As a yacht grows in size, so does the responsibility that comes with managing it. Owner responsibilities for a yacht include dealing with contracts, legal documents, and insurance, managing the crew, organizing charters, and handling logistics which all take a significant amount of time that you might not have at your disposal. A hobby that used to be relaxing could turn into a stressful experience. Utilizing the services of a yacht management company can take the burden off your shoulders and lessen your responsibilities.
A yacht doesn’t manage itself once you buy it. A captain is responsible for the day-to-day maintenance, but it’s more enjoyable to own one if you contract some of the services out to a yacht management company.
You have options for yacht management. You can contract individual services such as security, crew administration, and insurance separately, or opt to choose a single company to handle everything for you. These various companies allow you to customize your package to select which individual services you need and opt out of those you want to control yourself.
A management company might not have all the professionals you need, but they do have the networks to find specialists who can help with what you need. Some companies focus on an overall approach while others prefer to focus on a niche. A professional company will handle large issues along with day-to-day maintenance requirements.
Even though current numbers show that more than 7,000 yachts are measuring 24m or larger, very few captains utilize a separate management company to help coordinate the vessel’s operations. The captain usually takes care of these responsibilities, but as the yacht gets larger the level of responsibility skyrockets and leaves little time for enjoyment and relaxation. Owners can get assistance with payroll, mail, safety, and other less-than-interesting aspects of ownership.
Costs and Fees
The cost of paying for a management company varies depending on the size of your yacht and how much responsibility you hold on to. Fees aren’t established at a flat rate since so many different factors come into play when customizing your services. Variables such as whether it’s being used as a charter if services are needed in the winter, and how much hands-on management will be done by the company impact the fee schedule.
Using a San Diego yacht management company can aid in tasks such as safety, hiring the crew, security, budgeting, and managing suppliers. Shifting the responsibility to a separate company gives you more opportunity to enjoy being the captain and focus less on the mundane daily operations.