06/14/2013

A Yacht Owner’s ‘Trusted Team of Advisors’ – Teamwork is Key

By: David M. Bohonnon & Steven A. Clark; Bohonnon Law Firm, LLC

Our goal in this industry is to provide to our clients the very best in service and guidance, and ultimately gain each client’s continued confidence and trust. Meeting the objectives of the specific transaction in a timely and cost effective way is paramount. The quintessential key to accomplishing this goal is establishing a trusted team of advisors that can address each of the many facets of ownership and operation that face both new and seasoned yacht owners.

Our firm recently co-hosted a Connecticut Shoreline Yacht Summit with some well known and highly regarded industry constituents, and overarching theme of each of the presentations was the combined teamwork of each of these integral team members:

1. Yacht Broker – introduces the client to the yachting experience; provides guidance and confidence throughout the yacht finding, purchasing, owning and selling experience.

2. Documentation Specialist – ensures proper documentation/registration of the yacht and the recording of a lender’s mortgage; provides annual renewals and follow-up.

3. Insurance Specialist – recommends and secures proper coverage for the ownership and operation of the yacht.

4. Lender – provides expertise, guidance, and options for clients in marine vessel financing both in construction and for purchase.

5. Yacht Management – provides both the smaller and larger yacht owner with the comprehensive guidance for the operation and maintenance of the yacht.

6. Captain and Crew – an experienced and knowledgeable captain and crew can maximize the owner’s and its guests’ use and pleasure of the yacht.

7. Legal Counsel – Marine Industry recognized counsel maintains oversight in all legal aspects of the construction, purchase, sale, documentation/registration, financing, insurance, management, taxation and operation of the yacht.

8. Survey- an experienced and industry recognized marine surveyor is of course critical for the required due diligence for any condition review of a vessel as appropriate. Surveyors have specific expertise and should not be charged beyond their credentials or specific expertise.

The continued interaction and collaboration by the team members should provide to yacht owners more cost-effective and comprehensive guidance throughout the client’s ownership and operation of their yacht. Expertise and disciplines are distinct as generally outlined above and the best interests of the client are not served when an advisor exceeds their qualifications to offer advice or direction outside of expertise albeit with the best intentions. “As heard on the dock” may not be the most accurate information to pass on to a client or rely upon.