UKGlobal negotiates improved 2021 renewal terms for the UKFA
The 2021 renewal terms have been negotiated on behalf of the UKFA with the following key points:
- A reduction in the premium rates by 5%, subject to no claims in the expiring period.
- Removal of the co-insurance clause.
- A standard £250 excess to be applied to all policies.
- A scale of policy excess reduction will be applied depending on number of years continuous insurance with Haven Knox-Johnston/MS Amlin. The reductions applicable are as outlined below:
|
Continuous Years Insured |
Policy Excess Reduction |
|
1 |
10% |
|
2 |
20% |
|
3 |
30% |
|
4 |
40% |
|
5+ |
50% |
- The No Claims Bonus (NCB) will become protected automatically once 5 years NCB is reached. NB. It will still be possible to protect the NCB prior to 5 years having been achieved subject to the payment of an additional premium of 5% of the gross premium.
- A Small Craft Hire benefit is to be added to the policy. This includes cover for the hire of a vessel for racing use if the insureds’ vessel is damaged and a claim has been made. This would be paid instead of the racing fee i.e. either/or.
- A multi-craft discount of 10% remains.
If you have any questions, please contact the following at UKGlobal:
Jerry Dungate [email protected] 01883 333512
Fiona Lavery [email protected] 01252 734539