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No Cover for Latent Defects

Trends in Marine Insurance
Posted: 10 Jun 2004 - By: Stuartwilson
Since spring of 2001 at least, St Margarets Insurances Ltd, my brokers, have advised that separate Marine Legal Cover is advisable at additional 3% cost to the insurance premium.
Also, each year since spring 2002 I have been told by, that the amount to which my liability can be limited is about to increase sixfold. Therefore my Third Party indemnity at ?2,000,000 will be inadequate to cover my potential risk. An increase in premium amount of 10% has apparently been negotiated with the insurers to obtain 50% more cover. Not being a racer, so far I have felt it unnecessary to comply with this.
This Spring, along with my renewal notice, I was warned of 2 new endorsements. The first is the ubiquitous one about no cover for acts of terrorism. The second, more worrying one, is that I am apparently no longer covered for loss or damage caused by


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