The JRW Group has committed to beating any boat insurance premium on a like-for-like basis with its new product Insure4Boats

The boat insurance market could be shaken up by a price guarantee from new product Insure4Boats.

The specialist insurance brand from the JRW Group is promising to match any insurance policy on the market offered on a like-for-like basis and refund the difference.

This means that an owner who buys a policy for £1,600 from Insure4Boats and then obtains a quote for £1,500 per year on the same policy from a different broker (within 14 days) would get a price-matched quote from Insure4Boats and a refund of £100 on the first year’s premium.

Other key features of the Insure4Boats product include preferential rates for skippers with more than three years’ experience, a no-claims discount of up to 25% and a 10% discount for mooring in a recognised marina.

What’s more, owners will be able to tailor certain aspects of their policy to ensure that they only pay for the coverage that they need, such as frost insurance and winter cruising cover.

Limitations include a maximum value of £500,000, a maximum annual premium of £2,500 and a maximum vessel length of 49ft.

John Woosey, managing director at the JRW Group, said: “We’ll be entering this market with over 19 years’ experience in specialist insurance, so we’re confident we understand what customers want when it comes to insurance.

“We’re really looking forward to working in this sector and offering boat owners flexible cover and unbeatable value,” he added.

Insure4Boats is underwritten by Lloyd’s of London and the full policy wording documents can be downloaded from the Insure4Boats website.