Stage 5: What should be resolved before signing the charter agreement?

Hill Dickinson’s June 27, 2025 analysis explains that MYBA released revised terms in April 2025, including KYC, sanctions, breakdown-related and entire-agreement changes. Its discussion of the entire-agreement provision is particularly relevant: have counsel ensure material promises are properly incorporated rather than relying only on earlier broker correspondence. (hilldickinson.com)

Checklist: prepare a before-the-deposit issue register

The following are review questions, not statements of your contractual rights. They reflect issues addressed in the reviewed 2025 MYBA specimen; your executed agreement may differ. (ionian-ray.com)

Give each issue an owner, deadline, clause reference and status. For example: “Chef capability—broker to obtain written confirmation; counsel to advise whether the material requirement should be included in special conditions.”

Where a family-office entity signs, have counsel confirm the contracting structure and KYC requirements. Avoid assuming that the person coordinating the vacation should also be the named charterer. Hill Dickinson identifies mutual KYC documentation and sanctions obligations among the revised terms. (hilldickinson.com)

When should you arrange charter cancellation insurance?

Start the insurance inquiry alongside shortlisting and resolve purchase timing before making the relevant trip payments. NAIC guidance explains that cancel-for-any-reason cover can require timely purchase, specified insured costs and compliance with cancellation restrictions; it generally provides only a partial reimbursement. (content.naic.org)

Ask an appropriately licensed adviser to confirm:

• Eligibility for the travelers, their states of residence and the named payer.
• Limits sufficient for the proposed insured expenditure.
• Treatment of yacht deposits, flights, hotels and other prepaid items.
• Covered reasons and exclusions, including the particular weather, illness, breakdown or owner-cancellation scenarios that concern you.
• Medical, evacuation and planned-activity cover.
• The first-payment date, purchase deadline, cancellation deadline and claims procedure.

MHG’s yacht-charter insurance information expressly makes reimbursement dependent on covered reasons, policy conditions and limits. A product description is not confirmation that your particular loss would be covered. (mhginsurance.com)

Stage output: the final agreement, a resolved issue register and a written insurance decision—including any risks the principal knowingly retains.