I have sold my boat. What happens with my policies?
When you sell your boat you cease to have an insurable interest in the yacht. Therefore, you will need to notify us, in writing, of the sale as soon as possible. You can do this by sending an email or a letter. We cannot cancel the policy by telephone. When we cancel your policy, a pro-rata refund of unused premium will be made provided no claims have been made in the current insurance period.
Can the purchaser take over the policies?
Each policy of insurance is based on the individual requirements of the insured. In taking over another person’s policy there is the danger that the policy is not suitable for the needs of the purchaser. Of course, if you feel that you have benefitted from the Pantaenius cover and customer service and wish to recommend us to the buyer of your yacht, then we would be delighted to provide them with a quotation for their insurance. Please feel free to pass on our contact details. If the new owner wishes to continue to insure the yacht through Pantaenius, we will ensure that there is no gap in cover when the yacht changes hands. You will need to let us know as soon as possible so that we can offer a quotation and set up the new insurance in good time for the sale. In many cases we will waive the requirement for a survey which may be helpful for your buyer and so benefit the selling process.
How long is the policy period?
The policies are valid for one year, with renewal information being sent to you shortly before the next policy period.