Navigators & General is poised to strengthen its position as the UK's leading yacht and motorboat insurer, with the launch of a new high net worth (HNW) policy.

The policy, which will be based on its existing yacht and motorboat insurance product, is set to be launched in April and will provide cover for vessels valued at £1m or above.

The insurer also intends to relaunch a plain English version of both its yacht policy and small craft policy, which was extended last year to include boats of up to 23 feet in size.

Richard Coleman, head of Navigators & General, told Insurance Times: "Not only will the changes simplify the policy wordings, but at the same time improve access to Navigators & General products.

"At the moment our products tend to be accessed by a specialist market, but what we are trying to do is offer them to the wider broker community."

With an estimated 500,000 boats in the UK, Coleman said there was real opportunity for both customers and brokers to take advantage of its improved product range.

Navigators & General, part of the Zurich Financial Service Group, provides insurance cover for all types of leisure craft, ranging from dinghies to vessels with values up to £10m.

The company also has plans to refocus on its commercial marine insurance cover later in the year.