Yachts and especially superyachts are more than just vessels - they are lifelong investments that require dedicated care and attention. Regular maintenance and overhauls are essential to ensure their longevity and peak performance. Typically, a comprehensive refit is undertaken every five to ten years, where extensive maintenance and upgrades are performed. This isn’t just about replacing outdated systems; it’s about restoring the yacht to a like-new condition, embracing both innovation and tradition.
Refit projects for superyachts are often transformative. They go beyond the basics, involving significant renovations, modernization, and even structural modifications to align with the latest standards and the owner’s unique vision. These projects may include upgrading interior designs, enhancing cutting-edge technological systems, or completely reimagining the yacht’s structure. Given the complexity and scale of such undertakings, the refit process is a meticulous journey that can span several months, if not years, ensuring the yacht not only meets but exceeds expectations.
Refitted yachts often struggle to secure adequate insurance due to several factors. Many insurance providers have underwriting guidelines that prohibit coverage for older yachts, regardless of their condition. Additionally, trading restrictions and the difficulty in sourcing spare parts for older models contribute to the challenges of insuring these vessels. Insurers also face pressure to swiftly assess documentation, which can lead to rushed decisions. In some cases, discrepancies between a yacht's size and its appraised value further complicate the underwriting process. This conservative stance contrasts sharply with the growing demand for high-standard, second-hand vessels that have undergone thorough refits and meet necessary classification and flag state requirements.
At Sealogy, we are deeply committed to conducting detailed evaluations, carefully reviewing narratives, surveys, mast reports, and refit reports. This meticulous approach enables us to provide insurance for truly unique vessels, such as a motor yacht built in 1905, a 1952 Norwegian high sea trawler transformed into a sailing school ship, and expedition yachts journeying to the Antarctic. For each vessel, we assess management, purpose, voyage planning, classification, flag state compliance, the crew's experience specific to the desired cruising area and many other aspects. Our dedication ensures that even the most distinctive and challenging vessels receive the coverage they deserve.