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.

 

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.  Telephone Mark Elcocks on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk  for further details on how IRCM can help your business.

 

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