Marina operators have received a timely boost from specialist marina insurance brokers, Insurance Risk & Claims Management Ltd (IRCM), who have announced the launch of a 24-month insurance solution for Marinas. With the Marine Insurance Market being embroiled in conditions that have seen some insurers withdraw from the Market altogether and others raising premium rates by up to a third, the specialist broker’s announcement will come as welcome relief for marina operators; some of whom will be receiving significantly inflated renewal terms in the coming weeks and months.
“Not only have we agreed a premium freeze for the year but we are also offering [qualifying] Marinas the opportunity to secure a premium rate for 2 years” said IRCM’s Specialist Risks Executive, Mark Elcocks.
“In addition to seeing premium increases ranging from 25 to over 30% from some providers, some marina operators are experiencing premiums increases despite being in the middle of a 3-year Long-Term Undertaking with their insurer, whether they are claims-free or not. A 24-month policy effectively secures their rate and protection for 2 years.”
As well as announcing a price freeze on their Marina Insurance rates and committing to a 2-year policy length for their marina clients, IRCM have announced additional bonuses as part of the 24-month package for marinas. “We’re offering a 5% no-claims refund at the end of the first 12-months of the policy period and a further 7.5% continuity bonus if the marina has remained claims-free throughout the policy length and operators renew their policy at the end of the 2-year policy period” said Mark.
There will also be benefits for berth holders at marinas who participate in the initiative; Mark went on to say: “With Yacht Insurance premiums increasing along the same levels as Marina Insurance rates we wanted to offer qualifying yacht owners in those marinas who are working with us some tangible benefits. We’re already offering our yacht clients standard marina concessions and now we’re boosting their overall cover by offering 18 month’s insurance for the price of 12.”
The announcement represents the latest in a series of initiatives by IRCM in the wake of the turmoil in the Marine Insurance Market over the last year or so. With insurers withdrawing from offering cover for certain segments, the specialist broker has stepped in to offer assistance to marine-based trusts and charities, marine-based clubs and owners of classic yachts.
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