At the Monaco Yacht Show 2017, the Isle of Man Registry will be launching a new product, the Pleasure Yacht Plus service, that caters to private owners who wish to maintain commercial level compliance. The new service offers enhanced surveys and third party oversight for large pleasure yachts registered with the Island’s Ship Registry.
“At either end of the spectrum you have pleasure yachts, which ordinarily receive a relatively light regulatory touch, and commercial yachts that are built to maintain code compliance, have professional crew and all the necessary surveys and audits,” starts Dick Welsh, director of the Isle of Man Registry. “Somewhere in-between we have been missing trick by not making it easier for the owners’ who wish to enhance safety and promote excellence on board pleasure yachts by voluntarily maintaining commercial compliance.”
Maintaining voluntary compliance brings with it a whole host of benefits for the private owner. One of the central arguments for maintaining compliant standards is that it can only benefit the eventual sale of the vessel, should the owners position on yachting change. In this eventuality, depreciating value will, to a certain degree, be mitigated. It also increases the chances of a sale by making the vessel to commercial or private buyers.
“We are creating a framework, a package for maintaining voluntary compliance,” continues Welsh. “We will come out and do the surveys and be in touch with yacht on a day to day basis so we can field any queries or needs they may have and we will advise the vessels on what we believe they should do to maintain compliance.”
While the Pleasure Yacht Plus service is aimed at all superyachts who wish to maintain voluntary compliance, it is also a response to the increasing size of contemporary superyachts. As vessels increase in size, it becomes progressively more difficult to remain abreast of regulatory and safety standards, as well as the condition of the vessel and its crew. Knowing that the vessel is well maintained may also go some way towards encouraging quality crew to join the vessel and, importantly, remain on board.
“Monaco Yacht Show is the yacht industry’s premier even for showcasing the Manx flag (Isle of Man flag) and is the perfect opportunity for developing business relationships and new contacts,” says Andy Roy, chair of the Isle of Man Superyacht Forum. This year’s Monaco Yacht Show takes placing from 27-30 September. “The [Isle of Man] Superyacht Forum Committee will be attending again this year to promote our members’ expertise and the Island’s world-class Registry.”