Chapter One +30, Market overview

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2 Chapter One Market overview The super yacht and small commercial marine industry in the UK was worth over 2.9 billion in 2012/13 according to the most recent figures from the British Marine Federation (BMF). From the north coast of Scotland to the south coast of England and the Channel Islands beyond, many aspects of recreational and commercial life are woven into the waterways and seas that are such an integral part of the UK. +30,000 Where is the potential for growth in our industry? It s difficult to predict at this stage. The fleets of smaller wind farm vessels are now quite large and so the demand for new builds is reducing, but the earlier ones are now nearing the time for a refit, so perhaps there will be some opportunity here. Otherwise the UK demand remains consistent but with lots of competition from foreign boat builders within the EU. We will need to constantly innovate to stay ahead of the game and create new opportunities for growth. Alan Goodchild of Goodchild Marine and Chairman of the BMF association. The latest BMF figures, outlined below, give a snapshot of just how important the small commercial marine market is to the UK. There were over 30,000 full time equivalent staff employed within the leisure, super yacht and small commercial marine industry in 2012/13 In 2012, just under 3,000 boats over 2.5m were manufactured in the UK During 2013, 3.5 million UK adults participated in boating and water sport activities There are over 256 coastal marinas in the UK and Channel Islands and a further 229 inland marinas UK households own around 1.6 million water crafts including everything from canoes and kayaks to rowing boats and windsurf boards +256 Commercial and recreational owners in the UK own around 600,000 boats over 2.5m So as far as the UK population is concerned, it would seem they agree with Dame Ellen MacArthur: I will never forget the feeling I got when I saw the sea for the first time and climbed on board the boat as we hoisted the sails. It gave me the greatest sense of freedom that I could ever imagine. 2

3 Market health The economic tide is at last on the turn, although 28% of businesses still cite the financial climate and general economy as an obstacle to future growth. However, it is clear that the country and the small marine market more specifically have travelled a long way up the beach from the low water mark. 88% The BMF reports on the market twice a year and in its latest publication for the six months ended November 2013, it discusses the uptick in both sentiment and performance. It comments: A notable uplift in overall marine business activity is reported, with 41% of BMF members responding to the survey experiencing an increase over the last six months and 17% a decrease, creating a net balance of +24%. It continues: Overall, this is a significant improvement from the last survey when the net balance was +9%. An increasing workload and a growing order book value was reported across all of the small marine markets and the picture is very much of a sector getting back to its feet. Again this is reflected in the increasingly positive outlook that BMF members registered. The report states: 17% 88% of members completing the survey are looking forwards positively, of whom 41% perceive it as excellent/good and 47% ok. This compares to the last survey results in May 2013 of 37% foreseeing a good/excellent future and 17% were negative. 3

4 Chapter Two Insuring the recovery The diversity of the small commercial marine sector makes its insurance needs myriad. Essentially the market splits into three sectors: manufacturing, distribution and consumer services. In turn each of these covers a diverse range of operations. Manufacturing Distributors Manufacturing sees factories produce everything from yachts and powerboats to sails, engines and electrical systems. There are then the specialist distributors who deal with all of these varied products, operating either as small independent players or as parts of larger franchises and commercial groups. In the consumer service sector the picture is no different, covering everything from sailing schools to large commercial marinas. These businesses each have a diverse range of exposures and potential liabilities and they need to be understood, mitigated and insured where necessary in order to protect them for the future. Getting a handle on such a broad portfolio requires the active engagement of policyholders, brokers, risk engineers and underwriters. This is particularly important at a time when businesses are becoming busier, more customers are visiting their premises and stock levels are rising. This noted increase in commercial activity alters the risk profile of a business and must be reflected in the insurance programme that is put in place. Sailing Schools Liability and general risk management There is no hiding from the increasingly litigious environment that pervades society and businesses in the small commercial marine sector must take account of it. Similarly, they must be on top of and compliant with the patchwork of rules and regulations that apply to the premises they operate and the products they produce. Health and safety concerns range from those that are very sector specific, to those that apply to businesses more generally. Either way, non-compliance can be costly and highly damaging to a business and firms must understand their potential liabilities and exposures fully. Working at height is a particular issue for the sector as employees work on building, maintaining or repairing hulls. The use of lifting equipment is also an issue given the machinery used to move vessels in and out of the water or position them for storage or repair in the yard. There are specialist considerations for the small marine market in the following areas: Provision and use of work equipment Dangerous substances Substances hazardous to health Lifting equipment and operations Personal protective equipment Working in confined spaces Working at height Working on or near to water Vibration at work 4

5 More general considerations come in the following areas: First Aid RIDDOR Fire Electricity at Work Working Alone Slips and Trips Safety Signs Manual handling Occupational Health Welfare Facilities Construction, Design and Management Display screen equipment Diving at Work Driving at Work Pressurised plant and compressed air system Stress Emergency Planning Asbestos Noise Depending on the size and scope of the business, it may be necessary to visit premises and this will help identify all of the liabilities and quantify potential exposures. Thereafter, the application of good risk management will help mitigate risks where they exist. Although the small marine sector does have premises such as ferry terminals, boat yards and manufacturing plants that might be considered higher risk than other industries, many issues can be dealt with effectively through simple measures. How are incidents recorded? What sort of training is given? Is signage visible? Good practice in these areas will enable firms to show they manage their risks effectively and help them defend claims if they arise. Business owners also need to remember that in the small commercial marine sector many premises have public access routes crossing them. Clearly this increases the risk they bear, but it can be dealt with by good housekeeping that reduces the number of hazards such as ropes to trip on or machinery left in public areas. Cordoning off certain areas, signposting people in the right direction and alerting them to potential risks will also help. In dealing with the rising number of EL and PL claims that businesses are seeing, there is nothing as powerful as detailed records around how the risks have been assessed and mitigated. In addition careful and quick recording of any incident that could potentially lead to a claim is important. For businesses in the small commercial marine market, the challenge is to make sure they adopt such best practice into their day-to-day operations to make sure the growing liability risks they face can be managed effectively. 5

6 Chapter Three Flood is a natural hazard for premises and stock One of the major risks to buildings in the small commercial marine market is flood, given that so many are located next to large bodies of water. However, despite this greater level of exposure, the average commercial property also tends to be more resilient to flood in terms of the way they are built and the defences that are in place. Rowing clubs are a good example of this and tend to have the boats stored on the ground floor, with the club changing rooms and facilities on the first floor. This protects the club and its assets and so long as the boats are secured they will suffer little damage if the ground floor floods. However, what are not always so well protected are the tools, machinery and equipment used in many small manufacturing sites. A dockside warehouse with a concrete floor is likely to survive the ravages of high water and flooding relatively well. However, unless tools are secured they will be washed away and lost. By the same token, machinery and equipment that is not kept above the rising water will need repair, reconditioning or replacement once the water has subsided. Many businesses will also have stock, whether it is electrical items, clothing, charts or spare parts. These are also vulnerable to flooding and present a significant risk from an insurance perspective. As such, small commercial marine businesses need to pay particular attention to their contents and make sure they are stored securely and in a place that protects them from potential water damage. Facing up to the threat from flammable and toxic materials The nature of the work in many small commercial marine premises means there are often flammable and toxic chemicals onsite. This is particularly the case in the manufacture of Glass Reinforced Plastic (GRP) boats where highly flammable resin and acetone are used in the process. 2m The fire risk needs to be managed very carefully and there should be a 4m horizontal clearance between flammable materials and any ignition source. Lights should be at least 2m above these materials to avoid igniting vapours. 4m In large modern premises introducing such spacing and creating isolated working areas is easier than in smaller more cramped units which pervade the smaller end of the market. The risk presented by storing these materials has also intensified in recent years. The resin no longer comes in 200 litre barrels, but in larger intermediate bulk containers that hold a cubic metre of resin and are made of plastic. Ideally flammable materials are kept outside the main premises, but the resin needs to be worked at room temperature and so it is not unusual to have one container in the warehouse being used with another waiting inside to get up to room temperature. In addition to the fire risk created by these materials, they also produce flammable and toxic vapours and so ventilation is an important concern. The vapour is heavier than air and dangerous pockets can collect in the hulls of boats and create unwanted explosions. 6

7 The impact of these vapours on health is also an issue for employers who need to ensure that people working on their premises are not adversely affected and that they have met the requisite health and safety guidelines to ensure their safety. The larger manufacturers are generally more aware of these risks and many have moved away from using highly flammable acetone as a cleaning substance. However at the smaller end of the market the picture is more mixed and the problems often more concentrated given the tighter working spaces of these often older industrial units. Chapter Four Delivering when the customer need is most When a Lake District firm selling boats and providing marine facilities went up in flames, the combined professionalism of the broker, insurer and loss adjuster minimised the loss and kept the company in business. The blaze destroyed our client s buildings and their contents. It also damaged boats - owned by the company and its customers that were stored on the premises. Although there was a lot of material damage, fortunately no-one was injured in the fire. The client immediately reported the loss to our claims department and we appointed McLarens loss adjusters who were on site within 24 hours. They assessed the cause of loss and examined how best to minimise it. The cause turned out to be a faulty fridge in a rest room and by quickly hiring portacabins and replacement equipment, the business interruption loss was kept to a minimum. In arranging the policy, our client s broker had effectively advised the client to represent the value of the buildings, to value the boat stock and then represent the gross profit figure of the business accurately. The broker s role in representing his client was pivotal and ensured there was no under insurance and that the client had effective cover in place. Our claims handling service and the work carried out by McLarens restricted both the first and third party material damage and business interruption losses. Developing cover It is seven years since Navigators & General launched its commercial combined product for the small commercial marine market and the proposition has recently been refreshed. Perhaps the biggest aspect of the updated proposal is the legal expenses cover that is now offered through DAS LP. This reflects the increasing risk for business owners of having to deal with a legal case against them. It also highlights the need to have access not only to financial support, but also legal guidance. Understanding the terminology, legal processes and particular requirements of defending a case can be daunting and without expert support as provided by this cover, managing a legal case can take up a lot of time and resource. 7

8 Other key covers that brokers and their clients should be thinking about include: Property Business Interruption All Risks Employer s Liability Public Liability Product Liability Money Transit Marine Hull 8

9 Chapter Five Broking opportunities Although the small commercial marine market is very definitely a niche area of insurance this does not exclude general commercial brokers from being able to successfully serve clients in this area. Indeed, the number of businesses involved in the sector and the way they are geographically spread throughout the UK means they provide opportunities for brokers of all shapes and sizes and in many different locations. The key for brokers, whether servicing one or many clients in this sector, is to partner with a specialist that can cater for the broad range of diversified risks in the small marine sector through a single insurance proposition. To that end, the overall proposition that N&G offers coupled with the real expertise from Zurich s Risk Engineering division provides brokers and their customers with a combination that is hard to match. 9

10 Navigators & General Brighton PO Box 3707, SN4 4AX Tel Fax Navigators and General is a trading name of Zurich Insurance plc. Zurich Insurance plc A public limited company incorporated in Ireland. Registration No Registered Office: Zurich House, Ballsbridge Park, Dublin 4, Ireland. UK Branch registered in England and Wales Registration No. BR7985. UK Branch Head Office: The Zurich Centre, 3000 Parkway, Whiteley, Fareham, Hampshire PO15 7JZ. Authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. These details can be checked on the FCA s Financial Services Register via their website or by contacting them on Our FCA Firm Reference Number is

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