subject: What A Yacht Management Agency Does [print this page] A yacht management company is an agency that deals with all the tasks,large and small, involved in the running of a yacht. The company performs these tasks on behalf of the vessels owner. They include the boats finances and accounting, safety and crew management, operations management, technical support, insurance, managing refits and new construction.
By hiring a specialist agency owners are relieving themselves of a whole host of the problems when it comes to comes to safely and successfully sailing a boat. The agency will use their expertise to ensure that everything runs smoothly, 24 hours a day, seven days a week, wherever in the world the vessel is at any given time.
Running a yacht can be very much seen as a business, and the management company will help set budgets as well as take care of accounts and auditing. This includes the payment of a crew's wages and buying supplies a well as the day to day running of the craft.
Safety on board a boat is an international legal requirement under the ISM and Mini ISM System regulations. In this regard, the agency duties include promoting safety and awareness on the yacht, and ensuring the crew are aware of their responsibilities as far as safety for those on board is concerned. They are also responsible for the hiring of crews ensuring their on board competence and their welfare. They also liaise with the captain in the operation of the vessel and its technical support.
Periodically, all vessels have to undergo a refit. An agent can assist in arranging this, either for routine maintenance, or complete refits and will also arrange the drawing up of plans and the supervision for the construction of a new yacht.
