Boat builders can boost their protection with Excess Protection. Basically, this cover provides a pot of money which will cover the property and liability excesses on the main marine trade policy.
(PRWEB) April 30, 2014
UK Marine Insurance specialists IRCM have launched a new product bundle aimed at boat builders. In addition to specialist marine trades protection that includes cover for buildings, contents, vessels and yachtyard liability, the product bundle offers further benefits to operators in this segment.
IRCM’s Specialist Risks Executive, Mark Elcocks, said, “Boat builders can boost their protection with Excess Protection. Basically, this cover provides a pot of money which will cover the property and liability excesses on the main marine trade policy.” Marine trades property and liability excesses typically start at £500 but can be much higher for some perils such as Flood, Storm or liabilities arising from hot work. Mark further commented, “Because a business has to pay its policy excess in the event of a claim, the excess protection serves to insure the business’ bottom line. It can save an operator up to £2,500 per year with annual premiums starting from only £69.96.”
Boat builders can further protect their bottom line by opting for the Crime Extension on IRCM’s preferred Directors & Officers (D&O) Liability offering. Mark Elcocks explains “The extension provides protection for the business in the event of theft made by employees – this loss is excluded on a standard marine trade policy. This cover has already benefitted business that have suffered sizeable losses due to thefts of money and stock by employees”. The D&O cover recommended by IRCM protects the assets of the business as well as the directors and offers additional benefits covering Employment Practices Liability and Pollution.
For more information about IRCM go to http://www.marineinsurance-ircm.co.uk/category/marine-trades or email markelcocks(at)marineinsurance-ircm(dot)co(dot)uk.