Boat Insurance Specialist Announces Tie-in with Powerboat & Rib

WOLVERHAMPTON, U.K. - Feb. 27, 2019 - PRLog -- The magazine's current issue (Number 152 for January/February 2019) sees an initial piece quoting IRCM Managing Director Richard Ward who reflects on the large losses suffered by the Marine Insurance Segment over the past 2 years and the likely knock-on effects to RIB and powerboat owners in the coming weeks and months.

Warning of "corrective action" in the Marine Insurance Market, he predicts a general hardening of premium rates as well as changes to policy conditions; and a review, by insurers, of their overall appetite in the Segment.   "We are therefore recommending that Boat Insurance policy holders check their renewal small print very carefully" said Richard.

Owners of performance craft may be particularly susceptible to rate increases and more onerous terms and conditions in their policies as insurers narrow the breadth of their market coverage.  Mark Elcocks, Specialist Risks Executive with IRCM said "purchasers of online policies who do not necessarily have access to professional advice from a specialist broker are potentially exposed in the event of suffering loss of, or damage to, their powerboat."

"If the expected rate increases and policy changes materialise then policy holders will be faced with a choice of a simple price-buy or the alternative option of a best-value solution where they engage a specialist broker who can not only source multiple quotations for their clients but can offer them the specialist, professional advice as to which is the best cover option for them as well as going through the various policy terms and conditions.  Additionally, professional support from a specialist broker in the event of a claim can prove invaluable to a boat owner who has initially had a claim repudiated by insurers."

Fully authorised and regulated by the Financial Conduct Authority, IRCM is the Marine Trades and Boat Insurance division of the KGJ Group of Companies.  Further information can be found at https://www.marineinsurance-ircm.co.uk/