Hi
In 10 years and 5
boats I have not had to make an
insurance claim.
I currently have a 45' cat.
Recently, my
anchor chain snapped and the
boat ran aground, tearing holes in the minikeels, and significantly damaging one
rudder. The
boat is very solidly built so I managed to sail home utilising one
rudder and the boat is now
on the hard being repaired.
The boat is insured with Pantaenius.
The insurer has no problems with the incident being covered by the policy but is arguing about the quantum.
To cut a long story short there are two clauses in the PDS. One states that all
parts (not defined) shall have a 30% deduction if over 2 years old. The other states that the
Hull (defined) shall be covered for all costs.
Upon receiving the shipright's quote for
repair of the hulls, Pantaenius have gone to extraordinary lengths to deconstruct the quote such that it refers to 'parts" which they claim should have the 30% deduction, this despite the clear definition of exactly what a "Hull" is which clearly covers all of the works required.
I of course have contested this and we are in the mode of 15 days for the first review by Pantaenius and then failing that another 20 days for the underwriter review and then potentially months of review by the Financial Complaints Authority.
Fortunately, I have the resources to get the boat repaired and then argue the case with Pantaenius over time, but there are other
boats in the yard who are more cash constrained who are waiting for these complaints hearings to complete before they can continue. Talking with these people it appears that the tactic pursued by Pantaenius is to make a suboptimal cash offer and then rely on the desperation of the affected party to accept said offer.
My questions are :-
Is this issue of denying the claim on any specious grounds and then delaying a decision over a long period specific to Pantaenius or do all
insurance companies operate this way.
What is the experience of other sailors in this regard. In your circumstances did you accept the suboptimal offer as stay the course.
Is there a
marine insurance company whereby you can pay extra in premiums where they will honour your full claim (assuming the claim is legit) without haggling as to the quantum of the claim based on fine print or any other specious argument.