Marine Trade Insurance – One size doesn’t fit all!

Travel lift for boats sitting unused in Parkstone Yacht Club boat yard

Our Managing Director Keith Lovett was recently interviewed by Mark Jardine, Managing Editor of Marine Business World about the intricacies of Marine Trade Insurance.  When it comes to insuring a Marine Business “One size doesn’t fit all” and the article explores the need to take a very personal approach to insuring each business in the industry.  Taking time to uncover all the marine trade insurance risks faced and match each with the appropriate cover.

“From a risk perspective, you can almost guarantee that those managing the risk will not understand where some of their heightened risks might lie. Therefore, you end up becoming an integral member of their team, highlighting where the highest levels of risk might lie.”

Keith Lovett, Stoneways Marine Managing Director

Marine trades and companies range from sole traders through to corporations employing many thousands of people.

Sailing yacht being repaired in a boatyard - Marine Trade Insurance

In the article Keith gave a unique insight of the continually evolving Marine Trade environment:

“The industry as a whole is a huge infrastructure, going from every component to every completed boat, on to the sales agents, then those who manage the boats that we all own and enjoy, from servicing to mooring, to sales, and providing fuel to go into your diesel tanks.

“Nothing stands still with technology, and an important area that we’ve been involved with is the R&D that goes on behind the scenes, such as electric-powered yachts and foiling motorboats. There is an entire micro industry behind all of that at the moment, developing different designs, working with leading sailing and motor yacht manufacturers. The same goes with other alternative propulsion systems, be that batteries, hydrogen or whatever it might be.”

This huge range of skill and product immediately throws up the problem facing marine trade insurance – the fact that one size doesn’t fit all!

Read the full article by clicking here.

At Stoneways Marine we pride ourselves on providing first class customer service and competitive insurance quote.  To find out more and to get a quote for your marine business visit click here.

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