Cancellation & insurance.
The contract terms most charterers don't read until they need to.
Cancellation terms (MYBA standard)
The MYBA Charter Agreement has standardised cancellation schedules. The further from departure you cancel, the less you lose:
- 60+ days out: 25% of base rate forfeit
- 30–60 days: 50% forfeit
- 15–30 days: 75% forfeit
- < 15 days: 100% forfeit
APA is refundable if unspent. Specific yachts and bespoke contracts can deviate from MYBA defaults — read the clause.
Charter insurance
Charter cancellation insurance is offered by specialist underwriters and runs around 3–5% of the base rate. It covers: cancellation for documented illness, accident, family bereavement, jury duty, military call-up, and (typically) named-storm forced cancellation in hurricane-zone charters.
It does not cover: change-of-mind, work conflicts, geopolitical disruption (war, sanctions, pandemic) unless explicitly endorsed. The desk strongly recommends adding it for any charter over $50,000 base, and absolutely for any Caribbean charter during hurricane season's shoulder weeks.