Addept Insurance Services has launched Waypoint, a marine legal protection insurance solution aimed at helping boat owners and brokers.

Waypoint provides legal protection and assistance for pleasure craft and marine risks. Supported by specialist marine lawyers, it covers uninsured loss recovery, personal injury claims, contract disputes, defence against criminal charges, identity fraud, emergency expenses, temporary vessel replacement and mooring fee losses. Customers also have 24/7 access to marine legal advice along with health and medical helplines.

Richard Finan (pictured), managing director of Addept Insurance, said the marine legal expenses market has seen a reduction in both capacity and scope, leaving brokers struggling to secure suitable cover. He said Waypoint was designed to counter the shift towards standardised products by offering tailored solutions for specific marine risks. “We have seen a positive response from brokers to our approach and the cover offered by Waypoint and have secured schemes with a number of distribution partners,” he added.

Addept has already launched seven schemes under the Waypoint banner, including partnerships with Porthcawl Insurance Consultants (trading as Insurance-4-Boats.co.uk), Admiral Marine, and Topsail Marine and Leisure Insurance. Topsail will also provide a wholesale facility so that brokers with smaller marine books can access the cover.

Capacity for the scheme is provided by Irwell Insurance Company, which holds an AM Best rating of B++ (Good).

Waypoint joins Addept’s existing suite of specialist legal expenses products. The firm plans further launches later in the year in the personal, motor and SME markets.

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