His Royal Highness Edward Prince of Wales named the lifeboat B.A.S.P., after the donors, Blackburn, Armstrong, Smart and Price.

In 1994 the RNLI purchased the Yarmouth Customs House on the quayside in Quay Street, and began alterations to the building.

This work included creating crew changing rooms, workshop, toilet and showers, and an RNLI souvenir and retail outlet on the ground floor.

She is operated by a crew of six and is fitted with the latest in navigation, location and communication equipment including electronic chart plotter, VHF radio with direction finder, radar and global positioning systems (GPS).

[9] At 13:16 on 28 October 1989, the Arun-class Margaret Russell Fraser (ON-1108) relief lifeboat slipped her moorings at Yarmouth, with Coxswain David Kennett at the helm.

The vessel was the 495 tonne roll-on/roll-off car ferry Al Kwather 1, and was reported to be in difficulties, 3.5 miles (5.6 km) east of Peveril Point near Swanage.

At 15:10, the Margaret Russell Fraser arrived on the scene, and took up a position astern of the Al Kwather 1, allowing the Swanage lifeboat to return home for a well-earned break.

After a further hour, and with the Al Kwather 1 in no immediate danger, the Yarmouth lifeboat also made for Swanage, to allow the crew to get some rest, and to make repairs to a fractured bolt on the wheelhouse door, and replace buckled windscreen wipers.

Coxswain Kennett immediately pulled the lifeboat astern and crew members Lester and Miskin hauled the man on board, with total disregard for their own safety.

Assistant Mechanic Brian Miskin and crewman Joseph Lester were each presented with a "Framed Letter of Thanks signed by the Chairman of the Institution".