Top 7 Benefits Of Yacht Management

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Financial Efficiency

The situation in the world today may have left you with the challenge of owning an asset that is not able to be used fully yet is still incurring ongoing running costs. From supporting Owners to make informed decisions about large overheads to finding small economies in energy consumption, communication contracts and insurance policies, our team is working alongside Owners and Captains to find cost efficiencies across every area of their operation, taking care to calculate the long-term impact of every decision and ensure that the future value of the yacht is always protected.

Due to the number of operations we manage, we can benchmark costs across similar yachts and share new efficiencies across the fleet to the benefit of our Clients.

3

Safety

Travel may have ground to a halt but yachts are still required to stay up to date with flag state regulations. Having been digitally focused for some time, Y.CO has been able to adapt well to the new, remote way of working and through Y.CO Live, our industry leading yacht management platform, we are able to track documentation and certifications in real time, arrange virtual training where needed, access each yacht’s planned maintenance, and virtually attend onboard drills.

With the approval of major flag states, with whom we maintain excellent relationships, we are now able to conduct remote audits for our yachts to make sure that a high level of operational safety and compliance is maintained across our fleet despite the global restrictions

4

Wellbeing On Board

As a yacht owner, you may have concerns over how best to protect the wellbeing of those aboard. These are unprecedented times and, while no formal guidelines exist yet for the yachting industry, we are closely monitoring new information and guidelines from the commercial shipping network and proactively sharing best practices and guidelines across our fleet to protect the wellbeing of Guests and Crew.

From assisting with sourcing personal protective equipment to advising on best practices for social distancing and safely bringing supplies and people aboard, to working with our Charter department to manage charter guests’ expectations, we are doing everything we can to limit the risk of contamination on board so that the yachts we manage can safely resume their normal operation.

We are aware of the challenges faced by crew who are isolating on board and have been working with online providers to coordinate ad hoc training, putting Captains in contact with providers for online counselling or motivational support, and keeping Crew who haven’t been able to return home informed of emerging travel opportunities.

5

Planning For The Future

With restrictions and regulations constantly evolving and a multitude of often conflicting information circulating, it can be difficult to make decisions concerning your yacht operation or plan ahead.

We have put in place dedicated resource to monitor the global situation carefully and compile up-to-date information that may benefit our Owners, Captains and Crew. Not only are we sharing this across our departments in real-time, but we are analysing the information as we receive it, using our network of contacts to monitor how it is applied in practice so that we can offer comprehensive support to our Clients and deconstruct some of the confusing messages that are circulating at the moment.

6

Insurance

Events in the world today have pushed many of us out of our usual routine, and yacht operations are no exception to this. Our in-house insurance department is closely tracking any changes to location, cruising plans and crew and communicating closely with insurers to so that every yacht in our fleet is adequately covered for these changes in circumstances.

Where insurance renewals have been due, we have been negotiating preferable rates that reflect any reduced usage of the yacht. Our strong relationships with insurers allow us to put Captains and Crew in touch with their network of specialist services such as remote counselling and local medical support where required.

7

Future Usage

We are living in a changing world, and we understand that recent events may prompt you to consider different ways of using your yacht in the future. Whether you require honest advice about listing your yacht for sale, an assessment of potential charter income, or would simply like to find ways you can make your yacht ownership experience more responsible in future, our Clients can access a range of specialist expertise from every Y.CO department at their fingertips.