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Marine Insurance Brokers IRCM Announce New No Claims Bonus Scheme for Marine Trade Businesses
  • USA - English


News provided by

AM Communications

Dec 09, 2013, 03:00 ET

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marine insurance specialists
marine insurance specialists

(PRWEB) December 09, 2013 -- Specialist Marine Trade Insurance Broker IRCM has launched a No Claims Bonus rebate for their Bowline Marine Trade customers. Qualifying businesses will receive a 5% discount at policy inception and the discount level will increase by 5% at each renewal up to a maximum of 25%. Mark Elcocks, IRCM’s Specialist Risks Manager said, “This rewards good business practice and loyalty by delivering real savings to our customers in the mid and long terms.”

There is no tie-in on Bowline Bonus in return for the no-claims discount, clients are free to walk away at any renewal if they wish and there is no claw-back

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The new bonus-building facility compares favourably to other discount initiatives in the Marine Trade Market. Other providers will typically allow a 5% annual discount in return for their clients locking in for 3 years. In the event of somebody trying to walk away from one of these long term agreements the insurer will seek a “claw-back” of any discounts already applied during the agreement period. Mark went on to say, “There is no tie-in on Bowline Bonus in return for the no-claims discount, clients are free to walk away at any renewal if they wish and there is no claw-back”

The real difference between a traditional 5% annual discount with 3-year tie in and the Bowline Policy rebate can be seen in the table below. A marine business with an annual premium of £5000 before tax will attract an annual 5% discount of £250 from their traditional long-term tie-in. Over a 6-year period this adds up to a total discount of £1,500. The same period on a Bowline policy offering the bonus-building no-claims rebate would net a marine trader a whopping £5,000 in total.

Marine Business Paying Annual Premium of £5000 Before Tax
3-Year Tie-In With 5% Annual Discount Bowline Bonus With Cumulative Discount
1st Year Discount 5%: Premium £4750 1st Year Discount 5%: Premium £4750
2nd Year Discount 5%: Premium £4750 2nd Year Discount 10%: Premium £4500
3rd Year Discount 5%: Premium £4750 3rd Year Discount 15%: Premium £4250
4th Year Discount 5%: Premium £4750 4th Year Discount 20%: Premium £4,000
5th Year Premium 5%: Premium £4750 5th Year Premium 25%: Premium £3750
6th Year Premium 5%: Premium £4750 6th Year Premium 25%: Premium £3750
Total Premium Paid: £28,500 Total Premium Paid: £25,000

End Point: IRCM's new Bowline Bonus facility delivers big discounts in the mid & long terms with no tie-in for qualifying marine businesses. http://www.marineinsurance-ircm.co.uk

Andrew Mason, AM Communications, http://www.amcoms.co.uk/, +44 8453881071, [email protected]

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