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Do-it-yourself game plans · The nine stages

Stage 6: What must you review in the charter contract and insurance?

Stage 6 of 9See it in the plan
Short answer

Read the actual agreement, all special conditions and every incorporated document before committing. A familiar contract name does not settle the details.

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  • Do not assume it does.

Why does the MYBA version matter?

Hill Dickinson’s July 2025 commentary describes a revised MYBA agreement released in April 2025, including an entire-agreement provision and new KYC and sanctions provisions. The practical buyer question is whether important promises have been incorporated into the contract rather than left in preliminary correspondence. (superyachtnews.com)

An especially useful warning from this research: a publicly accessible MYBA sample found on MYBA’s own site is marked “Revised 2009.” It is useful historical background, not evidence of the wording in a new booking. Obtain the exact current form being offered and have its version and authenticity checked. (myba-association.com)

What should the pre-signature issue register contain?

The following is a buyer’s question list, not a statement that every contract provides these remedies:

IssueQuestion for the broker or lawyer
Parties and authorityWho owes the charter obligations, who can sign, and is the paying entity correctly reflected?
Exact charter periodWhat are the delivery/redelivery dates, local times and places?
Charterer cancellationWhat remains payable at each stage, including expenses already incurred?
RelettingIs there a credit mechanism, how is it calculated, and what evidence is available?
Owner cancellation/non-deliveryWhat refund and other remedies apply, on what timetable?
Force majeureWhat events qualify, what evidence is required, and what notice/challenge procedure applies?
Breakdown after deliveryWhat constitutes loss of use, what time thresholds apply, and how must notice be given?
Material amenitiesWhat happens if an essential lift, cabin, tender or other agreed feature is unavailable?
Crew changesWhat notifications and agreed protections apply to material substitutions?
Sale of the yachtHow is the charter handled if ownership changes before departure?
Guest conduct and childcareWhat responsibilities, restrictions and termination provisions apply?
Funds and stakeholderWho holds each payment, when can it be released, and what happens in a dispute?
Law and dispute resolutionWhich law, forum or arbitration process applies, and what deadlines matter?
KYC and sanctionsWhat information is required, by whom, by when, and what happens if approval is not obtained?

For every unresolved point, record the clause, possible consequence, responsible adviser, proposed resolution and approval deadline.

Does bad weather automatically mean a refund?

Do not assume it does. Hill Dickinson’s April 7, 2026 analysis explains that force majeure depends on the circumstances and contractual wording. It distinguishes owner cancellation qualifying as force majeure from other owner cancellations and warns that cancellation of an event around which the holiday was planned does not generally eliminate the core yacht-hire obligation. (hilldickinson.com)

Ask your lawyer to distinguish:

  • The family no longer wanting to travel.
  • The yacht being available but the preferred itinerary changing.
  • The owner being unable to deliver the yacht.
  • A breakdown after embarkation.
  • An airline, hotel or event failing outside the yacht contract.

These should not be treated as interchangeable situations.

How do you buy suitable charter travel insurance?

Obtain advice before the first payment, so the purchase can meet any policy-specific timing conditions. MHG describes yacht-charter travel insurance as covering eligible prepaid, non-refundable losses for covered reasons, subject to conditions and limits; its CFAR option is not a promise of full reimbursement. (mhginsurance.com)

Send the adviser the draft contract and ask for written answers on:

  • The insured persons and the person/entity paying the charter.
  • Total eligible prepaid, non-refundable exposure and policy limits.
  • Cancellation, interruption, supplier failure and named-storm treatment.
  • Medical and evacuation arrangements, exclusions and activity restrictions.
  • CFAR availability, purchase deadline and reimbursement basis, if wanted.
  • How later payments and changes must be declared.

No defensible universal premium was established in this research. Obtain an actual quote; do not approve the trip using an invented percentage or assume the yacht’s insurance replaces the family’s travel cover.

Output: reviewed agreement, closed issue register and an explicit insurance decision.

Do not proceed if: the principal believes cancellation exposure is limited to the deposit but no adviser has checked that assumption.

Sources cited

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