9 Reasons Why You Should Talk to IRCM About Your Marine Trades Insurance This July

1.  Unlike some insurance providers who won’t visit you if you aren’t paying them over £5,000 a year we offer face-to-face consultancy to our smaller marine traders. That way, we get to fully understand exactly how we can help you.

2.  Because we have sourced a suite of exclusive resources for you and your business you can benefit from a low-cost bundle of covers that gives you protection not generally available from other brokers

3.  Lower cost combined with better cover means you and your business are guaranteed maximum value

4.  You won’t be messed about over pricing – you can trust us to give you our best premium up front.

5.  There are no grey areas of cover in our policy wording – if we say your Yachtyard Liability limit is £5m then we will pay out up to that figure in the event of a claim.

6.  In the event of something going wrong you benefit from the support of our team of in-house claims handlers

7.  Rather than impose a 30-day limit we will guarantee any quote we give you this Summer for up to ten months (subject to their being no material changes in the interim) which means you won’t be under pressure to make a last-minute informed decision if your renewal date falls during your busiest time of the year.

8.  You have nothing to lose and, potentially, a lot to gain by spending 30 minutes of your time in an initial, free, no-obligation consultation with us.

9.  We won’t “Cold Call” you, so all you need to do to talk to us is telephone Mark Elcocks on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk

 

5 Reasons Why Your Sailing Club Insurance May Be Leaving You Personally Exposed

Many sailing clubs are registered charities or not-for-profit organisations.  Despite this, the club, its officers, trustees and members can still be held legally liable when things go wrong.  A standard sailing club insurance programme is unlikely to protect the club and its officers against some of the very real 21st Century hazards that they can often encounter. Here are just 5 examples of typically unprotected exposures facing clubs, their memberships and, in particular, their officers and trustees

1.  Club trustees’ and officers’ personal assets are at risk:  

If accused of breaching their duties then officers and trustees are personally liable to defend any claim against them.

2.  Employment Practices Liability claims are a significant risk – even for sailing clubs: 

In an increasingly litigious environment even if your employees are only engaged on a volunteer basis club officers and trustees can be held personally liable for breaches of employment legislation such as sexual harassment or discrimination.

3.  Investigations by bodies such as the Health & Safety Executive (HSE) are commonplace: 

A serious incident could lead to an investigation by the HSE and the award of fines as well as incurring significant defence costs. Both club and officers can be separately charged as exclusive legal entities.

4.  Your members can sue you: 

If your club membership isn’t happy with the way its committee have managed your club – for example, its financial affairs – they can take legal action against club officers and trustees. Costs of defending allegations can often run into tens of thousands of pounds.

5.  Your Public Liability Insurance won’t help you: 

Neither a club’s Public Liability Insurance, nor its Professional Indemnity cover will provide any protection for club officers or trustees in the event of them having to defend allegations of misconduct. Costs, as well as any awards against them, would have to be borne personally by the defendants.

These very real exposures can be neutralised with IRCM’s exclusive Directors & Officers Liability policies for sailing clubs.  This low-cost solution provides a sensible level of indemnity that protects the club itself as well as its officers and trustees.  It takes full cognisance that as a sailing club you are likely to be providing training and tuition as well as working with children or vulnerable adults so it fully meets your demands and needs.

For a no-obligation premium indication for your Sailing Club ‘phone Mark Elcocks on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk

Broker Moves Quickly to Assist UK Sailing Clubs

Specialist Marine Insurance Broker Insurance Risk & Claims Management (IRCM) have moved quickly to assist UK Sailing clubs in the wake of an announcement by the Royal Yachting Association (RYA) that has seen them increase the scope of cover required by their Recognised Training Centres (RTCs).

The Association is the UK’s national body for boating (sail and powered) and has stated that the review is prompted by  changes in insurance over the last few years and the need for greater clarity on the form of insurance required as well as the levels of cover.  The announcement stresses that it is important for clubs to ensure their marine activities are fully disclosed to insurers and that “tuition” is included in the business description when undertaken by clubs.

Going forward RTC’s will be required to hold a minimum limit of indemnity of £3m in respect of their Public Liability Insurance – an increase of £1m.  Of greater significance is the requirement for RTC’s to hold a minimum of £500K Professional Indemnity cover in respect of their training activities, both ashore and afloat.  Professional Indemnity insurance is only available from a small panel of insurers and the combination of waterborne training which also often involves children and vulnerable adults is likely to rule some of the panel out as potential providers.  The scope of the Professional Indemnity cover also requires cover to include personal injury which will also serve to make the proposition even less attractive to insurers.

Mark Elcocks, Specialist Risks Executive with IRCM said “We thought it wise to move quickly to offer a solution for sailing clubs that are RTCs.  Many will have renewals in the next few months and although the Professional Indemnity requirement is not yet in force, clubs will have the benefit of knowing that they won’t be struggling to source a solution as the deadline approaches”.

Mark went on to say “Many RTC’s are not-for-profit sailing clubs that are essential to promoting sailing and we believe it’s vital to assist them whenever possible.  Many small clubs have modest revenue and we are not only committed to providing the right cover for them, we are also determined to provide them with a low-cost solution.  For this reason we are delighted to be able to offer such clubs a competitively priced Professional Indemnity and Public Liability package that they can either bolt onto their existing insurance programme or bundle with our own comprehensive low-cost sailing club cover”

For further information on obtaining low-cost comprehensive RYA-compliant insurance for your sailing club telephone Mark Elcocks at IRCM on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk

 

New Sailing Club Insurance Requirements

The Royal Yachting Association (RYA) recently announced it’s recognised training centres (RTC’s) would require enhanced insurance cover – an increase in Public Liability (PL) insurance to a minimum indemnity limit of £3m and the addition of at least £500,000 Professional Indemnity (PI) cover in respect of it’s training activities.

The uplift in Public Liability Insurance is likely to result in a small increase in premiums for clubs, though clubs are advised to check that Yachtyard Liability is included as part of their cover.

The PI addition may cost clubs more than they would hope for as it is not cover that is as widely available – PI is only provided by a small number of insurers and waterborne activities are not in the appetite of the majority of those that do.

Independent Marine Insurance specialists IRCM are known for their innovation in the Marine Trades & Marine Club Segments and have moved quickly to ensure Sailing Clubs can access the cover they need at affordable premiums.

A low-cost product bundle that includes the following cover and meets RYA requirements is available to not-for-profit Sailing Clubs and Recognised Training Centres:

  •  Public, Products & Yachtyard Liability
  •  Employers Liability
  •  Professional Indemnity
  •  Directors & Officers Liability

For further information telephone Mark Elcocks on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk

Marine Trades Insurance Confusion Costing Superyacht Contractors

Superyacht contractors, ship repairers, as well as sub-contractors in both sub-sectors, are losing earning opportunities as well as being forced to pay unnecessary costs due to some recruitment businesses appearing to be adopting a “one size fits all” approach to insurance.

IRCM are regularly approached by traders who have been offered Bona Fide Sub-Contractor placements to undertake superyacht and ship engineering work.  In many cases they have been informed by the recruiting business that they need Employers Liability and professional Indemnity Insurances in addition to Public Liability cover.  Unless they can present evidence of cover they are unable to take-up the placement.

This creates problems in a number of areas.  First and foremost a sub-contractor without employees does not normally require Employers Liability Insurance.  Obtaining cover would obviously be at a cost to the sub-contractor which is not likely to be cheap (given the type and location of work to be carried out).

Secondly, Professional Indemnity Insurance is a product that indemnifies professionals in respect of any advice or design work they provide in return for a separate fee,  In every case that has come to IRCM’s attention, the sub-contractor concerned was simply carrying out work and was providing no advice or design work at all.  Marine-based Professional Indemnity Insurance is often costly, even for relatively low fee income – this is another potentially unnecessary and expensive cost for a sub-contractor.

The third issue relates to insurance providers themselves who must be fully Authorised and Regulated by the Financial Conduct Authority (FCA).  Central to FCA expectations of insurance providers’ conduct is Treating Customers Fairly (TCF).  One of the principle TCF requirements is to give due regard to the interests of their customers and treat them fairly.  This does mean that the selling of products that are not relevant to a customer’s need is not permitted.  So, no matter how much an individual is being told that they need to have a certain cover in place just to get work, the insurance provider is unable to provide them with the cover if it doesn’t match their activities.

Finally, contractors themselves will potentially be losing out on having the best sub-contractors working for them:  if the best sub-contractors can’t get insurance, they can’t get the work.

Ship Repairers, Superyacht Contractors and their respective Sub-Contractors who would like to discuss this issue further can email markelcocks@marineinsurance-ircm.co.uk or ‘phone Mark on 01902 796793

Sailing Club Insurance Premium Boost

IRCM has announced it ‘s starting premium for Sailing Club Insurance on it’s exclusive Bowline Marine Trades policy will be only £358 for an indemnity limit of £3m.

The announcement will be particularly welcomed by smaller clubs providing tuition who will need a £3m limit as an RYA Recognised Training Centre following the RYA’s recent move to increase the minimum level of cover held by its RTC’s from £2m.

The Public Liability Insurance offered by IRCM to sailing clubs provides full Yachtyard Liability as well as covering tuition activities.  Clubs interested in obtaining a competitive quotation for their liability insurance should email markelcocks@marineinsurance-ircm.co.uk or telephone Mark Elcocks on 01902 796 793

£499 Marine Trades Liability & Tools Cover for Superyacht & Commercial Vessel Contractors

Marine Trades Insurance specialists IRCM have announced a new product bundle for businesses working in the UK’s buoyant Superyacht Sector.  The comprehensive package includes Property and Business Interruption options as well as providing a full range of Liability covers.  Standard programmes offer:

  • Buildings & Contents Insurance
  • Machinery & Plant
  • Lifting Equipment
  • Computers and Peripherals
  • Business Interruption (Lost profit & additional cost of working)
  • Money
  • Public, Products & Yachtyard Liability
  • Employers Liability

Business owners will also automatically be offered an additional bundle that includes Management Liability protection and Excess protection.  “The goal is to provide a truly comprehensive marine trades insurance programme to businesses operating in this sector” said Mark Elcocks IRCM’s Specialist Risks Executive

“We recognise that even in a growing market business owners will still want to minimise costs but also want the best possible solution.  In offering a comprehensive insurance bundle that not only offers traditional covers but offers additional protection to the bottom line as well as reducing exposure of a business owners personal assets we have economies of scale that means we can slim down the overall premium of the programme.  This means the business owner benefits from outstanding value”.

In addition to providing comprehensive marine trade insurance programmes, IRCM are also offering a low-cost entry-level solution for self-employed contractors.  “The issue these businesses face is that the usual Marine Leisure Insurance Market will not cover them to work on large yachts or commercial vessels and liability insurance for working on these larger, higher-valued vessels is significantly more expensive than that where work is restricted to smaller, lower valued craft”.

IRCM’s tools and liability insurance package for superyacht, large yacht and commercial vessel contractors starts at only £499 including tax and fee and provides £5m of Public, Products & Yachtyard Liability as well as £5,000 cover for tools and equipment anywhere in the UK.

For further details contact Mark Elcocks at IRCM on 01902 796 793 or email markelcocks@marine insurance-ircm.co.uk

Rowing Club Insurance – Members’ Boats Bonus

Rowing Club Insurance specialists IRCM have enhanced their Rowing Club Insurance offering by enabling clubs to include members’ boats on the club insurance programme.  The advantage to clubs and their members is 4-fold:

  1.  Competitive insurance rates for members’ boats.
  2.  Comprehensive cover under IRCM’s exclusive policy wording.
  3.  Specialist claims support from IRCM’s in-house claims team.
  4.  Commission-share bonus for the club itself

For further information Clubs can contact either Pat Ward or Carl Ralph at IRCM on 01902 796 793 or by emailing enquiries@marineinsurance-ircm.co.uk

New Insurance Options for Superyacht Contractors

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 markelcocks@marineinsurance-ircm.co.uk

Marine Trades Opting for Management Protection

More marine traders are opting to protect their businesses and personal assets by investing in Management Protection.  A Sector that has seen a relatively low uptake of this particular insurance now seems to be taking steps to protect itself against some of the potentially more dangerous exposures not covered under Public or Employers Liability Insurances.

There may be a number of reasons for this change in attitude by the Marine Trades Sector:

  1. A growing awareness that Limited company status does not mean company directors cannot be held legally liable for the decisions, errors and omissions they might make in their capacity of company directors. There are more and more publicised instances of company directors being prosecuted as individuals in addition to their company being prosecuted.
  2. Marine trades are a potentially target Sector for the Health & Safety Executive (HSE) and Local Authority Inspectors due to some of the processes commonly used in the Marine Trades Sector, such as work at height and use of wood/ metal cutting machinery.
  3. The cost of investing in D&O protection has fallen considerably in the last couple of years.

IRCM, as a specialist Marine Trades Insurance broker are able to offer marine traders a low-cost entry level D&O cover that can be enhanced with higher indemnity limits at very competitive rates.  The starting premium is only £147.50 including tax and fee for which the marine trader receives the following levels of protection:

  • Directors & Officers Liability: £250,000 limit of indemnity
  • Corporate Liability) the business entity £125,000 limit of indemnity
  • Employment Practices Liability: £25,000 limit of indemnity

Our recommended Management Protection product has been extended to include Crisis Management, Deprivation of Assets, Personal Tax Liability and Emergency Costs cover and can be extended to include Crime (by employees) cover– again, with its own limit.

The depth and breadth of our wording includes such features as 100%. Allocation of Defence Costs, straightforward Corporate Liability cover and Employment Practices Liability cover without a TUPE Exclusion.

Additional Benefits

Choosing IRCM’s recommended policy means that Marine Traders will also benefit from a number of additional services that are provide by the insurers free of charge. Their advice lines will put you in touch with highly-qualified experts who can offer information and assistance on a number of issues. Better still, you can use any of these advice lines completely free of charge, and there is no limit to the number of times you can call.

Legal Assistance:  A 24-hour service that gives you access to a team of legal experts offering confidential advice on business matters, such as defence of prosecutions, employment, customer and supplier disputes.

Health & Safety Help is available 24 hours a day on health and safety legislation, including its interpretation, and advice on civil and criminal liability for accidents at work.

Tax Advice via a confidential telephone advisory service offering assistance on all taxation issues such as PAYE, VAT and income tax. This service is available Monday to Friday, 9am to 5pm.

Stress Counselling:  Stress affects most people at some point in their working lives. Insurer’s stress counselling service will help you deal with stress at work by addressing minor problems before they become major crises. Confidentiality is of the utmost importance, and counsellors are qualified and experienced in assessing problems quickly so they can provide immediate therapy.

Dedicated claims experts

Clients have the support of a dedicated Claims Team with over 40 members of staff, 300 years of combined professional and financial risk experience, and 600 years of combined insurance experience. Over 80% of the team hold professional insurance qualifications.

Fair claims paid promptly

The insurer’s dedicated Claims Team has a reputation for fairness in their approach to claims handling and prompt settlement of claims.

Market leading fraud identification and management

The Insurer has a Counter Fraud Unit with over 200 dedicated staff investigating potential claims fraud. Their ability to keep claims costs down means they can do the same for premiums.

CLAIMS EXAMPLES

Our recommended policy coverage would respond in the following circumstances.

Directors and Officers Liability:

Pollution:   A manufacturer employed a waste disposal contractor to dispose of old oil. Contrary to the manufacturer’s expectations, the contractor dumped the oil in a field and then became untraceable. The Environment Agency brought criminal proceedings against the manufacturer’s directors and considerable defence costs were incurred to achieve their acquittal.

Civil Fines & Penalties: Under the Finance Act 2009, the Senior Accountant Officers (SAO) of large companies have a duty to take reasonable steps to ensure that the company establishes and maintains appropriate tax accounting arrangements. A duty is placed on the SAO to provide HMRC particular documents on an annual basis, which meet certain requirements. The SAO of an insured company was fined £5,000 for not complying with their duty, as he did not provide the annual certificate to the HMRC.

Corporate Liability:

Corporate Manslaughter (Defence costs): Four teenagers drowned after a disastrous canoe trip. Criminal proceedings for corporate manslaughter were brought against the manager of the company that organised the trip and a separate action was brought against the company.

Employment Practice Liability

A team of female employees brought an action against their employer over claims that they were being paid less than their equivalent male colleagues. Their action was successful and the court awarded them compensation of £10,000 each.

Crime

An employee working in an Insured’s finance department confessed to issuing unauthorised cheques from company accounts into his personal bank account over a period of 5 years. The Insured’s insurance policy responded to this and ultimately a claim was made and was successful.

NEXT STEPS:

If there’s anything else you need to know, we’re here to help. Contact Mark Elcocks on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk who will be able to give you the answers you need.