Yacht Management and Marine Insurance - Essay Example

Download file to see previous pages The natural actors include such factors as the wind, tide, and current, which are routine in nature, and typhoons, hailstorms, tsunamis, and the like are exceptional natural situations that require a different approach. Similarly, the artificial actors include the routine rules and regulations about safety, security, hygiene, and other aspects. There are artificial situations such as fire on board, the act of piracy and so on which necessitate a different set of preparedness. Regardless of the types of actors and factors, a yacht has to deal with, management, organization, and operations are intricately associated with each other and form the key performance variables for the successful management of a yacht. As expected the cumulative objectives of a yacht’s activities are to be at all times, superbly managed, with a flawless organizational structure that can undertake all operational evolutions seamlessly. To achieve this objective, a periodic review of the mechanism to ensure the operational standards of the yacht in terms of the management, organization structure, and routine and emergency operations are undertaken periodically so that these are maintained and fit at all times. The review is discussed in the succeeding paragraphs.

Yacht management comprises a host of activities including the provision of supply of support and advice to owners and their Captains in order to ensure that the yacht is being maintained, operated and administered to the highest possible standards. Thus, enabling the owners to free up their time on board and have a safe and secure experience on board (Fraser Yachts, 2010). As a yacht manager, the yacht management tasks include overseeing all of the administrative, technical, financial, safety and legal aspects of the yacht.

Ensuring optimum operational standards in all these areas need a well-thought-out plan and needs actions that would ensure optimal management efficiency and effectiveness. For the purpose of this discussion, the definition of efficiency will be limited to doing everything right and effectiveness will be interpreted as doing right things right. For a 2,900 motor yacht, both of these are necessary preconditions. This can be achieved by initiating the actions discussed below. ...Download file to see next pages Read More