Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

Superyacht insurance under English law: fair presentation, warranties, exclusions, contracting out, IYC/R12 wordings, fraud and claims (IA 2015; MIA 1906)

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Practice notes

Introduction

This Practice Note summarises key aspects of English insurance law, how they relate specifically to yachts, and the developments introduced on commencement of the Insurance Act 2015 (IA 2015). For fuller guidance on the fundamental rules that underpin any insurance contract, see Practice Note: General principles of insurance contract law. For an outline of marine insurance across all categories of vessel, see Practice Note: Marine insurance—general principles.

The relevant legislation

The Marine Insurance Act 1906 (MIA 1906) continues to govern questions of yachting insurance, but its provisions have been revised and built upon by the Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012) and the IA 2015. Smaller yachts and pleasure craft, usually owned by individuals, will typically come within CI(DR)A 2012, which safeguards consumer insureds by substituting the duty of utmost good faith with an obligation to take reasonable care not to misrepresent the risk. For superyachts owned by corporate bodies—who, not being individuals, are not classed as consumers—the IA 2015 will apply.

Getting cover

Superyacht insurance is commonly placed by the captain, the owner, or a management company...

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Web page updated on 22/05/2026

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