B OWLINE Summer 2011 The Marine Trades Newsletter By Insurance Risk & Claims Management Limited INSIDE THIS ISSUE: IRCM Launch New Insurance Scheme Global Record Circumnavigation 2 for Marine Trades Sector New Marine Trades 3 Insurance Scheme Feature on Pendennis 4 Sealine Unveils New 5 SC42 Sports Cruiser Marine Insurance News 6 IRCM Launch Club 8 Scheme Why IRCM Can Help 8 You & Your Business Sealine’s award-winning F42 Specialist Marine Insur- commitment to providing from their existing ance brokers IRCM gap-free protection. broker. In opening the have announced the facility to the wider launch of a brand new broking community we “With many direct provid- insurance facility for the are enabling businesses ers failing to address is- Marine Sector. The new who wish to remain loyal sues such as Directors & Marine Traders’ Com- to their broker to enjoy Officers’ Liability and Em- bined policy promises to the benefits of the ployment Practices Liabil- deliver competitive pre- Bowline® scheme. WeThe Global Circumnavigation ity, we frequently encoun- Record Attempt Starts Here! miums combined with are also assisting bro- ter businesses that haveIRCM is supporting Britain’s flexible underwriting. kers by providing them not been made aware of Challenge (see Page 2) with a facility that ad- the extent of their exposure dresses some of the Richard Ward, Manag- or the solutions that are problems they may have ing Director of IRCM available to them” experienced in their said “Bowline® has dealings with their been designed by a spe- IRCM have confirmed that existing markets”. cialist marine broker other Marine Insurance Winner who’s senior staff have, Brokers will be able to themselves, spent many For more details on what access the Bowline® years working in the the new insurance Marine Trades facility on wider Marine Industry. programme can offer behalf of their clients. your business, turn to IRCM sets the new page 3 or telephone the benchmark in providing “We believe we have put Richard Ward of IRCM IRCM Marine Trades insurance services to the together a programme of Marine Trades Sector said “Many businesses team on 01902 796 793 insurance for the Sector (see Back Page) that demonstrates our are happy with the service and support they receive Telephone 01902 796 793 for further details or visit www.marineinsurance-ircm.co.uk
Page 2 B o w li n e® T h e Ma r i n e T r a d e s Ne ws le t t e r New British Global Circumnavigation Record AttemptBack in the day, the ceremony was aboutlaying the keel. In the 21st century it’s aboutcollecting the aluminium! However, the mo-ment is no less significant.On Monday April 4th, global adventurer AlanPriddy and the team he has selected for anattempt on the world powerboat circumnavi-gation record, took their first steps in thebuild of their revolutionary new boat. Builtentirely to Lloyds specifications, the designis 80’ long, 16’ wide, has an estimated topspeed of over 45 knots and a range of 5000nautical miles. Alan Priddy’s round-the-World powerboat which will attempt to break the World RecordIt’s not just the twin engine, jet-drive designthat’s cutting edge but the build process willbe breaking new boundaries as well. Forget powerboating and yachting experiencewelding pieces together to create the shape behind them. That experience has shownof the hull, this build will be about creating a them exactly what works and what doesn’tframe and then shaping aluminium plates and all that knowledge is being put into thisaround it – minimising the build time, cutting build. Also supporting the project are adown on welding and creating an incredibly number of marine industry leading compa-strong and elegant design. nies who will all be supplying their relevant expertise.The build team will consist of Alan Priddyand his team (including Jan Falkowski and The route for the record attempt is strictlyClive Tully from Alans previous record- regulated by the rules of the Unionbreaking trips and British Powerboat Cham- Internationale Motonautique (UIM). Thosepion, Shelley Jory-Leigh) and Micklewrights rules dictate that the craft has to passStructures Ltd. Micklewrights may be best through the Suez and Panama Canals andknown as fabricators of metal buildings but that the journey must start and finish in thethis means their metal-working skills are same place, though that can be anywheresecond to none. They have been chosen to in the world. The team’s proposed route willassist in the build because of their out- be made up of five 4,800mile legs, with fuelstanding responses to any technical ques- and provisioning stops supported by antions put to them. F1-style pit crew to minimise time spent in harbour. Anticipated stops include Gibraltar, Panama, Honolulu, Hong KongThe build process will be a collaborative one and Singapore (or India).between the skilled metal workers atMicklewrights and the circumnavigationteam who have a wealth of long-distanceMore information about the project can be found at www.circumnavigationrecord.com
B o w lin e T h e M a r i n e T ra d e s N e ws le t te r Page 3 New Bowline® Scheme set to shake up the Marine Trades Insurance Market Bowline® is a Combined Marine Traders insurance policy that is designed by special- ist brokers who themselves have worked for many years in the wider marine industry. The new policy addresses the issues that have traditionally affected businesses in this specialist Sector. IRCM’s ethos has long been to deliver the best possible protection for the best possible premium. “Cutting costs, not cover” is a principle the broker has always stood by. Bowline® underlines that philosophy by pro- viding a flexible approach that enables you to get on with your business without having to worry about size or value of the vessels you work on, combined with a competitive premium that recognises your need to keep costs to a minimum. In addition to the standard covers normally found on Combined Traders policies, Bowline® provides a suite of bolt-on covers that ensures you and your business is fully protected from the exposures that typically SY Adela has recently completed her refit at Pendennis see remain unaddressed. These include page 4 overleaf for more news and more great pictures comprehensive Directors and Officers Liability provision that delivers the vital • Boat Builders “Entity” extension discussed on page 6. • Hire Fleet Operators • Marine Engineers Other insurances provided with Bowline® • Chandlers that are typically overlooked or not • Boatyards addressed adequately by some providers • Marinas include Professional Indemnity, Legal • Dealers & Brokers Expenses, Product Recall and Intellectual • Chandlers Property Protection. • Riggers • Sailmakers Bowline® is available to a variety of businesses across the Marine Industry, IRCM’s insurance programmes are including: supported by their award-winning in-house claims team. Telephone 01902 796 793 for further details or visit www.marineinsurance-ircm.co.uk
Page 4 B o w li n e® T h e Ma r in e T r ad es Ne ws le t t er Pendennis completes busiest ever refit season in 23-year historyThe UK’s leading Superyacht builder,Pendennis has recently completed refitprogrammes on no less than 6 vessels.Amongst the projects completed was refitwork carried out on the schooner Adela whowas launched at the beginning of May. Theschedule of works included updating of herfurnishings by Pendennis’ interior designteam, an engineering overhaul, newgenerators, paintwork and electrical work.This was also the first time that Adela hashad her impressive mainsail replaced sinceher rebuild at Pendennis in 1992. The schooner "Adela" was built in steel/timber composite in 1903. Designed by W.C. Storey and built by J.G.Fay & Co of Northam, South- ampton. She was rewarded by winning the Kaisers Cup, shortly after launching. Her construction was heavy duty and her inte- rior accommodation represented the best available in those days "Adela" was used by her owner, for extensive racing and cruising till the outbreak of WW1. The 1992 rebuild should have been com- pleted in April 1995 but due to the fire at Pendennis’ facilities in October 1994 the whole reconstruction process was delayed by 3-4 months. She was launched on April 17th, 1995, to start her new life under sail, again as "Adela". In 2000, Adela returned to Pendennis for lengthening work undertaken to the designs of German Frers. She was cut in half and lengthened by 12ft to create more space and optimise sailing performance (extended from 50.5m to 55.5m). In 2005 she returned for paint, deckwork, join- ery and aircon improvements. The latest project was the first time she had Pictures Courtesy of Pendennis her mainsail replaced since her rebuild at Pendennis in 1992.
B o w lin e T h e M a r i n e T ra d e s N e ws le t te r Page 5 Sealine Unveil New SC42 Revolutionary new sports cruiser launches this Summer Sealine have unveiled their plans for their revolutionary new sports cruiser, the SC42, due for launch later this summer. The SC42 is a bold and innovative new de- sign offering more social space than on any other cruiser of this size. Perfect for outdoor living, the SC42 can be transformed from wind in the hair boating to full protection in a matter of seconds. The craft features a unique full length soft top roof system, with integrated opening side canvases and large opening side windows which let in the light and the fresh air. A drop in infill creates a very large sunpad whilst the backrests from the seating also One of the most significant design features fold down to create a rear facing sunbed. of the SC42 is the cockpit layout which makes maximum use of the full beam width There is safe easy access through the craft of the boat for seating and entertaining. to the wide forward side decks. The SC42 will deliver a cockpit space like no other. Key features include four wide forward fac- ing seats at the helm, a fully integrated The luxurious forward master cabin will have dashboard, two wet bar areas behind the separate shower and toilet compartments, helm and two dining tables with two ‘L’ whilst the three berth mid cabin offers five shaped seating areas port and starboard. different sleeping options plus an ensuite The seating, on sliders, can be joined to- shower area with a bi fold door separating gether to create one large ‘C’ shaped the toilet. The saloon has space for eight to dine in comfort and the galley, with its full height fridge freezer, has over 2.5 metres of worktop and plenty of storage. The new SC42 will be on show at all of the Autumn boat shows – Cannes, Southampton and Genoa. More information about Sealine can be found at www.sealine.com
Page 6 B o w li n e® T h e Ma r i n e T r a d e s Ne ws le t t e r Marine Directors remain exposed to massive lossesAn IRCM survey has revealed that an Directors also need to be aware that theiroverwhelming majority of Marine Industry businesses themselves, as well as their owndirectors remain exposed to losing their assets are also threatened and that theypersonal assets in the event of legal check that any policies they are consideringaction being taken against them in their purchasing also includes vital Managementcapacity as company directors. Liability cover that also protects the busi- ness.Of over 200 business owners surveyed in Not having this protection could prove costly,the last 2 years, not one was covered by Di- particularly in the present economic climaterectors & Officers (D&O) Liability Insurance. when employee disputes traditionally increase. Employment disputes currentlyD&O Insurance protects company directors make up over half of all Managementagainst legal claims and even criminal cases Liability claims.in areas such as employee disputes, health& safety breaches and corporate manslaugh- Entry level cover for this protection can be aster - vital protection that is not provided by little as £300 per year. Contact the IRCMtheir Public Liability or Employers Liability team for further details on how you canInsurances. protect your business and private assets. In 2010 there were over 28,000 commercial fires. Would you seriously consider not insuring your business against fire? In the same period there were over 150,000 employment tribunals. You are 5 times more likely to be summoned to a tribunal than suffer a fire. Protection is available from under £300 per year. New Marine Trades Website LaunchedIRCM have launched a new Marine Trades & Safety issues, Employment Law and Insur-website. Not only does it provide up to date ance News specific to your industry.information on insurance issues affectingthe Marine Industry but it also provides a Visit our site atplatform for marine businesses to tell thewider marine community about any new www.marineinsurance-ircm.co.ukproduct launches or projects they might be and go to the sign-up box on the right-working on. hand side of the Home Page to subscribeYou can register on the site for regular news now.updates that include expert input on Health
B o w lin e T h e M a r i n e T ra d e s N e ws le t te r Page 7 Record Marine Trade Compensation Award A £7.2 MILLION award for compensation businesses to have the right insurance has been made by the High Court to a Ma- programmes in place to protect them in the rine Trades employee who sustained a life- event of accidents occurring in the work- threatening brain injury. place. The yard-worker was struck on the head by It is essential that business owners deter- falling metal after a gantry collapsed when he mine whether their sub-contractors are was working in a boatyard in September working on a Labour Only or Bona Fide 2006. He was given only a five per cent basis as the insurance requirements chance of survival by doctors after an initial relating to the 2 categories are quite emergency operation and will require constant different. Getting it wrong could potentially care for the rest of his life. The award was lead to a catastrophic uninsured loss for the made against the insurers of the boatyard. business and the personal assets of the business owner. The incident demonstrates how even simple day-to-day activities in boatyards and marinas Ask your broker for clarification of the can result in catastrophe. It also provides a issues as it relates to your business. poignant example of the need for Marine New ERN REQUIREMENTThere is a new requirement thatbusinesses will have to confirmtheir Employers ReferenceNumber (ERN) or, as it iscommonly known, EmployersPAYE Reference to the insurercovering the Employers Liabilitywhich is then recorded centrallywith the Employers LiabilityTracing Office (ELTO).This is so the correct insurer canbe identified where claims aresubmitted which can be years The Environment Agency’s requirements for River Thamesafter an individual’s employment boat registration, in respect of powered boats, include a man- datory requirement of Third Party Liability Insurance, with amay have ceased. This is often minimum sum insured of £1,000,000.the situation with certain condi-tions which manifest themselves Insurance policy checks will be carried out by the Agency onyears later e.g. respiratory dis- 10% of registered vessels each month and the maximum fineease or repetitive strain injury. for failing to comply with registration requirements is £1,000. IRCM are able to provide stand-alone Third Party Liability In-Ask your broker for further surance for a wide range of boats based on the River Thames.details on the new requirements. Our very competitive annual premiums start at only £55.52 (including Tax) for a 3rd Party Liability limit of £3 million. Call 01902 796 793 for an instant quotation.
Page 8 Bowline® The Marine Trades Newsletter I n s u r an c e R i s k & C l a im s M an a ge m e nt L im it e d Why IRCM Can Help You & Your Business Three Charter Court IRCM is the Marine & Specialist Risks unique and, as such, will require a pro- Broadlands Wolverhampton brokerage of the award-winning KGJ gramme tailored to its specific require- West Midlands Group of Companies. The Group is one ments. WV10 6TD of the largest independently owned in- Tel: 01902 796 793 In an industry that is traditionally very surance brokers in the UK. The Group Fax: 01902 796 797 slow to embrace new concepts, IRCM is has been consistently recognized for its E: enquiries@ determined to lead the market in intia- expertise and service standards, regu- marineinsurance-ircm.co.uk tives that improve the value for money larly featuring in the UK Insurance Bro- our customers receive. ker Awards for services such as cus- Authorised & Regulated by the tomer service and claims management. We have delivered annual premium Financial Services Authority IRCM itself received the Commercial savings of 31% for the past 2 years in Intermediary of the Year Award for 2010. addition to enhancing the scope of Winner cover our clients receive with products IRCM’s management team have exten- and services essential for modern busi- sive hands-on experience of owning and nesses that are often overlooked by our managing large marine operations. WeCommercial Broker of the Year competitors. understand that every business is IRCM provides bespoke insurance systems for: New Marine Clubs Liability Insurance* Boatbuilders A new specialist liability* Marinas insurance scheme for* Marine Civil Engineers Marine-based clubs that* Hire Fleet Operators closes the gaps in protec- tion that clubs are typi-* Boat Repairers cally exposed to has been* Boat Yards launched by IRCM. Un-* Dealers & Brokers derwritten by A Rated insurers, Hiscox, IRCM’s* Marine Engineers scheme also delivers* Marine Manufacturers significant premium sav-* Marine Distributors ings to clubs.* Chandlers Amongst the benefits of* Sail Makers the new IRCM policy is* Yacht &Sailing Clubs the additional abuse cover that protects not only the affordable premiums. the cost.* Rowing Clubs club affected but the indi- Pat Ward highlighted the The new IRCM policy en-* Pleasure Craft prevalent situation where ables clubs to meet their vidual against whom alle-* Classic Craft gations are made. clubs are failing to obtain statutory obligations in statutory insurance in re- respect of all their volun- spect of their volunteer teer workers at a fraction The policy formed part of workers: of the cost clubs have IRCM’s portfolio of spe- traditionally had to pay”. cialist products that saw them shortlisted for as “Many clubs are not “Schemes Intermediary of aware that they are re- The facility is available the Year” for 2010. The quired by law to obtain to rowing clubs, sailing policy is designed to Employers Liability Insur- clubs and other boat- enable clubs to obtain ance to cover their volun- ing clubs and can be cover that allows them to teer workers. obtained from IRCM acquire the levels of “Clubs that have sought to either directly or via protection modern obtain cover have been your existing insur- organizations need at unpleasantly surprised at ance broker.