6. INSURANCE

Below are the details of all current insurance policies.

6.1 Hull and Machinery

Hull and Machinery insurance is currently provided by International Risk Solutions (IRS).

Policy number:                    I0060/21000

Cover Period:                      5th June 2021 – 5th June 2022

Total sum Insured:             EUR 80,000,000

Annual Premium:                EUR 273,580.0

6.2 Protection and Indemnity

Protection and Indemnity insurance is provided by Yacht owners

Policy number:                    59247/1077320/534242/P&I-LCC/01

Cover period:                      5th June 2021 – 5th June 2022

Limit of Cover:                    USD 500,000,000 each incident

Deductible:                          EUR 4,000 claims under US jurisdiction, EUR 1,200 all other claims

6.3 Crew welfare

Crew medical and welfare insurance is provided by International Risk solutions (IRS) this is considered to a good provider and coverage is considered adequate. It should be noted that the insurance premium is amended at policy end based on the number of crew employed and the wage roll, as the vessel is currently operating with limited crew, I would anticipate here should be a premium rate due at policy end.

Policy number:                    M0082/21000

Cover period:                      12th May 2021 – 11th May 2022

Premium:                              The annual premium is adjusted at expiry based on the number of crew members and any    change in wage roll

6.4 Open Insurance claims

Currently there is one open medical claim for Joe Caulkett. All treatment has been completed. A claim is open with insurers and awaiting final invoices in order to finalise the claim. All Invoices related to this claim have been settled by the local agent. Ownership will need to nominate a new bank account to receive funds.