"You only have to read a daily newspaper or watch television to be encouraged to sue or seek damages for any minor incident you may have encountered, " he said.

Most businesses have liability insurance either separately or in conjunction with their marine trade policy and this is where these type of claims end up.

Often it is not the cost of the damages, he commented, but the legal costs of defence that eat into your premiums and yes, believe it or not, your insurer will also wish to make some small profit from your premium.

However, when claim costs are deducted its your premium that will rise.

But all is not lost. According to Cole, small marine businesses can ensure their premiums are the best, without sacrificing cover levels.

"Take a good look at your business, " he said. "Have you assessed the risks? Are your security precautions up to scratch? Do you have a Health & Safety assessment? And if you were without insurance how confident would you actually be to leave your premises at the end of the day?"

There are questions all businesses ought to ask themselves. Is your alarm up to scrutiny? Are your locks substantial enough to withstand a forced entry? Are your compounds secure or does every Tom, Dick and Harry hold keys and have access?

All corrective measures that you take to improve your premises security levels will have a positive affect on your insurance premiums.

Hurt the trade Liability insurance is something that has hurt the trade over the past few years. Cole says you can keep premiums down, again by asking yourself questions - are your staff aware of your Health & Safety policy?

Do you supply the correct tools and equipment in a safe environment for them to carry out their jobs? Is all your lifting and pressure plant inspected on a regular basis?

"Often a little preventative action can safeguard you from a nasty and costly incident."

On the water, do you have adequate cover for all your water-based activities? Have you checked for insurer restrictions and are your staff trained to RYA standards to demonstrate, train or teach on the water? "RYA recognition could also help reduce your premiums, " he says.

And if you employ subcontractors, are they insured with a limit of liability of no lesser value than your own? If their cover is inadequate, he says, you will be held responsible as the main contractor.

Cole says another thing is to tell your insurer everything about your business. "If you retail powercraft, yachts, personal watercraft and all terrain vehicles, your insurer will want to know, " he says.

Not all insurers are happy with PWC, or indeed ATV machines, he added. "And with many dealers looking at other avenues to increase profit margins if you think stock covers everything, think again!"

Marine trade insurance is extremely complex, he says.

Don't risk being without adequate cover for all aspects of your business and do consult a specialist marine trade broker to advise and assess your insurance needs.

"Often a visit from the broker will be beneficial as the advice and first hand knowledge of your business will help the broker to obtain the best and - importantly - the correct cover for you at the most competitive rate."

Bank of Scotland Marine Finance has introduced its first 15 year marine mortgage.

Previously only available over a period of 10 years, Barclays says marine mortgages have been increasing in popularity as boat owners take advantage of this method of funding.

The new 15 year marine mortgage will be launched to the public at the Southampton Boat Show, September 12 to 21, 2003.

The new product will be available for boats up to five years old and, according to Peter Whitehead, national marine manager, is "one of the most significant things that could affect the boat buying decision".

The 15 year mortgage is only available on balances of £50,000 and over, for new boats and those under five years old.

Barclays says with the option to spread repayments over a greater number of years, the monthly cost of a mortgage could significantly decrease.

They say a boat costing £150,000 would need a deposit of £30,000 and a mortgage of £120,000. Over 10 years the repayments would be £1,332.25 per month at a typical 6.1% variable APR, while over 15 years the repayments could be £1,012.63 at a typical 6.1% variable APR.

"I believe this will make boating more affordable, " said Whitehead, "as people may now spread their repayments over a longer period of time."

With an increasing number of narrowboat owners installing ornate wood burning or solid fuel stoves, the specialist narrowboat insurance broker, Collidge & Partners, is providing fire safety advice for owners of these popular heating devices.

The aim is to help narrowboat owners avoid damage to their boats and protect them from a serious fire.

Through their narrowboat insurance policy, Collidge & Partners, underwriting agents for Navigators & General, has received an increasing number of claims for fire burns to carpets. In most cases, repairing the damage is inconvenient rather than costly, but the potential danger of larger fires is still enough to warrant preventative action being taken by narrowboat owners.

The company issued a set of recommendations for narrowboat owners that should, they hope, cut down on fire claims and may even - in extreme circumstances - prevent loss of life.

"Whilst it is impossible to protect against all fire accidents, our advice will reduce the risk of having a fire onboard, " said Chris Collidge.

"By taking some basic precautions, we hope that boat owners can enjoy trouble free boating with all the atmosphere and comfort of traditional heating" Navigators & General , part of the Zurich Financial Services Group, has launched an Employers' Liability insurance for professional yacht crews of UK registered yachts.

Navigators has agreed an exclusive arrangement with Zurich's London operation, which will be providing the cover.

The new scheme provides cover in accordance with UK legislation for yachts cruising in European and Mediterranean waters, or further afield as agreed, and set out in each policy schedule.

Navigators says vessels must be registered in Great Britain, Northern Ireland, the Isle of Man or the Channel Islands.

Contacts:

Bank of Scotland Marine Finance T: 01244 694197.E: enquiries@bankofscotland.co.uk<$>Barclays Marine Finance Tel: 023 80456298.E: marine.finance@barclays.co.uk<$>Collidge & Partners T: 01843 295925.E: enquiries@collidgeandpartners.co.uk<$>Lombard Marine Finance T: 023 8051 5050 F: 023 8051 5070<$>Mardon Insurance Brokers (UK) Ltd T: 01743 232688<$>Navigators & General T: 01273 863400 E: enquiries@navandgen.co.uk