HFW Comprehensively Yachts Industry Briefing 2023
It has been another busy year for HFW, and the yacht team are delighted to present the latest edition of Comprehensively Yachts. Packed with topical comment and analysis this edition looks at the economic impact of Russian sanctions. Twenty-one months since the invasion of Ukraine, the yachting industry, having been hard hit by the sanctions has largely settled down and found new business to replace that which has been lost or turned away.
However, the risk of an inadvertent sanctions breach remains for those not taking care when onboarding new clients and accordingly HFW starts with a look at the current sanctions landscape from the market leading sanctions team, together with a round-up of some of the high profile ongoing legal challenges.
Next, HFW marine insurance specialists consider whether the widely used American Yacht Form R12 is still fit for purpose or whether the time is right for the marine insurance industry to move on to a bespoke wording better suited to English law and the practices of both the London insurance market and the modern yachting industry.
Finally, the possibility of anonymously enjoying beautiful places in the company of your friends and family from the privacy of your yacht is key to the allure of yachting. However, with AIS technology enabling everyone with a smart phone to know your yacht’s every move, the temptation to turn off a yacht’s AIS transmission and “go dark” is real. HFW admiralty team explores the law behind the transmission and how, if at all, you might achieve an ex-directory status.
Our Paris office reports on a recent land-mark conviction of the captain of a 26-metre yacht by the Maritime Court of Marseille following his repeated anchoring in protected Posidonia meadows and the threat such conviction has for the wider yachting industry.
Finally, this edition of Comprehensively Yachts provides a long read on Cyber Security, the increasing regulations around it and the growing need to take it seriously. HFW hopes you enjoy this edition and if there is anything you would like to discuss in forthcoming editions, please do let the team know.