Pantaenius Marine Insurance and the Gulf Coast

[sestina]

For many years I insured with Pants UK. If you own an older boat their policy isn't very good. Sure they will cough up in full on a total loss claim. However in the event of partial loss they have a swingeing policy excess (deductable).

A couple of years ago, I ended up being swept ashore at Little Farmer's Cay. In the process of being hauled off, the tow line got caught round one of my spreaders and broke it off.

Pants refused to pay for a pair of spreaders, and they only paid out 30% for broken one. Their basis being the rig was over 10 years old. They agreed that a cruising boat's aluminum rig had a life expectancy of decades.

They agreed that if my mast falls down the 30% rule will apply. The back of an envelope calculation came to the conclusion that 12% of the value of my boat was uninsured. I offered an additional premium, but they refused. I mentioned this to various friends, who also insure with Pants. They were horrified. One chum with a fractional cruiser-racer, the replacement cost of his rig came to 60% of the value of his boat.

I now insure with Y Yacht Insurance | Insurance quote | Yacht Insurance quotes | Cheap Yacht Insurance quote
The cover is better and the policy is cheaper to boot. This company is run by the ex MD of Pantaenius UK. Their policy is based on "all risks" not "insured peril only"

[zengirl]

Originally Posted by Cavalier

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.


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What company did u end up with, if I may ask?



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[colemj]

Pantaenius US policies are all risk types. Perhaps they also offer insured peril policies, but they do not quote them up front that way.

It is important to note that Pantaenius runs two operations - one in the UK and one in the US. These seem to be somewhat separately run in terms of offerings and prices.

Mark

[carstenb]

I do not personally use Panteanius, however I have an acquaintance who uses them. 2 years ago he lost his boat on a reef in the pacific.

14 days after filing his claim (total loss) the money rolled in on his bank account.

He had one email from them asking for clarification on a couple of minor points and then they paid.

[Seaworthy Lass]

We are insured with Pantaenius (Germany) and were equally happy following a claim six years ago following a nearby lightning strike.

[boatman61]

Pantaenius rock as far as I'm concerned.. recommend them to all new owners I deliver for.. and would not hesitate to use them again for my next boat.. never insured with anyone else..

[Seaworthy Lass]

I think how claims are settled is the critical thing (and also how they treat you in general while you are insured), not whether or not a company decides to insure you in the first place.

[BandB]

Originally Posted by Seaworthy Lass

I think how claims are settled is the critical thing (and also how they treat you in general while you are insured), not whether or not a company decides to insure you in the first place.

Honestly, being selective up front may well be what allows a company to offer more and handle claims better. That doesn't help those turned down, unfortunately.

[JTSmith]

Insurance, whether it's home, health or yacht, is legalized gambling. They are in the business of never paying a claim. And they will go to great lengths not to do so. If you've ever spent any time in a Vegas, Atlantic City or Tahoe casino, you know this to be true: The house always wins.


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[northwestsailor]

I agree JT wholeheartedly. The one insurance "bargain" if have found is State Farm liability insurance for the boat. For our boat it is about $50 per year. I spend more than that on coffee.
Self insuring is OK too and this what we will continue to do.

[avb3]

When I inquired with Pantaenius US, they advised that their minimum yacht value was $1 million.

Britain may be different, but they are looking for just high value in North America.

[northwestsailor]

I don't really mind if they have their limits of what they want to insure but they should state it publicly. After I filled out a lengthy application and went through several other hoops with them they just said they could not even quote my boat unless a had a new survey done. Mine was two years old. That is total BS on their part. I am sure others have been quoted without it.

[Dulcesuenos]

Interesting we had a policy set up with them on a boat worth 200k. Ended up going with novamar, seaworthy, better policy for 20%less

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[northwestsailor]

Did they ask you for a survey before they would quote? I can understand that a quote is subject to a recent survey and all items complied with but a survey before they would even quote seems ridiculous.

[Polux]

Originally Posted by sestina

For many years I insured with Pants UK. If you own an older boat their policy isn't very good. Sure they will cough up in full on a total loss claim. However in the event of partial loss they have a swingeing policy excess (deductable).

A couple of years ago, I ended up being swept ashore at Little Farmer's Cay. In the process of being hauled off, the tow line got caught round one of my spreaders and broke it off.

Pants refused to pay for a pair of spreaders, and they only paid out 30% for broken one. Their basis being the rig was over 10 years old. They agreed that a cruising boat's aluminum rig had a life expectancy of decades.

...

I have a 7 year's old boat and I am going to contact Pantaenius to know if it is alright to make the substitution of the rig only in 2016, preforming this year a full visual inspection (rod rig).

10 years for a rig is more than most companies offer. Many demand the rig substitution each 7/8 years according to builders advise. The same with the saildrive seal (7 years). If you go down because a defective sail drive seal and it is more than 7 years old they will not pay for the boat.

That has to do with an adequate boat maintenance (according with manufacturers recommendations).