If I take out a Marine Trade policy what could it cover me for?
Business premises and property both ashore and afloat
Vessels including builders' risks
Public and products liability including yacht yard indemnity, waterborne, height and heat work
Cover while at shows and exhibitions
Cover for activities carried out abroad
Business and personal travel insurance cover
Loss of money
Goods in transit
Defective title and ownership
Directors & officers liability
Marine Trade Insurance
A marine trade policy is essentially a commercial combined policy for businesses, clubs and associations who are connected to marine related activities.
A marine trade policy allows selected insurance covers, including those which are unique to the marine trade, to be consolidated under a single cost-effective umbrella policy.
This type of package policy is typically suited to the requirements of boat builders and shipwrights, boat traders, chandlers, marinas, boatyards, harbour authorities, yacht clubs, sail makers and the like.
Not all marine related risks require a marine trade combined policy and standalone policies are available for tailored needs of associated marine professions and trades such as surveyors, engineers, electricians, welders and fabricators.
Why do you need this insurance?
Can you answer yes to any of these statements?
You have valuable assets that need protection
You have customers’ property in your care, custody or control
You need someone to cover your legal liabilities and defend you in any court action
You conduct activities while off-shore
You need to comply with contractual requirements
You need to comply with regulatory requirements – Employers’ Liability is a compulsory insurance even if you only employ persons on a casual basis
You provide advice or designs for a separate fee
We have been using Glentworth Insurance for a number of years for all our office and marine insurance needs. Ben Davis has always provided a fantastic service, being very professional to deal with and quick to answer any queries. When we were unfortunate to have our offices badly flooded following the December 2013 tidal surge Ben handled the claim in a sympathetic and speedy manner and nothing was too much trouble. More importantly Ben ensures that renewals are competitive going out to market to ensure we are getting the best deal. I would not hesitate to recommend Ben or Glentworth Insurance to any prospective client.
Louise De Lisle, Wells Harbour Commissioners
Why use Glentworth for marine trade insurance?
Glentworth has access to all secure UK insurers who provide marine trade and associated insurance policies.
Our highly experienced and informed marine trade advisors can guide you through the appropriate covers to meet your insurance requirements. We will happily visit you at your premises to help you identify the risks you need to cover.
Glentworth provides clear and impartial advice, delivered in friendly manner. We will take time to explain clearly the benefits of your policy and any conditions or restrictions that apply.
Marine trade insurance requirements differ considerably from non-marine related risks and so it is important to receive guidance from an expert.
A major loss can cause significant strain on a business and some, without the appropriate cover and expert guidance, will never recover.
We also assist our clients in managing their risks, to help reduce the likelihood of a loss. However, if our clients need to make a claim, a familiar face from Glentworth will be there to help when you need it most.
Do I need Employers Liability Insurance?
It’s not just about PAYE employees
If you have PAYE employees then it is highly likely that you will need Employers Liability cover. However, that is not the end of the story and there are other instances when you will need it – even for volunteers! Read on.
If you employ subcontractors, or workers on a casual basis you could need Employers Liability cover. The main exception is if you engage Bona Fide Subcontractors (BFSC). It is important for our clients to be able to distinguish for insurance purposes, between a labour only sub-contractor and a bona fide sub-contractor. Understanding the fundamental differences is important to ensure that correct cover and pricing is applied to your insurance policy.
Labour only Subcontractors.
A contractor employs a sub-contractor for their labour only. The labour only sub-contractor (LOSC) does not supply any materials, the LOSC is being supervised by the Contractor.
In this context there is a master and servant relationship. The contractor’s liability towards the LOSC, and arising out of the LOSC’s activity when working for them, is considered the same as if the LOSC was a direct employee.
Since this is regarded as a master and servant relationship an Employers Liability and Public Liability exposure exists. Even if the LOSC has their own insurance i.e. Public Liability. The contractor would not be able to subrogate against it. There is case law setting precedents to support this.
Bona Fide Subcontractor (BFSC).
A master and servant relationship would not be considered to be in existence.
The BFSC would be providing materials, labour and supervising their own work and invoicing accordingly. There is no Employers Liability risk but contingent Public Liability cover is required. It is likely that it will be warranted under your own insurance that you check that each BFSC holds adequate Public Liability insurance.