, and the company’s initial application of gas turbines. Wally Yacht, based in Monte Carlo, Monaco, is a world-renowned designer of high-speed sailing and power yachts.


BMT Expands to Meet Increased Workload

Photo courtesy of BMT

BMT Nigel Gee (BMT), a subsidiary of BMT Group, has announced the completion of new offices in Southampton in order to meet a large increase in design work.   Operating across four principal market sectors, the naval architectural practice delivers design and engineering services for


Maritime Training Academy Announces Diploma in Maritime Security

  The Maritime Training Academy announced the launch of its new diploma in maritime security today.   The Surrey, UK-based distance learning center said the diploma in maritime security will commence April 1st, 2015 and will consist of 11 modules including ISPS code


Yachting Malta PPP Sets Sail

Commodore Godwin Zammit. Photo by the Royal Malta Yacht Club

 Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".   Prime Minister Joseph Muscat launched YML at the club's headquarters in Ta


Taiwan Boosts Yacht Export

Picture by Taiwan Yachts Industry Association

 Taiwan's yacht industry saw its first double-digit growth in nearly a decade, indicating an inspiring revival led by development and sales of larger leisure boats, reports Chinese newspaper Commercial Times.   The export value of Taiwan-made yachts hit US$172 million, up 13


Front Street Unveils New Line of Sailing Yachts

Deisgn provided by Front Street Shipyard

 The US builders Front Street Shipyard’s in-house design team is collaborating with yacht designer Bill Tripp to develop a new line of modern sloops that are now available for construction.   The shipyard said the line includes 84-foot


Marine Claims Insurance Reminder by Danish Authority

Need to take insurance to cover maritime claims

  If you own a ship with a gross tonnage (GT) of or above 300, you must inform the Danish Maritime Authority about your insurance for maritime claims by 31 March 2015. The requirement does not apply to foreign ships. It is about time to check your insurance for maritime claims.


Hong Kong - Philippines Yacht Race

Yacht Race

   A yacht race from Hong Kong to the Philippines will take place from 1 April (Wednesday) to 6 April (Monday). About 24 yachts are expected to participate in the race.   The race will commence on 1 April 2015 at 1330 hours at a place off the Causeway Bay Typhoon Shelter


Third Superyacht under Construction at Sunrise Yachts

Sunrise 45m Atomic:  Sunrise Yachts

 After successful launches of two 45m Sunrise vessels – superyacht Africa (2009) and luxury yacht Atomic (2014) – the Turkish shipyard has recently laid the keel of the third 45m motor yacht at its yard in Antalya, with a scheduled completion time of 26 months.   


TT Club Warns Baltic Ports to Protect Against Reputational Damage

Andrew Huxley (Photo courtesy of TT Club)

Speaking during Baltic Transport Week in Gdansk this week Andrew Huxley, Development Director at freight transport insurance specialist TT Club, warned port and terminal operators to be aware of the reputational damage that can be a serious consequence of uninsured incidents resulting from


$50 million Sale in Dubai Boat Show

Image:  Dubai International Boat Show (DIBS)

 Around $50 million in sales was recorded at this year’s Dubai International Boat Show (DIBS), which concluded on Saturday, organizers have claimed.   The five-day event, which took place at the Dubai International Marine Club


Cook Islands to Issue Wreck Removal Certificates

Glenn Armstrong, Managing Director of Maritime Cook Islands, the Cook Islands registry administrator. Courtesy MCI

  The Cook Islands has acceded to the Nairobi International Convention on the Removal of Wrecks, 2007 (“The Nairobi Convention”). As a State Party, Cook Islands will issue Wreck Removal Certificates to its own ships and also to ships flying the flags of states that have not yet


Coastal Interceptors for Kuwait Coast Guard

Tampa Yacht FCI 44 Fast Coastal Interceptor

  Following an extensive evaluation protocol, the Kuwaiti Ministry of the interior has placed an order with Tampa Yacht Manufacturing LLC based in Florida – U.S.A, parent company of Tampa Defence UK and Tampa Defense USA, for 29 Fast Coastal Interceptor craft for the Kuwaiti Coast Guard


Gulf Craft Makes a Splash with New Luxurious Yachts

Majesty 122 by Gulf Craft Inc.

 UAE-based yacht and boat builder, Gulf Craft has made three global launches of latest super yacht - the Majesty 122, the Nomad 65 and 75 from the new collection of yachts designed for the passionate seafarer.    Three new luxury yachts worth a total of Dh53 million were unveiled


VesselVanguard Partners with Hatteras Yachts

Logo

  VesselVanguard announced today a new partnership with Hatteras Yachts to provide a five-year subscription for its award-winning maintenance management solution to every buyer of a new Hatteras convertible or motor yacht. Hatteras owners will be among the first to have access to two


Dutch Chief Mate Sentenced for Fatal Collision

Gerardus Chapel, the chief mate at the helm of the dredger that collided with a sailing yacht at the entrance to the River Orwell in Suffolk last summer, has received a six-month sentence.   On June 8, 2014, Shoreway, a 98-meter, 5,000-metric-ton dredger owned by Koninklijke Boskalis






 
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