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Old 21-08-2017, 13:01   #1
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Pantaenius Insurance diasppointment

I requested a quote to insure a sailboat with an approximate value of $52,000.00 some two weeks ago. having heard nothing I called them for an update. The broker handling my request was away from the desk and I was told she would call me right back. An hour later (no call) I received an email saying "Unfortunately, due to underwriting guidelines, we must decline your request for coverage." Thats it, no reason why, no explanation. I called back to ask why and was informed that it was due to the value of the vessel. Minimum insurance value for them is $75,000.00. So do I over insure it through them? look for another insurance company (suggestions welcome). I will need liability insurance for the boat to be in a marina long term in Greece or Sicily and for any marina work, haul out etc. What do others do for insurance on vessels with a value of less that $75k? Also see my other thread "liability insurance"

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Old 21-08-2017, 13:41   #2
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Re: Pantaenius Insurance diasppointment

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Originally Posted by wryanddry View Post
I requested a quote to insure a sailboat with an approximate value of $52,000.00 some two weeks ago. having heard nothing I called them for an update. The broker handling my request was away from the desk and I was told she would call me right back. An hour later (no call) I received an email saying "Unfortunately, due to underwriting guidelines, we must decline your request for coverage." Thats it, no reason why, no explanation. I called back to ask why and was informed that it was due to the value of the vessel. Minimum insurance value for them is $75,000.00. So do I over insure it through them? look for another insurance company (suggestions welcome). I will need liability insurance for the boat to be in a marina long term in Greece or Sicily and for any marina work, haul out etc. What do others do for insurance on vessels with a value of less that $75k? Also see my other thread "liability insurance"

Thanks!
Geico.

They are the insurer here in the US if you get insurance through BoatUS, I believe.

I have insurance through a dedicated marine insurance broker. Used to be covered by Seaworthy, which was acquired by Geico and which I assume now forms their marine insurance arm.

It sounds like your problem was with your broker, not with Pantaenius. Your broker should have explained to you why you were turned down.
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Old 21-08-2017, 15:41   #3
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Re: Pantaenius Insurance diasppointment

See if you can't negotiate coverage from a company within Greece, where the boat is. If you plan to leave Greece at some point, perhaps some form of international cover would be in order.

As to whether you should insure for more than it's worth, it will be Pantanaeus (sp?) lowest premium if you go that route, what more break could you expect? Check out other companies for the coverage you want; that you receive that is the most important part--and of course you'd like to keep costs down.

Good luck with it.

Ann
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Old 21-08-2017, 15:56   #4
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Re: Pantaenius Insurance diasppointment

When we began the refit, the boat was truly awful. We needed insurance for the marina. No one would talk to us, a 35 year old ferro cement mess. Markel took a chance on us. We got a survey, they told us the 2 absolutes minimum repairs we had to accomplish, we sent them an email saying they were addressed (which they were) and they insured us, no further problems.

The premium is acceptable, not high, not low. I don't know if $50K will be interesting to them or not.

I thought Markel was a no-name insurance company, but I've since found out some very good things about them. Give them a try.
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Old 21-08-2017, 15:57   #5
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Re: Pantaenius Insurance diasppointment

In general, an insurance company will not allow you to insure for greater value than the boat is worth. If it is an agreed value policy then they would end up paying you more than the vessel is worth on a total loss. The survey needs to demonstrate the insured value is very close to the insurance amount.
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Old 21-08-2017, 16:01   #6
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Re: Pantaenius Insurance diasppointment

I just Googled "boat insurance companies" and came up with a whole slew of them.

I use BoatUS for my personal boat.
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Old 21-08-2017, 16:54   #7
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Re: Pantaenius Insurance diasppointment

Geico via BoatUS for us as well. Declined by Pantaenius, as well as a slew of other companies either because of cruising experience (we had none at the time), age of vessel or value of vessel. Eventually you become numb to the disappointment of rejection.

Ironically, we got declined from Geico when we tried through a broker, but through BoatUS we were accepted.
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Old 24-08-2017, 02:14   #8
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Re: Pantaenius Insurance diasppointment

Pantaenius adresses ships, and boats down to a minimum . No lesser
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