Have you wondered how our new Insurance Scheme is getting on?? I did, so I got an update from Dan Blake at UKGlobal.
The answer basically is “stormingly well”. Before UKGlobal worked with Chris Waples to redesign the policy there were around 260 boats on the policy with about half of them being Association Members. We are ‘in season’ now for insurance renewals (not everybody closes their year in February) and applications are still coming in. There were 25 new owners on the policy by the end of February and there is a feeling that the total number may go above 300 – even 320 has been talked about. Pretty good, eh? I must say I am extremely pleased with my new premium….
So what does this mean for our Association membership? Well, for the last seven or eight years we have generally eroded away our membership at a rate of 20 a year. Hopefully when the books close we may not only see that we held the number for the year, but there may even be a growth of another 20 or so on top. We’ll see…!!
Improvements to the Flying 15 insurance scheme
Following a detailed review of the British Isles Flying 15 Association insurance scheme, a number of significant new improvements to both premiums and cover have been made for 2013/14.
The scheme will continue to be run by UKGlobal (formerly COBRA Corporate Solutions Ltd and JK Lee), which has provided insurance for BIFFA Members for over 20 years.
The superior package for the 2013/14 year features a number of enhancements, including:
- Reduced premiums at all levels
- Dramatically reduced rates for higher value boats
- Minimum premium for lower value craft reduced from £145 to £70*
- Option to increase excess to reduce premium
- Reduced costs for legal expenses cover
- Multi-craft discount of 10%
- Option to protect No Claims Discount after 3 years without a claim
- Ability to insure non-Flying 15 craft
(*for Flying 15 craft with value under £1,000 and with 3 years No Claims Discount. Excludes Insurance Premium Tax of 6%)
Alongside these improvements, the policy continues to offer Members, as standard, a number of important benefits over the levels of cover normally available. An example of this is the valuable new-for-old cover on sails, covers, masts, spars and rigging which many other policies do not include. Unlike many other policies there is also no Hitchlock and Clamping Condition.
An additional benefit of supporting the arrangement with UKGlobal is that it also provides income for the Association, which helps fund the activities for Members. The more Members that use the Scheme the more the Association receives.
This improved scheme represents a key benefit of Membership of the British Isles Flying 15 Association. Full details and a personal quote can be obtained by contacting Jerry Dungate at UKGlobal on 01883 333 512 or email@example.com