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For many first-time yacht owners, the necessities of maintaining a yacht can be somewhat of a mystery. Below, Joshua Kerrigan highlights five of the common yacht management needs that first-time yacht owners frequently overlook. Maintenance Type #1: Managing a Crew Just about every kind of large yacht needs a crew, from someone to sail it to someone to clean it. You (or the company you choose to assist you) will have to recruit staff members, hire and schedule them, and pay them. Managing a crew can entail everything from payroll and taxes to forwarding their mail if you will be on the water for a significant amount of time. And of course, all contracts must comply with MCA rules. Maintenance Type #2: Budgeting and Financing Purchasing a yacht isn’t the only money you’ll be spending on your yacht ownership. Other costs to consider include insurance, taxes, docking, repairs, maintenance, fuel ... the list goes on. Having a budget and keeping close track of your finances is the only way to ensure that you don’t wind up spending more on your yacht than you need to. Maintenance Type #3: Washing and Cleaning Just because your yacht will be spending most of its time in water doesn’t mean it will stay clean! Your yacht will need external washing (including the bottom of the yacht) on a regular basis to keep it looking beautiful, and the inside will need care and cleaning as well. Hiring a specific cleaning staff is generally the most effective way towards ensuring that your yacht is well taken care of. Maintenance Type #4: Registration Much like a car, a yacht needs to be registered and insured with the proper authorities so that you can legally take it out on the water. You will likely also want to sign up for an additional emergency service (Yacht Management, Inc., uses towboat.us) in the event that you have mechanical troubles at sea, much like you might have AAA for your car. Maintenance Type #5: Systems Checks Finally, a monthly test on all systems (electrical and mechanical) on your yacht is a must, and will prevent you from encountering engine and other troubles while at sea. It is always a wise idea to have a skilled professional complete these inspections for you, as they’ll be more likely to catch something that an untrained eye might miss. For more information about maintaining a yacht, check out the following resources; http://www.discoverboating.com/owning/maintenance/basic.aspx
http://www.allstate.com/tools-and-resources/boat-insurance/simple-ways-to-extend-life-of-your-boat.aspx Author Resource Box Joshua Kerrigan is the founder and CEO of Yacht Management, Inc., and has been helping clients develop custom maintenance plans for their yachts for many years.
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