Vanguard Marine & Leisure Vanguard Marine & Leisure.... more than Watercraft insurance
 
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Vanguard Marine & Leisure.... more than Watercraft insurance

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Published

Feb

02

2012

Vanguard Marine & Leisure is an underwriting manager specialising in the insurance of watercraft, its trailer and associated all risks items.

The leisure industry is under pressure as a result of the world economic crisis necessitating that consumers spend their hard earned cash on day to day living expenses rather than toys. The specialist retailers, manufacturers and importers who built their business when the consumer had excess cash or when banks loaned money freely have had to restructure their businesses and supply a superior product to attract the ever decreasing new boat buyers and or those upgrading current boats.

The second hand market is also depressed with the result that the boater has no market for his vessel and is still in need of watercraft insurance. It is essential that the insured buys the best possible cover at a reasonable price.

Traditionally watercraft covers have been included within the wordings of personal lines products providing limited and standardised covers. This is in the main due to personal lines practitioners having limited experience around boating in general and a lack of knowledge and expertise on the client’s needs.

The three key areas of risk ie in storage, in transit and on the water require covers and limits to deal with the risks associated with theft, liability, transit and own damage particular to the type and use of the craft.  It is incorrect to assume that insurance is only required during the months that the craft is used.

  • Legislation now has a major impact on the individual who wants to ‘play on the water’ with family and friends. The watercraft has to be inspected annually and passed with a COF (Certificate of Fitness) which determines the crafts ‘sea worthiness’ and that the craft carries the requisite safety equipment.
  • At the manufacturing stage the craft needs to be fitted with sufficient floatation to pass the SAMSA (South Africa Maritime Safety Authority) buoyancy requirements – if a craft is holed or flooded the crafts internal buoyancy must not allow the craft to sink.
  • The skipper/owner of the craft needs to be licensed ie as in a motor car licence to take/drive/skipper the craft onto the water. Only licensed individuals may skipper/drive the craft.

The role of the specialist UMA is to provide all brokers with the best covers available and more importantly provides the broker with the expertise and support to better understand, service and advise the client on their insurance needs and requirements for pursuance of their special/ favourite pastime.

The business is underwritten by Infiniti Insurance and sold via the insurance broker market.

Source: Vanguard Marine & Leisure