The Complete Cost Of Renting A Yacht In Miami
When you start planning the charter of a luxury yacht, it is important to know what is inclusive in the cost of renting a yacht in Miami. Although a boat has a prime rate, it may or may not include additional expenses such as food and fuel, and this is subject to the terms of the charter agreement. There are various sorts of charter contracts, depending on where you want to cruise.
This article will detail the costs involved in planning and booking a yacht charter. From the basic price of chartering a yacht, what is covered by the charter fee, and how it can vary.
High season
The high season designates the most popular weeks of the year for yacht charter. Booking in high season requires early planning, determination, and a large budget. Allow sufficient time to inquire to ensure a star-studded and well-prepared arrival.
Low season
The low season generally means any time outside of the high season periods. Groups of families and friends looking for a relaxing luxury vacation should to avoid the weeks of high season and opt for weeks outside of this period. The busiest periods are, of course, reflected in the rental costs and can be up to 15-30% more expensive than typical low season periods. Chartering a few weeks on either side of these peak periods can be almost identical, with the time remaining almost unchanged in some locations, with far fewer people.
The base charter fee
The base charter fee essentially refers to the cost of chartering the yacht itself, with all equipment in working order, plus the cost of food and crew wages for the duration of the charter. This is essentially the entire basic charter fee, to which additional expenses are often added. The base charter price varies from yacht to yacht for several reasons ranging from the size and equipment on board to the charter season. For example, the base price of a charter yacht may increase in “high season” and decrease in “low season”. The terms “high season” and “low season” refer to the busiest and slowest periods for yacht charters, although this may seem misleading, as these peak periods refer to periods of weeks as opposed to full seasons.
The cost of renting a yacht in Miami equipped with an onboard cinema or sumptuous water toys may have a higher base rate than a boat of the same size with minimal equipment. If you are unsure why two yachts of the same size have a very different price, ask your yacht broker to explain the differences. Once you know clearly what the base price is and why it is important to find out what costs will be applicable also, and this depends on the type of charter agreement used.
Advance Provisioning Allowance ( APA)
The APA allows charterers to manage their expenses through a clear and traceable arrangement. ABS is a way to deposit your estimated charter fee to cover costs such as fuel, food, and docking costs. Typically, the ABS is about 25-30% of the basic charter fee. Although it, of course, depends on the tastes and requirements of the charterers and can be much less or much more than this estimate. For example, clients who intend to eat caviar and vintage wine regularly can expect to pay more, while clients on a charter yacht can expect to save on fuel costs. Charterers can ask the yacht broker for an estimate of the amount of the APA based on their expectations on board.
The APA must be paid approximately one month before boarding the charter yacht directly to the yacht captain. Then it will be kept as a kind of bank account, from which the captain can make expenses while keeping track of what has been spent. At any time during the yacht charter, clients can ask the captain for a summary of the accounts to keep track of the expenses. The captain will request additional funds during the charter if guests exceed the APA. It is therefore advisable to maintain an additional account with your shore-based broker as if the APA becomes dangerously low at any time. The broker may pay additional funds to the captain at the charterer’s request. Cash can be useful , although an ashore account may not be a problem for some.
Food and fuel, for example, charged at cost without mark-up to the charterer and that upon landing.
Fuel and Berthage Fees
It is important to remember that while fuel costs are taken into account. The fuel consumption when using jet skis and tenders also applies to the charterer. Besides, when docked in a marina, the generators used to produce electricity also consume fuel. Distance traveled and cruising speed also affect fuel costs, and it is important to keep these factors in mind. Docking fees can vary from very little to a lot, and again it depends on the location.
Insurance
Although insurance costs are not directly related to the actual charter costs as such, it is useful to keep in mind that you must purchase a charterer’s liability insurance or cancellation and reduction coverage.
Cost of renting a yacht in Miami
No request is too big or too small in the case of a yacht charter, but it is wise to keep in mind the transportation costs if you ask for an expensive bottle of champagne delivery while you reside in a remote Caribbean bay. It is important to understand the entire payment structure to avoid unpleasant surprises, and it is often prudent to maintain an escrow account with your shore broker to control the charter price and not have to carry cash on the vessel.
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