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Insurance Solutions for Yachting Enthusiasts
Not alone in the event of a claim
Finally summer! You are well prepared for the season, have thoroughly checked your boat in advance and updated the nautical charts - suddenly a brief moment of inattention and an accident at the harbor maneuver happens just before the start of your next trip. Now is a good time to have a strong Insurance Partner at your side.
But how do you recognise a good boat insurance, what can you insure yourself against and what has to be considered when concluding an insurance contract? Pantaenius Yacht Insurance has been the leading European provider of boat and yacht insurance for 50 years. More than 100,000 owners already trust the brand. Using experts from the long-established Hamburg company, below you will find answers to the most important questions on the subject.
The standard for every owner - boat liability insurance
Today, the market offers a multitude of different products and a reputable supplier like Pantaenius helps to determine your individual needs. The boat liability insurance should be an essential part of your standard insurance package. Even if boat liability is not mandatory in some countries, boat owners are liable with their entire assets for damages they culpably cause to a third party through the use of their boat.
Such liability claims can arise from various scenarios but they are not covered by private liability insurance. A separate boat liability insurance is therefore necessary and strongly recommended to every owner, regardless of the value of the boat.
Preserving values - hull insurance
In addition to liability insurance, it is well worth taking out hull insurance in almost all cases. This covers damage to the boat itself and also, depending on the quality of the conditions, salvage or inspection costs. Pantaenius insures boats and yachts on the basis of all risks cover and also offers a fixed insurance value, which is reimbursed in the event of a total loss. This fixed value cannot be contested, as it is formulated as new value insurance.
Many providers on the market advertise with similar conditions, but owners should beware of particularly cheap boat insurances. As so often the case, the devil is in the details. In the light of falling market prices for used boats, a deduction of the market value in the event of a total loss usually means a considerable financial loss. Instead of considering the market value, yacht owners should agree on a fixed sum in their insurance policy where possible, which in the event of an eligible total loss, would be paid without deduction of the current market value and therefore enables the refinancing of an equivalent boat.
Depending on the age and condition of the vessel, the insurer may advise you to cover the current market value, as the premium of an insurance policy based on the replacement value does not only cover the total loss but also covers partial losses. However, if the value of the boat is already under a certain level, the premium for such a comprehensive hull insurance is then no longer worthwhile.
Observe exclusions and the “small” print
When it comes to exclusions, yacht owners should take a close look. An example: Abrasion or normal wear and tear are generally excluded from hull insurance cover. But what about consequential damages? If the mast breaks because of an old spreader, then the breakage of the mast is a consequential loss. This is not covered by many insurance policies.
Obligations of the insured person
Anyone who signs an insurance contract undertakes to observe certain rules of conduct in the event of a claim. The two most important: immediate notification obligation and loss mitigation measures.
Many policyholders fail to report a loss immediately to their insurance company. Practical example: A customer reports a grounding. The expert also finds damage due to an earlier grounding which the owner considered too minor to report. Now it has to be calculated which damage is old and which is new. It is not always clear whether a damage is bad or how consequential damage can be avoided. Therefore, you should always contact the insurance company immediately. Simply doing nothing is the worst possible decision.
Efficiency of the insurance partner
What an insurer can really do is unfortunately only revealed when it may already be too late. Not every insurance company is really available 24/7 in case of a claim or knows the local conditions. Without an appropriate infrastructure in the area of claims handling, the smallest repair becomes a test of patience for the customer. Owners should therefore inform themselves about the efficiency of the claims department before signing a contract. If, for example, the claims department has been outsourced to a third party. The last thing skippers want to experience in the event of a claim is a phone call to an overburdened call centre.
Pantaenius maintains a network of more than 35,000 contacts to protect its clients, who can help in emergencies even in the most remote areas. The in-house claims department works 365 days a year and is available 24 hours a day.
Last but not least
No one can avoid reading the insurance conditions. The policyholder should pay attention to at least four aspects:
- Subject matter: What is insured where and against what?
- Exclusions: What is not insured?
- Obligations: What obligations does the insured person have?
- Insured value: What amount is paid out?