Addept Insurance has launched Waypoint, which is a marine legal protection insurance proposition for boat owners. It has also announced that Waypoint has secured seven schemes, one of which is a wholesale facility for brokers with smaller books of marine business.

Cover includes legal costs to recover uninsured losses, pursuit of personal injury claims, the costs to pursue or defend a legal action following a breach of a contract or defend a criminal offence, personal and vessel identity fraud costs, emergency expenses, temporary vessel replacement costs and loss of mooring fees.

Irwell Insurance Company, which is rated B++ (Good) by AM Best, is providing capacity for Waypoint.

Richard Finan, managing director of Addept Insurance, said: “The marine LEI market has seen a narrowing of cover and capacity options which has meant brokers have found it harder to access appropriate cover.

“Waypoint addresses this move to ‘vanilla’ products by building solutions that address the needs of specific marine risk profiles including providing wholesale facilities to brokers with smaller books of marine business who cannot access products currently.”