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Old 07-11-2013, 07:23   #1
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Turned Down for Insurance

Help. I;m just about to close on a 1988 Hunter Legend and I'm being turned down for insurance by Pantenius of NY despite a positive marine survey, the insurance underwriters refuse to tell me why. Now I'm thinking they know something I don't. Any body out there with similar experience, should I back away?
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Old 07-11-2013, 07:37   #2
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Re: turned down for insurance

I could be wrong... But I think they are required to tell you the reason???

There are tons of insurance recommendation threads here... search away...
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Old 07-11-2013, 07:39   #3
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Re: turned down for insurance

Contact IMIS, I was able to insure through them when others declined.
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Old 07-11-2013, 07:43   #4
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Re: turned down for insurance

At one point in the recent past, Pantaneous US was only insuring vessels >$500,000.

But surely you searched for more than one insurance company?

Mark
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Old 07-11-2013, 08:26   #5
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Re: turned down for insurance

Quote:
Originally Posted by colemj View Post
At one point in the recent past, Pantaneous US was only insuring vessels >$500,000.

But surely you searched for more than one insurance company?

Mark
That rumor has been going around for a while, with no truth to it... My boat was insured for $365k with Pantaenius in June.

I would imagine any insurance company has the right to refuse, without explanation... This isn't health insurance and does not effect other companies form insuring you, so long as the boat is seaworthy.

I also use IMIS as my insurance broker and suggest that you go to them as well. They will find the right insurance for you.
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Old 07-11-2013, 08:31   #6
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Re: turned down for insurance

It seems really strange that they will not tell you why. Was the boat ever storm damaged or written off as totaled?
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Old 07-11-2013, 08:37   #7
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Re: turned down for insurance

IMIS are my guys, too. For about the last 20 years...

-Chris
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Old 07-11-2013, 08:38   #8
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Quote:
Originally Posted by jeremiason View Post

That rumor has been going around for a while, with no truth to it... My boat was insured for $365k with Pantaenius in June.

I would imagine any insurance company has the right to refuse, without explanation... This isn't health insurance and does not effect other companies form insuring you, so long as the boat is seaworthy.

I also use IMIS as my insurance broker and suggest that you go to them as well. They will find the right insurance for you.
That's interesting, because I have an email direct from Pantaenius which tells me that they are not interested in insuring any boat worth less than a million dollars in the USA.
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Old 07-11-2013, 08:42   #9
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Re: turned down for insurance

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Originally Posted by avb3 View Post
That's interesting, because I have an email direct from Pantaenius which tells me that they are not interested in insuring any boat worth less than a million dollars in the USA.
Mine is insured with Pantaeneus for under 300k, I live in Florida and my boat is U.S. documented and registered in FL. Make sure you are dealing with Pantaeneus U.S.A. as opposed to U.K.
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Old 07-11-2013, 08:44   #10
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Mine is insured with Pantaeneus for under 300k, I live in Florida and my boat is U.S. documented and registered in FL. Make sure you are dealing with Pantaeneus U.S.A. as opposed to U.K.
Yup, I'm sure I was. Here's the signature line:

Pantaenius America, Ltd.
500 Mamaroneck Avenue
Harrison, NY 10528
Phone:914.381.2066
Fax: 914.381.2052

Strange isn't it?
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Old 07-11-2013, 08:55   #11
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Re: turned down for insurance

Maybe they only insure boats under a million on a case by case basis based on risk. A 1988 Hunter may not fit their criteria, so they just give you the excuse that its under a million?
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Old 07-11-2013, 08:56   #12
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Re: turned down for insurance

Maybe they still insure boats for less if they had been insured all along? Maybe new policies are different?

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Old 07-11-2013, 09:01   #13
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Re: turned down for insurance

Quote:
Originally Posted by colemj View Post
Maybe they still insure boats for less if they had been insured all along? Maybe new policies are different?

Mark
I purchased my policy in March of this year...
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Old 07-11-2013, 09:02   #14
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Re: turned down for insurance

Your hypothesis is sounding good then.

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Old 07-11-2013, 09:08   #15
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Re: turned down for insurance

contact bill hodgens at yachtinsure dot com -- he got us insured when no one would touch us and we got a lot of turn downs -- then again we had never owned a boat and our first boat purchase was a new Jeanneau ds40 --
bill did a great job for us

of course that was a long time ago

just our thoughts and opinion
chuck patty and svsoulmates
in port yasmine hammamet tunisia for the winter
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