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”
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 £5,000 in total.
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Marine Business Paying Annual Premium of £5000 Before Tax |
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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 |
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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. Telephone Mark Elcocks on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk for further details on how IRCM can help your business.