What happens if I need to cancel my yacht charter?

Answer

The consequences of cancelling a yacht charter depend on the charter contract and the timing of the cancellation.

Cancellation provisions may specify amounts that become payable or refundable at different stages before the charter. Travel insurance or specialist charter cancellation insurance may provide protection in some circumstances, depending on the policy.

The applicable contract should be reviewed before cancellation is requested.

Analysis

Cancellation is a contractual issue rather than simply a matter of returning the yacht to the booking market.

The financial consequences can become more significant as the charter date approaches because the yacht owner may have less opportunity to replace the booking.

Broker Comment

We strongly recommend understanding the cancellation provisions before signing the charter contract. If circumstances change, should not be assumed that a booking can simply be moved to different dates without financial or contractual consequences. Availability of the yacht, proximity to the charter date, owner approval and the applicable contract terms can all be contact us immediately rather than waiting until close to the charter date.