Marine traders have never had it so good when it comes to investing in their Marine Trades Insurance programmes. That’s the view of Mark Elcocks – Specialist Risks Executive with Marine Insurance broker Insurance Risk & Claims Management Ltd (IRCM). “The number of Marine Trades insurers has increased steadily over the last 5 years and last year saw even more insurers entering the Market” said Mark, “Not only does this offer greater choice for Marine Businesses, it also ensures the Market remains competitive even though insurers are still counting the cost of claims arising from the storms and floods of winter 2013/14”.

Despite enjoying the benefits of an unprecedentedly long buyers’ market, however, Marine Traders are being urged to check their cover adequately meets their requirements as each insurer will have their own dedicated policy which means scope of cover can vary significantly from policy to policy. “It’s not just a case of checking whether or not you are insured to work on a particular type or value of vessel” said Mark, “Limits on length of trial and demonstration trips, heat work restrictions and whether or not vessels are covered in transit are just three things that vary from insurer to insurer.   Moving from one provider to another may deliver a premium reduction but could leave a Marine Trader with inferior cover due to the variance in policy wordings”.

Two Real Situations

Both of these situations are examples of why the right advice is needed:

  1. A trader who had purchased £5m indemnity cover from his insurer.  The trader had informed his insurer that he worked on craft up to £40,000 in value but despite the £5m limit he had purchased to meet local marina contractor requirements he was informed any pay-out in respect of claims arising from his work on vessels would be limited to £40,000.     IRCM gave the right advice and easily put in place the cover that was needed.
  2. A Trader who provided advice and design work as an integral part of his work on a job was told by his insurer that there was no cover for that advice or design as they see ANY advice or design being excluded because this would always be invoiced separately within the job. This is despite it being normal practice for such to be covered by a Public Liability policy. It is true that advice or design which is given for a separate fee needs to have a separate policy cover, but not in this case.     IRCM was able to provide the right advice and the cover needed.

Mark went on to say “The solution for Marine Traders is to speak to a specialist Marine Trades Insurance broker that has access to multiple insurers and who can advise their clients on the nuances of the different range of covers and recommend an option that best meets the requirements of each individual business. A specialist broker would also be able to source competitive wrap-around covers such as Excess Protection, Environmental Impairment Liability and Directors & Officers Liability to ensure business benefit from a truly gap-free insurance programme.”

For information on how working with IRCM can assist you and your business ‘phone Mark Elcocks on 01902 796 793 or email

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