Cruisers Forum
 


Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 16-07-2012, 12:38   #1
Registered User
 
Cavalier's Avatar

Join Date: Dec 2010
Location: Houston, TX
Boat: Beneteau 461 47'
Posts: 927
Images: 1
Pantaenius Marine Insurance and the Gulf Coast

Hi All,
I sincerely hope that this isn't a repeat of an early post, but I felt it was worth sharing.

I've just been shipping around (no pun intended) for new insurance based upon.

Sailboat: 47' (age post 2000)
3rd party liability: $300k
Hull value: $150k
Mooring location: Kemah, Texas
Mooring location during hurricane season: Same as above.

I've had some reasonable quotes with the exception of Pantaenius who were unable to provide a quote. Upon enquiring further, they stated that they could not provide a quotation for any vessel that:

a) Had an agreed hull value under $500k, AND;
b) Was located below 30.5degN during hurricane season.

If I was willing to move the boat above 30.5N during 'the season' they could provide a quote.

The only place that i'm aware of on the whole of the Gulf coast which is above 30.5N is Mobile, Alabama which is located at 30.68degN.

Evidently, you may be wasting your time requesting insurance quotes from Pantaenius if you live on the gulf coast and you don't own a $500k+ vessel..

Has anyone else had similar experiences?
__________________
"By day the hot sun fermented us; and we were dizzied by the beating wind. At night we were stained by dew, and shamed into pettiness by the innumerable silences of stars."
Cavalier is offline   Reply With Quote
Old 17-08-2013, 03:39   #2
TSO
Registered User

Join Date: Aug 2013
Posts: 2
Re: Pantaenius marine insurance and the Gulf coast

Considering pantaenius is a bully/scam company that only at best reimburses small damage’s but if you get a total loss you need to drag them screaming like a child to court! And thy do everything to drag the proses out as long as they can to make sure you drown in lawyer fees.. And it is there strategy.. Thy give you a shameless offer on your boat whit the undertone that if you don’t accept it you get nothing forcing you to sue them. And then the lawyers start to do their thing back and forth and when you feel like you getting closer to finely get to court thy start blaming someone else ** it’s not our fault you should not sue us but you need to sue them*
Having a fixed value is just sales ******** and nothing else and you are better off whit a REAL incurrence company.
TSO is offline   Reply With Quote
Old 17-08-2013, 04:04   #3
Registered User

Join Date: Nov 2011
Location: Fethiye Turkey
Boat: Lagoon 440
Posts: 2,954
Re: Pantaenius marine insurance and the Gulf coast

TSO,
Pantaenius have a good reputation in Europe, do you have any facts to back up your points, do you have personal experience of being wronged by them?

oh and welcome to the Forum.
__________________
"Political correctness is a creeping sickness that knows no boundaries"
Lagoon4us is offline   Reply With Quote
Old 17-08-2013, 04:07   #4
Senior Cruiser
 
boatman61's Avatar

Community Sponsor
Cruisers Forum Supporter

Join Date: Jan 2010
Location: PORTUGAL
Posts: 30,585
Images: 2
pirate Re: Pantaenius marine insurance and the Gulf coast

Different Area... so can't comment... never dealt with the US branch... think its a different animal dealing with a different mentality...
Over here in the EU.. Pantaenius UK is great...
Speaking as a former customer (no boat at present)... and... as a delivery skipper I'll recommend them to every customer who needs insurance.
Something I have found though is that some owners are scammers and con artists... they'll try and claim for every silly little thing... and try to get new for ancient... one owner in particular comes to mind... this makes assessors somewhat suspicious.
You can beef all you want but I find them prompt AND efficient in sorting things out.... 3 weeks to settle on a lightening strike in Andratx... 2 days to fly someone out to Funchal to assess another claim and came to an agreement within a week of inspection.
I cannot fault them..
__________________

It was a dark and stormy night and the captain of the ship said.. "Hey Jim, spin us a yarn." and the yarn began like this.. "It was a dark and stormy night.."
boatman61 is offline   Reply With Quote
Old 17-08-2013, 04:20   #5
Moderator
 
Seaworthy Lass's Avatar

Cruisers Forum Supporter

Join Date: Oct 2008
Boat: Bestevaer 49
Posts: 16,151
Re: Pantaenius marine insurance and the Gulf coast

I have nothing but good things to report about Pantaenius Germany. We have only had one claim in seven years and because it was a 'no fault' event (lightning strike nearby) there was no excess to pay. A surveyor was sent out to us from Athens within a day and he arranged for a haul out to inspect for damage. The claim was settled to our satisfaction. Our premium did not go up after the event.

I think the reputation of an insurance company should be based on their actions when a claim needs to be resolved, not on whether or not they accept your premium .
__________________
SWL (enthusiastic amateur)
"To me the simple act of tying a knot is an adventure in unlimited space." Clifford Ashley
"The cure for anything is salt water: sweat, tears or the sea." Isak Dinesen

Unveiling Bullseye strops for low friction rings
Seaworthy Lass is offline   Reply With Quote
Old 17-08-2013, 08:22   #6
Nearly an old salt
 
goboatingnow's Avatar

Join Date: Jun 2009
Location: Lefkas Marina ,Greece
Boat: Bavaria 36
Posts: 22,801
Images: 3
Quote:
Originally Posted by Seaworthy Lass View Post
I have nothing but good things to report about Pantaenius Germany. We have only had one claim in seven years and because it was a 'no fault' event (lightning strike nearby) there was no excess to pay. A surveyor was sent out to us from Athens within a day and he arranged for a haul out to inspect for damage. The claim was settled to our satisfaction. Our premium did not go up after the event.

I think the reputation of an insurance company should be based on their actions when a claim needs to be resolved, not on whether or not they accept your premium .
Yes +1 for Pantaenius Europe. More pricey then others but a far better policy.

Maybe US sailors are just more accident prone , I mean all that power boat usage can't b e good for sailing skills .......!!!!!!!!

I'm off now

dave
__________________
Interested in smart boat technology, networking and all things tech
goboatingnow is offline   Reply With Quote
Old 23-08-2013, 13:16   #7
TSO
Registered User

Join Date: Aug 2013
Posts: 2
Re: Pantaenius marine insurance and the Gulf coast

Thanks Lagoon4us.
Oh i speak off personal experience.. And it should be a no brainer when you have a fixed insured value on the boat.. No more no less than what you agreed on.. Even after pointing out the market value thy screw around.. And after talking to several reporters for boat magazines I´m starting to see a pattern were its starting to be standard procedure to let everything to court..
Well you know they are going to screw you over when at the first personal meeting thy can’t look you in the eyes..
And boatman61.. Pantaenius brag about *getting new for old* so if thy claim that..??.. But I’m not asking for a new boat.. Only what I paid for so I can replace my boat…
And to give you something to think about... I didn’t have my insurance in the US.
thy offerd me 20% off market value whit the threat that if i dident axept that i get nothing.. leaving me whit no choice but to sue them.. and that was AFTER thy scraped my boat hindering me to salvage the value that was left in it.. so im less then happy..
TSO is offline   Reply With Quote
Old 23-08-2013, 13:33   #8
Registered User

Join Date: Oct 2011
Posts: 3,604
Re: Pantaenius marine insurance and the Gulf coast

I got a quote from them, apparently before the $500k requirement, which I thought was a little on the high side when compared to others.

I asked them whether they could do a little better and they said they would get back to me, which they did by later telling me they were rescinding their previous offer.
Delancey is offline   Reply With Quote
Old 28-03-2014, 14:09   #9
Registered User
 
jeremiason's Avatar

Join Date: Oct 2010
Location: Punta Gorda, Florida
Boat: Cruisers Yachts 420 Express
Posts: 1,429
Images: 2
Send a message via ICQ to jeremiason Send a message via Yahoo to jeremiason Send a message via Skype™ to jeremiason
Re: Pantaenius marine insurance and the Gulf coast

We have been using Pantaenius for 4 years... They were great when we were cruising and one of the cheapest quotes every year we were in Mexico and Central America. Once we got into the Caribbean the price remained the same, with the provision that we go about 30.5 N during hurricane season.

Backing up, when we were in Panama, we knew three boaters insured by Pantaenius who were struck by lightning and all three had a surveyor on their boats within a week and money within the month. Two of the three had over $60K US in damages.

Once we finished cruising last year, we purchased a home in SW Florida at 27 N on the Gulf side. That caused our rates to almost double in price and our cruising area was reduced to Florida and the Bahamas. But with that said no one else came under Pantaenius's quote and BoatUS was almost $2000 higher.

Our boat is insured at $355K and is definitely below 30.5 N degrees year round. We just renewed in February, so I am not sure why they would tell you that they would insure you.

One possibility is that we use a Insurance Broker (IMIS) instead of going directly to Pantaenius.
__________________
Tom Jeremiason
Punta Gorda, Florida

jeremiason is offline   Reply With Quote
Old 28-03-2014, 14:22   #10
Registered User

Join Date: Dec 2013
Location: Paradise
Boat: Various
Posts: 2,427
Re: Pantaenius marine insurance and the Gulf coast

Pantaenius has an excellent reputation from those I've talked to locally in South Florida. I find it interesting that the two blasting them are both new posters, the second using their first post on the site to support the first who was making his first post. And none of the veteran posters have yet expressed such an experience.

As to value in the event of a total loss, it is not going to exceed market value. Boats depreciate just as cars do. Stated value is not guaranteed value. What was paid for the boat does not establish it's current market value. Now that may seem unfair to some but it's just the way insurance on depreciating items works.

Back to the OP for this thread. That does surprise me, although Pantaenius is more aimed at higher valued boats. Insurers do decide in somewhat random manner it seems often to decide what policies they are willing to write.
BandB is offline   Reply With Quote
Old 01-05-2014, 02:25   #11
Registered User
 
SV.Louna's Avatar

Join Date: Mar 2013
Location: Australia
Boat: Voyage Catamaran 50 ft
Posts: 93
Images: 25
Re: Pantaenius marine insurance and the Gulf coast

Hi Guys,
I have Pantaenius Insurance on my multihull and I have found them to be excellent to deal with. When the GFC hit I was buying boats from one side of the planet and running them back to Australia and selling them. One of the boats was a Beneteau 473 and the delivery captain managed to sink her in Fiji. The insurance company was not impressed, they mounted a rescue, a salvage operation and when it was all said and done, gave me a fair pay out and the wreck to sell. I am still insured with them, they have 10 clauses I think and most of the other insurance companies I have looked at, have upward of 100, which gets them out of paying you. Maybe they have had a bad run, in the gulf and are sick of picking up the tab in the hurricane belt which for the rest of us on the planet have to subsidise, so I do understand their business principles. But different strokes for different folks. Maybe try a different insurer and see if you can get a better deal.
L&N
SV.Louna is offline   Reply With Quote
Old 01-05-2014, 05:26   #12
Registered User
 
Cavalier's Avatar

Join Date: Dec 2010
Location: Houston, TX
Boat: Beneteau 461 47'
Posts: 927
Images: 1
Re: Pantaenius marine insurance and the Gulf coast

Thanks for all of the feedback: interesting responses.

I'm starting to think that I must have caught somebody on a bad day when I called for a quote.

In the end I used a local broker to insure me through a larger company - it did take a week to get a written clarification to all the terms, but now we're insured within the US's economic waters. Half the premium of BoatUS.

When we look at leaving US waters again we'll have to reinsure, so we'll be sure to give Pantaenius another go.


Sent from my Windows Phone using Tapatalk
__________________
"By day the hot sun fermented us; and we were dizzied by the beating wind. At night we were stained by dew, and shamed into pettiness by the innumerable silences of stars."
Cavalier is offline   Reply With Quote
Old 01-05-2014, 06:04   #13
Marine Service Provider

Join Date: Dec 2009
Location: Working in St Augustine
Boat: Woods Vardo 34 Cat
Posts: 3,865
Re: Pantaenius marine insurance and the Gulf coast

They have to figure they have gotten off easy the last few years with no major gulf and SE Atlantic hurricanes. Better raise rates whilst they can before the next big storm. I now that's not how it's "supposed" to work.
__________________
@mojomarine1
Boatguy30 is offline   Reply With Quote
Old 01-05-2014, 07:07   #14
Registered User
 
SV.Louna's Avatar

Join Date: Mar 2013
Location: Australia
Boat: Voyage Catamaran 50 ft
Posts: 93
Images: 25
Re: Pantaenius marine insurance and the Gulf coast

You could try Offshore Risk Management in FL. The guy I was dealing with was Peter. He would insure us in the hurricane season in FL.
L&N
SV.Louna is offline   Reply With Quote
Old 01-05-2014, 08:08   #15
Registered User

Join Date: Dec 2013
Location: Paradise
Boat: Various
Posts: 2,427
Re: Pantaenius marine insurance and the Gulf coast

Quote:
Originally Posted by Boatguy30 View Post
They have to figure they have gotten off easy the last few years with no major gulf and SE Atlantic hurricanes.
Did Sandy suddenly slip our mind? Just because it wasn't gulf or SE doesn't mean it doesn't count and didn't cost them dearly.

Yes, my home insurance went up considerable in South Florida as a result too. I'm in the worst flood classification in spite of the fact where my home is has never been damaged by a hurricane or flooded. But theoretically it could be.

One just has to shop insurance carefully, but most of all be sure what it does and doesn't cover. Understand the terms or get someone who does. Make sure you know all limits and exclusions and everything required on your part.

For those who say, "No one will cover this", someone will cover anything at some cost. So it's finding who will come closest to what you need at a price that's reasonable.

Tailor the policy to your needs but it's good to be with a carrier who can adjust it when your cruising area changes.

A good broker can be valuable, but only a good one who is very knowledgeable in the type insurance you're seeking. The home and auto broker isn't likely to help you much on a boat, nor on health insurance. In fact, sometimes he may know just enough to get you into trouble. Most boat insurers also specialize in certain sizes and types of use. Boat US is mostly under a certain size and primarily US waters as makes sense considering their customer. Pantaenius is mostly larger boats, higher dollar values, and covers the world.
BandB is offline   Reply With Quote
Reply

Tags
insurance, marine

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pantaenius and Named Storm Plan mikefp60 Multihull Sailboats 22 28-05-2021 16:31
For Sale: Gulf Coast and East Coast Charts Continuing Classifieds Archive 10 14-04-2013 06:00

Advertise Here


All times are GMT -7. The time now is 16:02.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.