Navigators & General product covers most aspects of marine insurance in one policy
Navigators & General (N&G) has launched a commercial marine combined insurance product, offering a tailored one-stop solution for the specialist £2.8bn UK marine trade industry.
The new policy, targeted at the marine industry including marinas, boatyards, boat builders, repairers, sailing schools and clubs, has been developed jointly by N&G and Zurich Commercial.
It provides cover for most aspects of marine and non-marine insurance under one policy, with a common renewal date and single point of contact.
The Commercial Marine Combined policy will, depending on meeting the appropriate conditions, cover: up to £5m public and products liability; up to £10m employers' liability protection; buildings and contents; business interruption; pontoons, jetties and work boats; boat stock and boat building; yacht club vessels and sailing school fleets; and trip boats or hire fleets.
N&G said it would use the existing UK network of Zurich Commercial surveyors to carry out risk assessment surveys and, where appropriate, provide free risk management advice.
N&G has also simplified the policy wordings and quotation requirements in order to offer a more straightforward way of arranging cover.
Where some companies require lengthy and complex proposal forms to be completed, N&G will use a 'statement of fact' helping to reduce unnecessary work for the customer and broker.
Richard Coleman, head of N&G, said: “Navigators & General has been discussing the development
"Responding to their changing needs, we have developed, with our colleagues at Zurich Commercial, what we consider to be a market-leading product that provides customers with a seamless proposition for both their marine insurance requirements as well as their specialist business needs.
This is the first time we have used N&G’s heritage and expertise and combined it with the strength and security of Zurich to bring a proposition to the market.
"We hope this will meet the immediate needs of the marine trade business, as well as bringing benefit to thousands of boat owning customers.”