Registration

The season is coming, you have built or bought a yacht and are ready to furrow the seas. However, you need to register and insure the yacht to freely go on a journey. Sailing or motor yacht registration gives the right to fly the flag of the state the yacht will be registered in, as well as the right of ownership to that yacht.

Quite popular jurisdictions for the yacht registration are Panama, British Virgin Islands, the islands of Jersey and Guernsey, Moldova. Panama ranks first in the world in number of the vessels registered under the Panamanian flag. Yacht registration procedure in the public registry is quite simple and provides two types of registration, namely, provisional and permanent registration. One of the advantages in yacht registration under the Panamanian flag is absence of requirements towards the pleasure crafts classification and certification. Accordingly, there is no need to provide any Certificates issued by the Classification Society as well as to carry out the annual survey.

Registration at the British Virgin Islands is quite similar to the abovementioned procedure; however, it implies some adjustments related to classification.

The Shipping Register of Moldova gives the possibility to register the vessels (yachts and boats) under the flag of Moldova the owner of which is any foreign legal entity or individual. The flag of Moldova is recognized all over the world and registration procedure is simple in that register. When registering the yacht in Jersey or Guernsey, the craft receives the British merchant flag. Besides, unlike most of other flags of convenience, the UK Ship Register provides yacht registration for the term of 10 years without renewal.

Insurance

Insurance application is an obligatory requirement when calling into any foreign port. We offer to insure your yacht in leading insurance companies on the Russian and European markets:

- Russian insurance company “Rosgosstrakh”;
- French insurance company “Groupama Transport”.

Our company offers full service yacht insurance:

• yacht and boat H&M insurance and P&I policy;
• concluding insurance contracts (presented documents, survey);
• risks covered (loss, damage, collision, pollution etc.)
• yacht insurance in time of building;
• loss adjustment and service (indemnity insurance, advanced payments etc.)

There can be additionally insured the following risks:

• participation in races and regattas;
• transportation of the insured object;
• war risks.

Yacht insurance premium is determined individually considering the cost, age, navigation area and insurance coverage, thus, making about 0.9-1% of the insurable value.