The HFW yachting team bring you their latest client briefing, featuring commentary on the latest developments in the yachting industry, including War Risks insurance, implied terms in yacht sale and purchase, changes to the STCW code and updated guidance for the management of lithium-ion batteries on yachts.
With market activity being impacted in a range of different ways, no one in the yachting industry can have failed to notice the war in the Middle East. However, for those owning or otherwise serving on yachts operating within range of the protagonists (potentially far beyond the immediate conflict zone), the position will have been considerably more acute. We accordingly open this briefing with a review of the importance of having in place appropriate war risk insurance.
The English courts have seen a recent flurry of cases of relevance to the yachting industry. In particular, a recent case concerning the sale and purchase of The Maltese Falcon, which we analyse below, has provided a stark reminder of the importance of clear drafting when agreeing sale agreements and, specifically, the consequences of failing to appropriately allocate risk under expressly agreed terms.
The prevention of bullying, harassment and sexual assault onboard yachts remains a key topic for the yachting industry. Accordingly, in the next piece from our employment team, we analyse the implications of the recently updated Standards of Training, Certification and Watchkeeping Code and the requirement now in force for crew members to play their part in preventing such conduct.
Following on, ironically known as The Happy Aras, the latest case in a long line of unseaworthiness cases from the commercial shipping industry highlights the vital importance of appropriate crew training, particularly onboard commercial yachts.
With the British Virgin Islands (the BVI)determined to increase its attractiveness as a jurisdiction for the registration and ownership of yachts, our BVI qualified colleagues consider recent BVI legislative developments introduced to support this objective.
Finally, in our latest long read on the subject of safety, we consider the implications of the updated lithium-ion battery rules published by the UK’s Maritime and Coastguard Agency (the MCA).
As ever, we hope you enjoy the latest edition of Comprehensively Yachts but if you have any questions or would like us to address a particular topic in future editions, please do not hesitate to get in touch with your usual contact at HFW.
