Reference Document
Methodology
Policy Review Protocol and Documentation Standards
Contents
1.
Scope
This methodology applies to analysis of yacht insurance policies including:
- 1.1 Hull and machinery coverage
- 1.2 Protection and indemnity
- 1.3 Crew liability
- 1.4 Charter arrangements
- 1.5 Loss of hire provisions
2.
Document Assembly
2.1Collect base policy wording, all schedules, and endorsements.
2.2Identify incorporated Institute Clauses by reference number.
2.3Verify document completeness and execution status.
2.4Note any manuscript amendments or bespoke clauses.
3.
Coverage Mapping
3.1Isolate each coverage grant with specific clause references.
3.2Document trigger conditions for each coverage element.
3.3Record territorial limits, navigational warranties, and trading areas.
3.4Note deductibles, sublimits, and aggregate caps.
3.5Cross-reference to standard market forms where applicable.
4.
Exclusion Analysis
4.1Catalogue all exclusion clauses by category.
4.2Assess exclusion scope and any exceptions to exclusions.
4.3Evaluate interaction between exclusions and warranty provisions.
4.4Compare to Institute Yacht Clauses baseline.
5.
Warranty Evaluation
5.1Identify all express warranties.
5.2Determine warranty type: suspensive or promissory.
5.3Document breach consequences per Insurance Act 2015 s.10-11.
5.4Note coverage reinstatement requirements.
6.
Documentation Standards
6.1Reference index citing specific policy provisions.
6.2Terminology per Lloyd's Market Association definitions.
6.3Classification society rules where vessel-specific (ABS, Lloyd's Register, DNV).
6.4No interpretation without direct citation.
7.
Limitations
7.1Analysis limited to policy interpretation and documentation.
7.2No legal advice provided.
7.3For coverage application to specific claims, consult maritime legal counsel.
7.4Independent work. No affiliations with carriers, brokers, or syndicates.