Insurance - Pantaenius USA - Non Renewal

[Catopia]

We recently received a Notice of Non Renewal of our Pantaenius insurance policy for our Lagoon 52 on the East Coast of USA. The explanation I received from the broker is “Pantaenius sold their book to Markel and Markel is the one that made the decision to renewal certain amount of exposure.”

We have received quotes for replacement insurance that are a 50%-60% increase over our previous premiums expenses ($8k increases to $14k). I am hoping for some pointers here to better alternatives.

Thanks in advance.

[billknny]

Catopis,

May I ask who your broker is?

This seems an odd explaination, because Pantaenius USA is not actually an insurance company, i.e., they do not underwrite anything themselves, buy really are a second level broker.

[SnakeEyes]

Do you have MS Amlin in the States?

[LakeSuperior]

Making this up but if the boat is worth $500k, for example, then the yearly premium is roughly 3%.

Why not self-insure the hull and purchase liability coverage which is cheap. Consider that if you invest the $14k per year at 6% in 18 years you will have enough cash to buy an equivalent used boat for $500k.

Remember that your hull is also depreciating over the 18 year period so you can come out even further ahead.

Just a thought.

[Catopia]

Originally Posted by billknny

Catopis,



May I ask who your broker is?



This seems an odd explaination, because Pantaenius USA is not actually an insurance company, i.e., they do not underwrite anything themselves, buy really are a second level broker.

The broker is E/G of Florida.

[Catopia]

Originally Posted by SnakeEyes

Do you have MS Amlin in the States?

It does not appear so. Their site lists France, UK, Belgium and Netherlands.

[Catopia]

Their follow up comments were:
“The marine Insurance market is the worst I have seen in 20 years. We are hoping that more carriers will enter the market place next year. “

[familysailing]

we switched from pantaenius to united marine underwriters last fall. pantaenius was requiring hurricane plan with removal of all topsides items including boom in addition to hauling and hurricane straps.

we have a lagoon 380 in st Augustine florida. saved money and better terms.


our agent is Nicole Favitta
License #0M21534
Oversea Insurance Agency
1274 Scott Street
San Diego, CA 92106
Tel: 619-222-1111

tim

sv folie a deux
2000 lagoon 380 #47

[SnakeEyes]

Originally Posted by Catopia

It does not appear so. Their site lists France, UK, Belgium and Netherlands.

I know people from other countries than the one you listed are insured by them. Give them a call and ask for their broker list. Its worth a try.

Here is a broker in the UK, maybe worth a try?

Y Yacht Insurance | Insurance quote | Yacht Insurance quotes | Cheap Yacht Insurance quote

[Cpt Mark]

[QUOTE=L

Why not self-insure the hull and purchase liability coverage which is cheap. .[/QUOTE]

I looked for liability only this year and was told it no longer exists in the U.S. Do you know of someone who does?

[Catopia]

Originally Posted by familysailing

we switched from pantaenius to united marine underwriters last fall. pantaenius was requiring hurricane plan with removal of all topsides items including boom in addition to hauling and hurricane straps.



we have a lagoon 380 in st Augustine florida. saved money and better terms.





our agent is Nicole Favitta

License #0M21534

Oversea Insurance Agency

1274 Scott Street

San Diego, CA 92106

Tel: 619-222-1111



tim



sv folie a deux

2000 lagoon 380 #47

Thanks Tim, I will give Nicole a call.

[LakeSuperior]

I have a 35 ft Bertram and a 37 ft yawl with a million of liability each through Auto Owners. I am under the assumption that liability is ubiquitous throughout insurance land. It's dirt cheap compared to hull insurance.

By self insuring the hull there is no "mother may I" with the insurers. There is no uncertainty about coverage to cross the ocean or be in a zone prone to hurricanes. It's all on you. No hiring of attorneys when the insurance company wants to not pay. No nagging uncertainty sitting around wondering if something happens will the insurance cover this situation or wondering if it's a special exclusion that you didn't comprehend. Mental anguish is gone.

And, no one and I mean no one takes care of you like you!

[Boatguy30]

Seems cheap compared to what I would pay on 1/10 the hull value. Maybe you can deversify your assets into insurance companies and make it back?

[Sand crab]

Try BoatUS, they took care of me great with my claim. I think Geico bought them out recently fwiw.

[Starblossom]

I also had a coverage problem with pantaenious
My Broker Kolisch Marine insurance in Miami placed my insurance with new company for less money and better coverage
call them for a quote