There is a major difference between hire a yacht and yacht charter. When you hire a yacht, you pay only the actual rental charges for the yacht for
that particular period. The rental charges would not include the yacht insurance, cost of the crew wages and their food, yacht fuel charges, the yacht generator fuel charges, harbor taxes and duties, communication costs, etc. On the other hand, yacht charter is an all-inclusive arrangement between the yacht provider and the person chartering the yacht. Majority of yacht charter providers offer a comprehensive package with several items included in the chartering agreement.
A typical yatch charter would include the following components and when you go in for chartering a yacht, you should ensure that the agreement contains all these items.
Even though most of the yacht charter providers include all the above items, sometimes, they might exclude specific things and request you to make your own arrangements. An example
is asking you to cook your own food instead of providing a separate person such as a hostess for food arrangements. Further, all the yacht charter service providers would exclude local taxes of the ports of call or the eating costs in restaurants in such places. Moreover, if you wish to have additional water sports equipment on board and use them, these would be provided only at an extra cost, according to the number of sports equipment that you wish to have. These costs should be taken into consideration, while you plan a yacht charter.
- Basic yacht hire charges for the period of hiring
- Insurance costs of the yacht for the period of chartering
- Wages of the crew, normally on a per-day basis
- Food and beverages costs of the crew during the chartering period
- Fuel costs of the yacht and its generator for the entire period
- Harbor taxes and duties
- Breakfast, lunch, and dinner, including the serving of soft drinks and alcoholic beverages
- Communication costs, such as Internet charges, WIFI charges, etc.
- Hostess costs
- Laundry charges per day
An existing yacht charter program in the Mediterranean, known as Mediterranean Yacht Broker Association Terms or MYBA terms, is followed by many yacht charter operators in that area. This program consists of only the hiring costs and insurance of the yacht, crew wages and food, and the laundry costs. All other costs like the fuel for engines and generators on board the yacht, other running costs, food, soft drinks, and alcoholic beverages expenses, local taxes, harbor taxes and dues, sports equipment costs, and communications costs would have to be borne separately by the chartering person. Certain yacht charter providers even add crew gratuity as an additional cost, which could be around 15% of the charter fee agreed upon. As such, it is important to enquire thoroughly about the items included in the chartering agreement and the ones that had been excluded. This would avoid unnecessary financial problems during the sailing trip and hassles with the yacht charter operator at a later date.
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