Charter Update: Coronavirus Amendments to MYBA Charter Agreement
28 Feb 2020
The ongoing spread of COVID-19, or Coronavirus, is presenting increasing challenges in the yacht charter market and the wider travel industry. Although the summer yacht charter season may still be several months away, many charter clients will be wanting to plan ahead and book a getaway on board a yacht. Likewise, yacht owners will still want to secure bookings - all of which are affected by the current uncertainty.
The standard charter contract leaves open questions around cancelling a booking in the event that a charter is affected by the spread of the Coronavirus. With this in mind, MYBA have developed a special addendum to their Charter Agreement, outlining either a change to the charter area, a rescheduling of the charter or, failing agreement on these two points, a no-penalty cancellation of the charter. All parties would need to agree to this new addendum, which also includes return of broker commissions, showing strong support from Ocean Independence for both owners and charterers.
In addition to our special addendum, charter travel/cancellation insurance is important to note, as two providers have confirmed exclusion of COVID-19 (communicable disease) affected charters from their polices. However, one provider still maintains a cancellation benefit for any reason, with a refund of up to 75% of prepaid and non-refundable costs incurred, subject to terms and conditions.
It is hard to imagine a safer place to be than on board a private yacht, with end-to-end transportation provided by private aviation or car. We hope our pragmatic approach will give both charter clients and owners the assurance they need to continue to plan for future travel with peace of mind.
The wellbeing and safety of our clients, crew and team members are of the utmost importance. We are carefully monitoring the statements issued by both the World Health Organisation and national governments to ensure that the latest advice is closely followed.
We realise that everyone will make different choices in regards to travel during these times, and our charter team are available to answer any questions or concerns. Please speak to one of our charter experts about flexible booking options or contact us for more details.