The continued growth of the UK Superyacht Industry is one of the country’s manufacturing successes and has opened up many new opportunities for small businesses to grow as well as their larger counterparts. With Sunseeker and Princess both expanding into this segment there are additional avenues for Marine Traders to move into the market themselves.
Moving from the Marine Leisure to Superyacht sphere does pose some issues regarding insurance, not least of all businesses being covered to work on vessels valued a lot more than leisurecraft. For example, a marine engineer’s insurance schedule may show him working on vessels up a maximum of £100,000 in value and 60ft overall length. The issue he might well find himself facing is finding when he talks to his insurer is that he still can’t get any cover to work on anything worth more than £1m or longer than 100ft. If you find yourself in that position then you are faced with a stark choice – you either work without insurance or you pass up a chance to grow your business.
Of course there are insurers who will cover small businesses to work on superyachts and, indeed, those vessels that don’t qualify as superyachts but are higher in value than, say, £1m but premiums can be much higher than those where the vessels worked on are at the smaller end of the scale, particularly when a £5m Public/Yachtyard Limit of Indemnity is often required.
IRCM’s exclusive rates and coverage can help you have the right scope and level of cover to develop your business in the Superyacht Sector. Whether you are manufacturing and supplying components or providing hands-on engineering expertise you can source competitive insurance for your marine trade business covering liabilities, buildings, contents and vessels as well as benefit from low-cost Management Protection cover.
For further information telephone Mark Elcocks at IRCM on 01902 796 793 or email firstname.lastname@example.org