Aventure Power Catamarans provides insurance coverage to protect the deposits and payments of buyers in the event of financial collapse, fire or theft, or acts of God.
Aventure, which is based in Monaco with boats built in South Africa, offered the insurance plan before the recent insolvency at PDQ Yachts.
Tim Jordaan, Aventure’s managing director, explains:
In the case of most boatbuilding contracts, the client signs a builder’s contract and a payment schedule. The boat does not leave the yard until the client has paid in full and, in fact, the boat still belongs to the shipyard in those conditions.
We insure and register our clients boat in his or her name from Day 1. They are the owners of the boat and equipment through the different stages until completion day.
This method was mainly put in place in the event of a natural disaster, which, in the case of boatbuilding companies, usually is a fire. In the event of liquidation, the owner can remove his boat as it is in his name solely, and insured as such.
The insurance company would be the first in line as the major creditor and usually the assets of the company could cover any payout, that is, of course, if the moulds and tooling have not been hived away.
The insurance is costly but well worth it to protect our reputation.
Power Catamaran World will be pleased to list any other powercat boatbuilders who offer similar insurance protection to buyers.