As the Mediterranean cruising season draws to a close, the Monaco Yacht Show offers more than a showcase of the world’s finest vessels. It is also a natural point in the calendar for owners, family offices, and yacht managers to pause and reflect. With winter yard periods approaching and plans taking shape for the season ahead, now is the ideal time to review insurance arrangements, confirm that cover is fit for purpose, and address any gaps that may have emerged over the summer.
Yard Periods and Refit Cover
During yard periods for refit and repair, standard superyacht insurance may include clauses limiting cover. Owners should check that the shipyard and all contractors have liability insurance, and that policy wording does not cap liability at the value of the works rather than the full insured value of the yacht. Many yards, particularly outside the EU, operate with legacy practices or limited liability caps. A brief review with your insurance adviser before the yard period begins can prevent significant exposure.
Cruising Region and Navigation Risks
As cruising itineraries evolve, insurance terms can change depending on cruising region, vessel usage, and even the time of year. Recent incidents in the Mediterranean — from severe weather damage to collisions — underline the importance of understanding geographic risks and policy exclusions. Ensure your policy covers planned itineraries, including high-risk areas and activities such as water sports or helicopter operations.
Shifting weather patterns and geopolitical changes may affect safe cruising windows and create new restricted zones. Navigation warranties, crew presence rules, and liability cover can vary between jurisdictions. Keep your broker or adviser informed of itinerary changes to avoid disputes if you need to make a claim.
Crew Welfare and Event-Specific Risks
Although not mandatory in all cases, Praxis encourages owners to provide crew welfare and personal accident cover. Protecting the people who run the yacht is not just good practice — it reduces legal exposure and demonstrates a duty of care that is increasingly expected by crew and regulators alike.
Owners and captains attending major events such as the Monaco Yacht Show should also be aware of event-specific risks: vessel handling in tight quarters, guest movements, uninvited visitors, temporary moorings, and hospitality activities. If high-value items such as art, jewellery, or rare tenders will be on board, ensure they are separately covered. Check that any third-party contractors have appropriate insurance that aligns with your own policy. If the yacht is being promoted for charter, confirm your policy covers this activity.
“Adjusting insurance ahead of the event is the best way to protect the yacht, crew, and owner’s reputation.”
The Praxis team will be on the ground at the Monaco Yacht Show from 24–27 September. Reach out to discuss the insurance services you require.
Praxis Group is not a regulated provider of insurance services but undertakes the placement of insurance as part of its duties when acting in the capacity as directors of a yacht owning company or as the legal employer of crew serving on yachts. This article is intended to provide a general overview of the matters to which it relates. It is not intended as professional advice and should not be relied upon as such. © Praxis 2025