N&G launches Commercial Marine Combined Insurance product
29 June 2007
Navigators & General (N&G), providers of commercial marine insurance for over 80 years, are today launching a new Commercial Marine Combined insurance product, offering a tailored one stop solution for the specialist £2.8 billion 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 £5,000,000 Public and Products Liability
Up to £10,000,000 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
Trip boats or hire fleets
N&G will 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 of a combined commercial product with both insurance brokers and the marine trade operators for some time. 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.”
Other information
The new product will be available via Zurich’s personal and commercial lines brokers.
The Zurich sales force will be backed by N& G
account executives providing support for brokers wishing to develop their portfolio in this lucrative niche market
It will be administered by Navigators & General Insurance Company Ltd using an established and experienced commercial team in Brighton.
Commission levels of 15% across all classes of business on the Marine Combined Policy should prove a simplified and more popular model to existing commission structures.
There will be no document issuing fee charged to brokers
Navigators & General are keen to start discussing distribution partnership opportunities including account transfers for existing Commercial Marine portfolios and new development initiatives in good time to hit the ground running on 1st July 2007.
