The world of yachts and leisure craft, ranging from small pleasure crafts to the exclusive super and mega yachts, is a dynamic and exciting market
With the rising demand for luxury vacations and travel, coupled with increasing disposable income, the yacht and marine leisure market is estimated to be worth over $40 billion USD and is steadily growing. The leisure marine sector is also in good health, expected to grow by 5.3% by 2030.
As the market continues to expand, so do the issues, incidents, and inevitable claims that follow. Claims can arise from various areas, such as design issues and personal injuries. In the superyacht market, specifically catering to ultra-high-net-worth individuals with specific tastes and complex specifications, disputes during design, build, or operation are common. These disputes may involve the finish of paint and coatings, fixtures and fittings, and the quality of electrical and mechanical engineering components.
Even the most experienced crews can experience lapses in concentration, leading to groundings, collisions, or allisions. With hundreds of thousands of passengers and users in the yacht and marine leisure industry each year, there is an ongoing risk of sickness and personal injury due to the nature of the activity. When things go wrong, owners and operators can face significant claims and associated costs.
TMCM offers a range of services to support owners and operators when issues arise:
- Specialist claims handling
- Third-party administration
- Medical assistance
- Offshore personal injury
- Legacy claims solutions
- Audits
TMCM works across the yacht and leisure marine industries and can collaborate with in-house claims and legal teams as needed.
If you are dealing with a yacht or marine leisure-related claim, contact TMCM today. Trust us for expert claims management you can rely on.