Code of Ethics
Section 1. The Member shall endeavor to eliminate any business practice which could damage the dignity and integrity of the yacht charter brokerage profession. Each Broker Member shall endeavor to protect the public against fraud, misrepresentation, or unethical practices. Members will be honest in all dealings with yachts, clearing houses, management companies, other brokers and the general public.
Section 2. The Member must pledge himself to protect and promote the interests of the client. It is the duty of the Member to be well informed about the yachts, the crews and the areas he/she is representing and ascertain all pertinent facts so that he/she may present a fair and accurate description. The obligations of absolute fidelity to the clients interest is primary, but does not relieve the Member from the obligation of dealing fairly with all parties in the transaction.
Section 3. The Member must avoid involvement in anything of a questionable or illegal nature. It is the responsibility of the Member to know contract terms, insurance information, permits or conditions that could in any way affect the yacht’s ability to perform the charter, including but not limited to a general understanding of Maritime Conventions and their related security acts, US Maritime and International regulations, local laws, cabotage laws, local taxes, and feasible itineraries. The Member has an ethical responsibility to demand from the clearinghouses, management companies and yachts adherence to safety, legal and financial standards. The Charter Manager Member is equally responsible to the Broker Member to market the vessel in compliance with all insurance, international and flag state requirements.
Section 4. Members will endeavor to protect the confidentiality and privacy desired by clients. The Member shall provide, however, sufficient information about the client to enable the yacht to anticipate particular likes and dislikes, favorite activities, foods and beverages, and other details required to assure the success of the charter experience.
Section 5. Members are encouraged to put a “working notation” or “option” on a yacht only when the charter has reached contract stage. Other Members should respect this and wherever possible, work around these dates by encouraging the client to select alternate dates to accommodate both charters.
Section 6. Members shall comply with the fiduciary obligations as per the terms of the charter agreement or as required by a clearing house or management company and will advise the client on his financial responsibilities and the disbursement of funds. Members are legally responsible for such submission of funds once a charter has been requested and confirmed.
Section 7. A Member’s utmost obligation is to protect the Clients’ charter funds. The Member shall keep an exclusive Client’s Bank Account, separate from the Member’s operating account.
Section 8. A Member shall not take unfair advantage of, nor directly or indirectly disparage the business practices or character of a fellow Member. Whenever possible, Members will strive to support and actively cooperate with other Members for the betterment of the Charter Industry. If a Member’s opinion is sought, it should be rendered with strict professional integrity and courtesy.
Section 9. A Member should so conduct his business as to avoid controversies. In any dispute between a Member and a client, a yacht, clearing house, management company, other broker or other party, a Member should make every effort to settle the matter amicably before contacting AYCA for advice or assistance.
Section 10. Any infraction of the AYCA Code of Ethics should be referred to the Chairperson of the Ethics Committee and the President without delay for a speedy review as it is important for all Members to conduct their business in a manner above reproach.
Section 11. When any member is charged with unethical practices, both the complainant and the member charged should both place all pertinent facts in writing before the Ethics Committee for investigation and judgment. The Ethics Committee may warn or censure a Member for infractions of the Code. Severe infractions, once reviewed, shall be referred to AYCA’s Board of Directors with a recommendation for action, and may result in a letter of reprimand, warning of suspension, suspension of membership privileges or expulsion from membership in AYCA.
Section 12. The Ethics Committee may warn or censure a Member for infractions of the Code. Severe infractions, once reviewed, shall be referred to AYCA’s Board of Directors with a recommendation for action, and may result in suspension of membership privileges or expulsion from membership in AYCA. If appropriate, the entire Membership will be notified of the report or the recommended resolution.
This code was submitted to the Board for approval November 20, 2006