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Financial management

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While some owners are keen to generate charter income from their vessels, others prefer to reserve them for private use. Either way, Imperial puts precise protocols in place to govern how your vessel operates on a day-to-day basis. Financial Management is a key part of that, and is central to our work with our clients. Imperial can assist with arranging financing needs such as credit cards for crew, managing financial budgets and arranging payments (non-exhaustive list). We also work with all leading banks regarding finance schemes available for yachts under construction and/or re-financing schemes.

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Pre-delivery

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In addition to organising budgets and accounts, checking component orders and paying invoices, your Financial Manager prepares regular financial reports, providing a clear picture of a yacht’s running costs and avoiding any unnecessary expenses. Payroll, compliance and safety issues are taken care of, and Imperial can also organise export finance and yacht leasing in association with leading financial institutions including, but not limited to, BNP Paribas, ING and UBS.

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OPERATIONAL FUNDING ADMINISTRATION
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The Financial Manager also oversees the application of operational funding, which is generally used for the following pre-delivery expenses: 

Crew salaries
which are paid via Imperial Crew HR, can be made in any currency and include any necessary termination payments, deductions and remittances. 

Crew costs
including travel, accommodation, subsistence, petty cash, expense claims, communications fees and medical and personal accident insurance premiums. 

Owner’s supply equipment

All survey costs
for which the owner is responsible, including third-party surveyor inspections in preparation for the issue of all necessary documentation in accordance with the requirements of the Class and selected Flag State. 

Administration
of the yacht’s credit card and prepaid cards.

Financial management
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OTHER KEY FINANCIAL SERVICES
Financial management
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We generate a detailed Operational Budget
(both pre- and post-delivery), based on our extensive experience of similarly sized yachts.

We follow up our initial budget with annual reviews
to compare estimated figures against actual costs and to adjust budgets accordingly. Monthly reviews are planned in the near future.

We set up protected, multicurrency bank accounts
for the safe handling of operational funds and to provide easy access to local finance at reduced cost anywhere in the world.

We draw up a set of approved Financial Operating Procedures
to ensure accuracy, transparency and clarity.

We produce clear, digestible monthly accounts
detailing all pre-delivery operational expenses, with information tailored to the owner’s specific requirements.

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Post-delivery

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With a designated Financial Manager allocated to each yacht, our Financial Team organises budgets, creates protected, multicurrency bank accounts, checks orders, pays invoices, conducts detailed budget reviews and prepares regular financial reports for the owner. In addition to taking care of payroll, compliance, export finance and yacht leasing, our General Ledger of Expenditure enables an accurate analysis of predicted budgets versus actual costs and improves the efficiency of your yacht’s operation.

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SUPERYACHT FINANCIAL REQUIREMENTS
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While a large yacht represents a significant capital investment, it is also the focal point for a complex array of goods, services and personnel. To be managed effectively, it requires the ongoing control of its resources, accounts and expenses, and Imperial has precise protocols in place to govern how that’s done. Just as with pre-delivery management, the yacht is allocated a designated Financial Manager, who takes charge of the Financial Team, overseeing budgets, accounts, component orders and invoices, as well as payroll, compliance and safety issues. Regular financial reports, tailored to the owner’s requirements, generate a clear picture of running costs and help eradicate any wastage.

Financial management
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OUR CREDENTIALS
Financial management
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With extensive experience in yacht management and a large fleet under our care, we have built an enviable reputation among a discerning clientele, based on unbiased and honest advice, specialist expertise and rigorous attention to detail. We have first-hand knowledge of the fiscal implications of maintaining a yacht to the highest standards, while safeguarding the interests of the owner.

 

We provide

Budget planning and review

Monthly accounts

Annual reports

Expense management

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REGISTRATION & VAT

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Maritime regulations vary throughout the world, according to yacht size, homeport, ownership structure and nature of registration, so compliance requires expert knowledge. Imperial is meticulous in ensuring that its yachts are properly registered. With appropriate VAT status and the correct documents – guaranteeing that you will always pass customs inspections, whatever the jurisdiction.

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OUR KEY SERVICES

 

Assess
In the run up to insurance renewals, we assess and review each policy and conduct a survey of the options to ascertain whether a change of policy or provider is of benefit.

Monitor
We monitor each country in a yacht’s schedule to keep owners abreast of the risk of conflict and any other matters that might have an impact on insurance coverage or premiums.

Inform
We ensure that insurance providers are kept fully informed of all pertinent details regarding a yacht’s operation, including any damage, repairs or modifications, in order to keep insurance warranties protected.

Administer
We administer any claims on behalf of the owner, seeking approval before submitting a claim and ensuring that any negative impact on the premium is minimised.

Support
With an extensive database of agents in all the World’s major superyacht ports, our Captains and Heads of Department ensure effective local support for any issues relating to certification and insurance.

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SUPERYACHT INSURANCE
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Subject to owner approval and in close collaboration with the Captain, we select and administer the most cost-effective insurance policies for every necessary element of yacht operation. That includes Hull & Machinery, Crew, P&I and other liability insurance, Pollution Liability and Certificate of Financial Responsibility. We ensure that coverage remains intact, that warranties are protected, and that the insurance providers are kept informed of any repairs, modifications or changes in cruising region. We also make all necessary claims on the owner’s behalf, while helping mitigate any impact on premiums.

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MANAGEMENT ENQUIRY
Trust the management of your vessel to the best in the superyacht industry. Get in contact to explore the options
YOUR DETAILS