3 Artis Cantik Ini Pilih Suami yang Wajahnya Biasa Saja, No 2 Mantan Pacar Raffi Ahmad,, Jomblo Harap Tabah
A Guide to Business Insurance for UK Marine Trades
Insurance solutions for businesses operating in the Marine Leisure
Sector have been slow to evolve compared to other sectors. Until
relatively recently, a boatyard owner could find him/herself having to
source a suite of insurance products to cover buildings, contents,
financial risks, vessels, pontoons and indemnity against a range of
legal liabilities. Whilst the first Marine Traders "Combined" policy
that provided cover for all these risks appeared in the late 1990s, the
market did not rush to embrace the new paradigm. Some significant
providers of insurance in this Sector did not release a "Combined"
solution until as late as 2007 and others still only offer stand-alone
covers.
Advantages of Combined Insurance Policies
There are numerous advantages to business owners of having a single
insurance policy that combines cover in respect of the majority of their
needs. First and foremost it streamlines administrative processes by
reducing documentation considerably, thus saving business owners time
and money. It also ensures the owner has a single renewal date to deal
with. Probably the main benefit to businesses is the potential premium
savings that can be made through this type of system: the more cover
that can be placed on a single policy gives the provider more scope to
reduce the overall insurance premium.
Marine Trades Insurance Providers
Combined Insurance policies for marine-related businesses are now
available from a number of specialist providers. Whilst the majority of
these providers will deal direct with the public, some will deal only
through insurance brokers. An insurance provider that sells direct to
the public will only offer their own product. Dealing directly with
insurers not only restricts you in terms of available insurance options,
it also means you have to invest valuable time in shopping around
providers for competitive quotations. An independent specialist Marine
Trades Insurance broker can potentially save you and your business time
and money by conducting a full broking exercise across the market on
your behalf.
Specialist brokers can also assist in arranging bespoke cover as opposed
to a standard "off-the-peg" solution. This can give your business vital
benefits where standard policy exclusions are amended or removed,
widening the overall scope of protection. You may also benefit in the
event of a claim:
Where a business buys direct from an insurer, in the event of a
claim the owner is left to negotiate a settlement from the insurer. This
can put the business at a disadvantage where there is a dispute over
liability or settlement. Using an independent specialist broker to
arrange cover provides the business owner with an experienced advocate
in the event of suffering a claim. The broker is bound to act in the
best interests of the client at all times and a specialist broker can
often assist in instances where claims have initially been repudiated.
Structure of Marine Combined Insurance Policies
Before outlining the structure of a policy it is necessary to stress the
importance of ensuring that the correct limits of indemnity form the
basis of your insurance cover. It is tempting for businesses seeking to
reduce their costs to deliberately underinsure their businesses. This
can potentially prove catastrophic in the event of a loss, as an insurer
will almost certainly invoke the principle of "Average" when
underinsurance is discovered.
The Principle of Average: In the event of underinsurance any claim
settlement will be based on the ratio of the sum insured to actual
value. For example, where a business has insured stock worth £100,000
for only £50,000, the business has underinsured by 50%. In the event of a
loss of £25,000, the insurer will apply average and only pay a
settlement of £12,500.
The example above underlines the importance for businesses to establish
the correct basis of cover with their provider and then negotiate a
competitive premium. An independent specialist broker with access to a
number of alternative markets will help you obtain the right solution at
the best available premium.
Marine Trades Combined Insurance policies generally follow the same
model, with the odd exception as to where a particular item may appear.
For example, some policies will include pontoons in the Material Damage
Section whilst others may bracket them in the Marine Section. Outlined
below is a typical policy structure:
Material Damage: This Section will cover all property other than
vessels at your business premises. It is split into various sub-sections
that vary from provider to provider, but the splitting of property into
these sub-sections enables you to benefit from lower premium rates on
the lower risk items to be covered. Typically, a Material Damage Section
will be divided as follows:
Buildings (with or without subsidence cover)
Marine Installations (pontoons, slipways, wet/dry docks etc)
Computers and Associated Equipment (at the business' premises)
Machinery and Equipment (at the business' premises)
General Stock (at the business' premises)
Valuable & Attractive Stock (at the business' premises)
All Other Contents (at the business' premises)
Glass: Some insurers will include Glass within the cover for
Buildings. However, most Marine Trade insurers will not cover Glass
unless specifically requested and will also levy an additional premium.
Cover will be provided for external and internal glass with additional
extensions available for items such as glass signage and sanitary ware.
All Risks Cover: Must be obtained for businesses wishing to insure
items they remove from the business' premises such as:
Tools & Machinery
Laptop Computers, Mobile 'Phones etc
Trailers (thease can also be covered under the Marine Section)
Frozen Food: Covers loss or damage to fuel resulting from change in
temperature in fridges or freezers resulting from breakdown or
interruption to power supply.
Goods in Transit: Protects against loss of goods whilst in transit
or whilst temporarily stored in the course of transit. Business owners
need to beware of the variation in scope of cover from policy to policy
and of the plethora of exclusions that each insurer applies to cover.
The premium for Goods in Transit insurance is based on a combination
of the total sum insured per vehicle, the number of vehicles used and
the estimated total annual carryings of the business.
This Section can also be extended to insure postal sendings and
carriage by third parties.
Goods in Transit cover for vessels is excluded on many policies
unless specifically mentioned. However, it is possible to include
insurance for vessels whilst in transit by endorsing the Marine Section
of the policy. Organising a policy in this way can save a business money
if vessels are the only items to be insured whilst in transit.
Exhibitions: Covers exhibits, stands and other materials at
exhibitions.
Whilst insurers include this Section within their policies, a
business could reduce costs by having the Marine Section of their policy
endorsed to cover vessels at exhibitions rather than pay their insurers
an additional premium for the same benefit.
Business Interruption: Covers the loss of Gross Profit and/or the
Additional Cost of Working in the event of the trading activities of a
business being interrupted by an insured peril, such as fire or flood.
Extensions can be purchased to cover losses arising from perils such as:
Breach of Canal
Damage in the vicinity of Premises or to Contract or Exhibition
Sites
Denial of Access to the vicinity of Premises
Damage to Moulds, Patterns, Jigs, Dies, Tools, Plans, Designs, etc
Loss or Damage to Property stored in locations other than own
premises
Loss or Damage to Property in Transit
Damage to Premises of Suppliers or Customers
Loss of Utilities
Disease & Illness
Just as it is essential to insure property on the correct basis to
avoid insurers applying "Average" in the event of a claim, it is vital
to ensure the correct level of Gross Profit is used to determine
Business Interruption cover.
The definition of Gross Profit in insurance terminology differs from
that of accountancy. A business should always check with its provider
as to the exact terms of their Business Interruption policy but the
procedure below provides a general system that should fit most insurers'
methodology:
Obtain the income statement for the last full operating month and
locate the net profit amount.
Employers Liability Tracing Office
Review each individual expense line item on the income statement to
identify costs of operation that are not directly related to production,
also referred to as "standing charges." For example, office rent is due
whether the business is in operation or not, and the price does not
fluctuate based on production, whereas some worker salaries (such as
casual, seasonal labour) would cease when trading is interrupted.
Employers Liability Tracing Office
Add each standing expense identified in Step 2 to the net profit
obtained in Step 1 to obtain gross profit, or the company's loss from
lack of operations.
Money: Provides insurance for cash, cheques etc whilst on premises,
in transit or in bank night safes. Some policies will also provide
extensions for money in directors' homes and at exhibition or contract
sites. Policies will usually provide a Personal Accident extension that
offers nominal sums in the event of Death or Disability arising from
assault during attempted robbery or theft.
Defective Title of Vessels: Reimburses the purchase price of a
vessel bought or sold by a business in the event of the true owner of
the vessel reclaiming it (or its value). It will also provide indemnity
where a business has a valid claim brought against it as a result of
being unable to provide good title for the vessel.
Employers Liability: It is a statutory requirement for all
businesses to carry Employers Liability Insurance where they employ
people be it on a paid or voluntary basis. It indemnifies the business
in respect of its liabilities arising from death, injury or illness to
its employees
Premium is based on the total annual wages of the business. Each
occupation within a business' workforce will attract its own premium
rating based on the perceived hazards associated with that particular
occupation. A rigger, for example, will attract a higher premium rating
than an employee engaged in light yard work.
You should ensure you accurately declare your annual wageroll to
insurers. Deliberately under-declaring could be construed as failing to
disclose a material fact and may result in a claim being repudiated.
Labour only sub-contractors should be treated as Employees as far as
insurance is concerned. Generally they work under the direction of the
Insured and do not provide their own materials or tools (with the
exception of small hand tools). Cover would therefore be arranged for
such individuals by the hiring business under the Employers Liability
Section of their policy.
There is a requirement that businesses must confirm their Employers
Reference Number (ERN) or as it is commonly known Employers PAYE
Reference to the insurer covering the Employers Liability which is
recorded centrally with the Employers Liability Tracing Office (ELTO).
This is to ensure that the correct insurer can be identified where
claims are submitted by an individual, which can be years after their
employment has ceased. It is not unusual, for example, for certain
diseases or conditions such as respiratory disease, industrial deafness
or repetitive strain injury to take many years to manifest.
The ERN is the unique reference which attaches to a business and
does not change which means that it will identify the correct employer
and then the insurer for any given time period from 2011 onwards.
Public Liability: Indemnifies your legal liabilities to third
parties arising from your business activities that result in death or
injury to any person or loss of or damage to property. The insurance
only attaches to those activities disclosed to your insurer and noted on
your schedule so it is essential that a full description of all your
business activities is provided.
Premium is based on the estimated annual turnover of the business.
Each activity will attract its own premium rating based on the perceived
hazards associated with that particular activity. Paint Spraying, for
example, will attract a higher premium rating than Chandlery Sales.
You should ensure you accurately declare your annual turnover.
Deliberately under-declaring could be construed as failing to disclose a
material fact and may result in a claim being repudiated.
Exclusions and Extensions to Public Liability Insurance vary from
insurer to insurer. For example, some policies will automatically
provide Yachtyard Liability Insurance as a standard extension to their
Public Liability cover. Others will charge an additional premium for
Yachtyard Liability.
Liability in respect of hiring-in of cranes is normally excluded on
most Marine Trade policies unless specifically requested. The additional
premium for this cover is based on your estimated annual hiring-in
costs. Standard cover is usually £100,000 which may not be adequate to
replace the crane you hire. Find out what your exposures are and get
your cover topped-up if necessary.
Yachtyard Liability: Protects your liabilities in respect of moving
vessels on water for reasons such as testing, demonstration and
deliveries. Like most policy sections, scope of cover will vary from
insurer to insurer. For example, policies will restrict your permitted
range, but distance you are permitted will vary greatly.
Not all insurers provide this cover under the "Yachtyard Liability"
heading. Some insurers will provide "General Liability" that will
automatically encompass the Yachtyard Liability element of other
policies.
Products Liability: Insures your legal liabilities in respect of the
products you manufacture and/or supply.
Whether you are manufacturing or distributing (wholesale or retail),
you need to make sure the products you supply are safe. Failing to meet
your responsibilities can have serious consequences. You could face
legal action with possible fines or even imprisonment. You could also be
sued by anyone who has been injured or has suffered damage to personal
property as a result of using your product.
Products Efficacy Insurance: Designed to cover the failure of an
item to perform its intended function Efficacy Insurance is often
excluded from the Public & Products Liability Sections of Marine
Trade policies. If your business is involved in the manufacture, supply
or installation of performance critical products you need to check with
your insurance provider to ensure you and your business have the right
scope of Liability Insurance.
Marine Risks: Non-Marine Commercial policies have virtually no
insurance provision for vessels. They are specifically excluded, with
the odd exception such as rowing boats. The Marine Section of a
specialist Trader's policy is divide into 3 distinct parts:
1. Vessels: This part of the Marine Section will cover all vessels
not undergoing construction and includes Stock Vessels, Work Boats, your
Private Craft and Charter Vessels. It can also be extended to cover
other types of Marine Stock such as engines and parts.
Sums Insured for vessels are usually determined on an "Agreed Value"
basis. This can be the price you paid for the vessel plus the cost of
any improvements, or it can be a depreciated or written-down value.
The cruising range of your vessels will be clearly defined in this
Section of your policy. You should check to ensure that you and your
hirers are actually insured to sail or cruise to your intended
destinations. For example, an insurer may assume that, if you are based
on the Thames, you are only on the non-tidal stretch and will endorse
your policy for"Inland Waterways" use only.
The are several extensions that can be purchased for this part of
your policy such as:
Social use of vessels by Directors, Employees, Family Members.
Racing Risks (Sails, Masts, Spars & Rigging).
Water Skiing, Towing of Toys.
Angling and/or Diving Parties.
Personal Possessions
Exclusions in respect of vessels will vary from policy to policy.
You should ask your provider to go over any exclusions with you in
detail in case you require a special endorsement or extension.
2. Builders Risks: Whilst scope and definitions may differ from one
insurer to another, Builders Risks insurance will usually cover your
vessel at the yard or dock where it is being constructed, including the
yard or premises of a subcontractor. It may also cover the vessel whilst
in transit between your yard and your subcontractor's yard. Extensions
can also be obtained to cover:
Movement of the vessel on water around the dock where it is being
built.
Sea Trials
Delivery voyages under own power
If the vessel in build is being towed on the water a special
extension is usually required to insure this activity.
The premium for this Section is based on a combination of the
maximum completion value of an in-build vessel and the maximum value of
vessels in-build at any one time.
3. Marine Third Party Liability: This insurance is an extension of
the Vessels Section and covers your legal liabilities in respect of your
interest in or use of your vessels by your skipper and crew. The usual
limit of indemnity provided is £3,000,000 but higher levels of cover can
be purchased where required.
Policy Conditions, Exclusions and Warranties
As detailed above, policy conditions and exclusions will vary from
insurer to insurer. Even if you are purchasing your policy by telephone
you should always ask your provider to go through them with you in
addition to any warranties that will have been imposed. There are
significant differences between each of these:
Conditions: Policy conditions basically set out a code of conduct
you're your business and also outline duties and obligations required
for cover to be in effect. If policy conditions are not met, the insurer
can deny a claim specific to that condition.
Eg. A theft from a business premises is discovered and not reported
to the insurer for a month. If there is a policy condition that all
losses must be reported within 7 days, the insurer could refuse to pay
the claim.
Exclusions: An exclusion actually removes cover from the insurance
policy.
Eg. Boats are excluded from the Goods in Transit Section of a Marine
Trades Policy unless an endorsement is put into effect.
Warranties: A policy warranty is an instruction by the insurer that
must be carried out by the insured. For example, the business may be
warranted to work on vessels worth no more than £500,000. In such a
case, if the business worked on a more valuable vessel then it would be
in breach of warranty.
The breach of a warranty by a business would enable an insurer to
void the whole policy. In the above example, if the business owner
suffered a theft of outboard engines, the insurer could void the policy
on the grounds that the business had breached a warranty - even though
that warranty was totally unrelated to the theft.
As you can see, warranties can potentially have a huge impact on
your business. You should ensure your insurance provider goes through
each warranty with you and explains what it means. Insurers can impose a
warranty for just about anything - some common examples are below (the
list is by no means comprehensive):
Compliance with Flammable Liquids & LPG Regulations.
No paint or GRP Spraying.
Automatic fire alarms to be tested weekly.
Fire extinguishers to be professionally inspected annually.
Fireproof doors to remain closed during working hours.
All stock to be kept at least 15cm off floor
Waste & dirty cloths to be kept in metal bins.
Waste bins to be kept outside premises out of working hours.
Intruder alarm to be set whenever premises is unoccupied.
Electrical circuits to be inspected within 30 days of policy
inception.
Cash registers to be left empty & open when premises closed.
Vehicles to be fitted with immobilisers and alarms.
Premises to be inspected daily.
No artificial heating to be used on premises.
Machinery only to be running when premises is occupied.
No flammable liquids to be kept on premises.
Moorings to be lifted & inspected at least annually.
Terms of trade to incorporate BMF Terms of Business.
No work carried out on commercial vessels
Trailers to be secured with a wheelclamp whilst unattended.
Vessel not be let out for hire or reward.
Vessel will not tow or be towed
British Marine Federation (BMF) Terms of Business
Most Marine Trade policies warrant that you operate under BMF Terms
of Business. You do not have to be a member of the BMF to use their
terms. The essential point from an insurance aspect is that you ensure
all your customers insure their own boats. This is a crucial factor that
defines the mechanics of how your Public Liability insurance works and
how it differs from non-Marine commercial insurance policies.
If you have a customer's boat, outboard etc in your custody or
control and it is lost or damaged due to your negligence, your legal
liabilities in respect of the property are covered under the Public
Liability Section of your Marine Trade policy.
This cover would not be provided on a non-Marine policy as legal
liability in respect of goods in custody or control is specifically
excluded. To insure these items you would have to procure specific
insurance which, as leisurecraft and associated equipment are very
expensive, would be financially prohibitive for a business to purchase.
Other Insurances for your Marine Trades Insurance Programme
Directors & Officers Liability Insurance (Management Protection)
Modern legislation now means company directors can now be sued as
individuals in respect of their decisions and actions as directors or
managers of businesses. The duties of company directors are established
in law and include the following areas of responsibility:
Duty of Care: Directors are required to act with 'the care an
ordinary man would take in the same circumstances on his own behalf' and
with the skill expected from someone with his 'particular knowledge and
experience'. Where duties are delegated the Director is responsible for
ensuring that the person to whom the duties are delegated is
sufficiently experienced, reliable and honest.
Fiduciary Duty: Directors must act honestly, in good faith and in
the best interest of the company and must ensure they do not have any
conflict of interest.
Statutory Duty: Company directors are legally bound by legislation
such as the Companies Act 1985, Insolvency Act 1986, Financial Services
Act 1986, Environmental Protection Act 1990, Health and Safety at Work
Act 1974.
How Can Claims Arise?
Whilst public bodies such as the Health & Safety Executive can
prosecute directors if they are perceived to have failed to comply with
their statutory duties, claims could also arise from numerous third
parties such as employees, creditors, customers or suppliers.
With the number of employees injured at work increasing by over 100,000
in 2010 and lawyers able to act on a "No-Win, No-Fee" basis, directors
appear to be more exposed than ever.
What Are The Financial Implications of a Claim? Directors will be
personally liable for meeting the cost of legal expenses as well as any
damages awards, fines or penalties. This means assets such as their
cars, houses, stocks and money could be lost. Companies are prohibited
from indemnifying their directors in the event of their insolvency.
How Can Directors & Officers Liability Insurance Help?
Whilst a D&O policy will not cover any fines against directors it
will cover the cost of defending a prosecution until the point when
guilt is established. This could potentially save tens, if not hundreds,
of thousands of pounds of an individual's assets in legal expenses. A
D&O policy can also cover awards for damages and legal expenses made
against directors in civil cases.
Professional Indemnity Insurance
If you give advice, conduct surveys or inspections for a fee, your legal
liabilities in respect of these activities are excluded on your Marine
Trade policy. A stand-alone Professional Indemnity policy will fill the
gap in your insurance cover.
Tractor & "Special Types" Insurance
Tractors and other special type vehicles which are road-registered are
excluded from standard public liability policies, as are many
unregistered vehicles, if travelling on, or crossing, public highways.
This may also apply to areas where the public have access such as ports,
harbours and boatyards. Types of vehicles that fit into this class are:
Tractors, Cranes, Fork Lifts, Cherrypickers, Boat Lifts and other
self-propelled mobile plant.
Third Party insurance is compulsory and a failure to have this basic
cover is considered one of the most serious offences. A substantial fine
and disqualification are amongst the recommended penalties.
Driving uninsured (or allowing your employees to do so) is an absolute
offence which means there is no discretionary defence available, ie the
vehicle is either insured or it is not. If, for any reason it is not
insured, the offence is committed.
Without insurance your business and your personal assets are at risk
from potentially huge compensation claims being made against you
Comprehensive Road Risks insurance in for tractors and "Special Types"
is available at very competitive rates from your specialist broker.
Summary
Modern businesses need modern insurance programmes. Cutting cover to cut
costs is not the solution. Your 9-point step to getting the right cover
for your business at the best available premium is:
1. Choose an independent specialist broker.
2. Ask them what they can offer you in terms of support in the event of a
claim.
3. Ask them to visit you to look over your business.
4. Ensure you fully disclose all relevant information about your
business
5. Accurately assess the value of your premises & property and the
levels of your turnover, payroll and gross profit.
6. Request 3 quotations.
7. Ensure you have all conditions, exclusions, warranties explained to
you verbally - a written summary is not sufficient.
8. If you think some of the exclusions or warranties are unreasonable
then ask your broker to negotiate their removal.
9. Finally, negotiate the best premium you can get from your appointed
broker.
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