Marine Insurance specialists IRCM have announced the re-launch of their Bowline Insurance offering for small clubs. Aimed at sailing, yacht and boat clubs with low annual revenues the scheme has been modified with a view to providing keenly-priced optimum protection.
Specialist Risks Executive with IRCM, Mark Elcocks said “The feedback we are receiving from small clubs indicates that many of them are under pressure financially due to falling revenues caused primarily by reduced membership. Insurance spend can account for a significant proportion of a club’s annual income, particularly with the higher limits of cover that are required, not only by the Royal Yachting Association (RYA) in respect of their Recognised Training Centres (RTCs), but also by certain local authorities.”
The RYA stipulate that all their RTCs hold a minimum indemnity limit of £3m Public Liability Insurance but some local authorities are insisting that organisations operating in public areas hold a minimum indemnity limit of £5m. In addition to these limits clubs utilising volunteers to undertake instructor duties, bar work, cleaning or even administration are required by law to hold insurance that provides cover in respect of death or injury to their volunteers. Many marine club insurance policies exclude cover for volunteers under the Public Liability Section which means the club is faced with additional insurance costs in order to meet its legal obligations.
“Death or injury of a club’s volunteers is covered under Bowline’s Public Liability Section” said Mark, “which means clubs who solely employ volunteers rather than any paid staff can meet their legal obligations without having to purchase Employers Liability Insurance”.
Clubs that conduct RYA training can also benefit from a free Professional Indemnity Extension to their cover that indemnifies it or any of its volunteers from any negligent errors or omissions arising from their tuition provided as an RTC.
Mark went on to say “In the present climate, small marine-based clubs are looking for an economic insurance solution. IRCM’s goal is to meet the needs of grass roots clubs in sourcing low-cost cover whilst not compromising on the scope of cover they need to meet their statutory and professional obligations”.
Sailing Club, Yacht Clubs and similar organisations such as Cruising Clubs and marine-based Third Sector organisations with annual revenue of up to £20,000 can access cover at an entry-level annual premium of only £308 including tax. Cover in respect of Buildings, Property, Vessels and Trustee’s Liability is also available.
For further details about insurance for your club contact Mark Elcocks at IRCM on 01902 796793 or email firstname.lastname@example.org