So much of your life is tied up in
your cruising vessel and hence your
insurance is a major consideration.
Sure the premium is important,
however it is the type of cover and
possibly even more importantly, the
claims procedure that becomes so
crucial. How so?
Firstly there is your locale. You
may be in the Pacific, on your way
to the Mediterranean, relaxing in
the Caribbean or planning to do the
lot. One company that offers global
coverage under one policy is celebrating
its second year in Australia.
Pantaenius is staffed by boaties
who know the core nautical values of
safety, risk minimisation, preparation,
training and seamanship. As a result,
plus its due diligence before a contract
begins, Pantaenius’ states it understands
changes at sea happen quickly.
Secondly, there is the policy itself.
Just what is it, how does it work and
if a total loss is suffered, how much
will you be paid? Pantaenius’ All-Risk
policy has been written to be simple tocomprehend by the consumer and easy
to administer. For example; everything
on your boat is included bar a few items,
which are detailed on one page. The
antithesis of the traditional contract.
The best way to demonstrate this is to
look at weather, especially things referred
to as tropical storms. Jamie MacPhail,
managing director of Pantaenius
Australia, explains, “we insure boats on
moorings and in cyclone zones. Naturally
there are some conditions, which we
explain in detail during the due diligence
period, but we actually do cover you.
"In some competitors' Named Peril
policies it is only mentioned in an
addendum, which our clients say
adds to their confusion. Specifically,
there have been instances where some
owners were paid out when their craft
ended up on the rocks after a storm,
but some were not. Yet it was the very
same event that caused all the damage,”
added MacPhail.
Pantenius’ global reach and contacts
means boats are covered whether tucked
up in a bay or caught in perilous stuff.For example, after Cyclone Ivan, which
went through both the Caribbean and
east coast USA, Pantaenius chartered a
ship and sent the damaged boats, along
with some of its competitors too, off to
Europe to get fixed.
Consequently, it is little wonder that
Pantaenius has taken a foothold in
the Australian market. Since active
promotion began around two years
ago they have grown to seven staff,
with a gross value of its insured risk
now $AU430m.
"Truth is, it is not just about price it
is product, for this is where the peace
of mind comes in. We still have people
insisting they have an agreed value
policy and then find out it’s only market
value they’ll receive in the event of a
total loss,” said MacPhail.
Interestingly, 30% of Pantaenius
Australia’s clients are currently
not home.
It is pretty much what you would
expect from a world market leader,
they have been at it since 1963 when
the world was a very different place.
Pantaenius will again be supporting
the Fremantle to Bali Rally. One third
of the fleet were under its cover and it
is expected that it will be over half the
fleet when it rolls around again in May.
Before you head off to go and see all
the world has to offer, check your
policy closely.
http://www.pantaenius.com.auFebruar y 2015 65whats new: insurance
John Curnow
John Curnow has been around
all manner of boats for forty
years, cruising, steaming,
fishing and of course, racing,
which still gets him fired up. He is one
of those rarer types, happy wandering
along barely making five knots, 50knots
in speedboats and surfing yachts down
waves with the kite up.Cover me close
Recent changes to insurance around Australia has caused
concern to the cruising community, John Curnow speaks
with Pantaenius about what cover they can offer and what
to take note after its second year of Australian operations.Cruising cat lies at anchor in Princes
Charlotte Bay.TOP: A Hanse undertakes a gentle
jaunt on the majestic Pittwater.IMAGES COURTESY JOHN CURNOW.