"annual cost of every policy will be reduced"
Specialist marine warranty, breakdown and assistance company ShoreGuard have announced an extension of their marine warranty product.
ShoreGuard managing director Nick Hamilton said: “When we introduced an engine warranty product to the marine market in September 2006 it was relatively unknown in the insurance and warranty business.
“Eighteen months on, and with clear demand from the industry and individual boat owners, we are now able to introduce major improvements to the product that we are offering.”
The firm claims that “the annual cost of every policy will be reduced”.
Furthermore, “policy excesses have been significantly reduced and the claim limit increased from £20,000 to £30,000”.
This change will ensure that more of the claim is paid to the policy holder, as well as the fact that he or she pays less each year for it, ShoreGuar say.
Previous warranties included breakdown and assistance support but research has shown that many enquiries have been for a stand-alone warranty product. The new ShoreGuard engine warranty can now be purchased in isolation, with boat breakdown assistance offered as an optional extra.
With regard to limitations on the actual vessel being warrantied, consideration has been given to older boats with the removal of the age banding where engine hours can be quantified and an extension to the engine hours for a standard policy from 750 hours to 2,500 hours. Cover can be extended up to 10,000 hours (subject to payment of an additional fee).
In recognition that so many owners take their boats outside their country of residence, there are two levels of cover now available. Home Use covers use of the vessel within the policy-holder’s EU country of residence; EU Use provides additional cover within any EU country.