What am I covered for?
This is an important question. We hope that you will have asked yourself ‘What do I want to be covered for?’ before considering any policy of insurance. We don’t pretend that scrutinising your policy schedules and the accompanying terms and conditions is the most exciting activity. However, if you want to know what the Pantaenius yacht insurance covers then this should be your first port of call. All policies differ and this is only clear when you look at the terms and conditions. If there is anything that concerns you about the cover or is not clear, then please get in touch. We want you to feel confident about having the cover you need. You will find our customer support team both friendly and helpful. You may also find your question answered in the FAQs that follow.
Who are the insurers and how do I know they will pay my claim?
Pantaenius carefully selects the insurers to underwrite the Pantaenius Scheme. The risk is usually spread between a number of insurers, with each taking its share of premiums and claims. Each “pool” or group of insurers has a “lead underwriter”, who takes responsibility for the pool. Pantaenius has delegated authority to act on behalf of the insurers in underwriting decisions, administering your policy, and handling your claim. In the unlikely event that we need to refer to the underwriters, we only ever need to consult with the lead. All the insurers backing the Pantaenius Scheme are reputable, financially sound insurers, and in each case the lead underwriter for the pool is a major international company with whom Pantaenius has worked closely for many years.The name of the lead underwriter is always stated on any quotation Pantaenius provides, and also on every policy schedule which is issued.
Can I replace my dinghy in the existing policy?
Yes. If you purchase new equipment please tell us and we will update your policy schedule.
My yacht is being re-registered. What do I need to do?
You need to tell us. The country registration of your yacht is very important in terms of the insurance. Changing your yacht’s flag may result in changes to the insurance tax rates, depending on the relevant country’s specific tax regulations. Also, as different flags have different licencing parameters, changing your yacht’s flag may mean that you need a different pool of insurers.
I am moving to another country. What do I need to do?
You need to tell us. Different countries have different licencing parameters. Changing your country of domicile and the registered policy address may mean that you need a different pool of insurers.
What is ‘New for Old’ cover?
The purpose of insurance is to put you back in the same position after the event as you were in before the event. Achieving exact reparation is clearly not always possible but insurers will aim to return you as closely as possible to your prior position. When something is repaired or replaced as part of a claim, it is not always possible or practical to try and find an item that is exactly the same age and condition as the item that is to be replaced. Instead, it is simply replaced with a new item.
When this happens, the insurers will sometimes ask you to make a contribution towards the improvement, often by making a deduction from the amount you are claiming. Any deduction will not apply to parts or materials to repair the basic hull and deck structures, or in respect of labour costs. For further details regarding the level of deduction applied to your policy please refer to the policy terms and conditions or give us a call.
Does my premium go down/do I get a discount after a number of claims free years?
Many providers offer a no claims bonus after a period of time without making a claim. However, if you make a claim, they will increase your premium the following year. This can discourage a policyholder from making a valid claim because they worry that this may have an adverse effect on their premium. We used to offer a maximum ‘no claims bonus’ of 40%. We have now taken the decision to apply this maximum bonus to all policies and scrap the system whereby some of this bonus was removed if you have a claim. You can now be sure that making a claim will not result in a significant hike in premium next year, as it may do with other providers.
What cover is there for my crew?
Pantaenius offer a range of covers for crew, please contact us for a detailed consultation.
Am I covered for single handed sailing?
Single handed sailing whilst cruising is not excluded as standard under the policy terms and conditions. However, for ocean passages you will need to contact us to discuss your crewing arrangements. Underwriters will need to approve these, for cover to remain in place for your passage. Single handed racing is excluded under the policy terms and conditions.
Am I covered for club racing?
The answer to this question depends on your type of Pantaenius policy. The Sailing Boat Cover policy excludes all racing, unless agreed. The Sailing Yacht Cover Plus policy includes local club racing only, but excludes regattas, offshore racing, RORC etc unless these have been agreed and the policy endorsed. If in any doubt as to whether racing is covered under your policy please contact us.
I have quite a lot of sailing experience, but no formal qualifications. Is this a problem?
Almost certainly not. Our underwriters are more concerned with your experience of similar sized yachts, itineraries and sailing conditions, than in formal yachting qualifications.In the unlikely event that someone does not have sufficient experience for the yacht, itinerary or conditions they wish to insure, we try to work with them to resolve this, sometimes asking for a more experienced hand on board until you have built up the necessary expertise – but this is a rare occurrence and usually only applied to new owners with unsufficient previous experience.
When do I need to have my rigging checked or replaced?
We generally recommend an annual visual inspection. This can be performed by a specialist or you can do it yourself. However, the rigging should be checked by a specialist at least every 4–5 years. A complete overhaul should also be performed every 8–10 years, with any worn parts replaced. However, the intervals at which inspections and replacements are required always depend on the nature and duration of use of your yacht. If you have any doubts about the condition of your standing and running rigging or are looking for a suitable specialist, we will be happy to provide you with the details of contacts who can assist.
Do you have specific crew requirements?
Pantaenius does not set out any criteria for crew requirements, and will always consider individual proposals. Depending on the type and size of the yacht, single-handing is not out of the question, if our underwriters are confident you have the ability to handle the yacht on your own.If you are planning any ocean passages our underwriters will need to approve your crewing arrangements before you set out, but they are always looking at the experience of those on board, rather than just numbers, and will always try to accommodate your plans, as long as they are realistic.
Do you have an annual lay-up period?
No. Pantaenius tries to give the owner the flexibility to take advantage of good conditions whatever the season, and the policy offers in-commission use throughout the year. So if the weather is good and you want to celebrate Christmas or New Year on board your yacht – go ahead.
Is it a condition that I keep my boat in a specific marina?
No. It is a requirement with some insurers that you keep your yacht in a named marina, but this is a restriction we don’t like to place on our policyholders. If your yacht is laid up, we generally like to know where it is, and what arrangements have been made for its safekeeping in your absence, but when in commission there is flexibility within your cruising area.
Do you have a Marina Benefits Clause?
Not as such. A marina benefit’s clause usually removed the policy excess on claims for damage that happens in the marina named on your policy. As we don’t like to restrict our clients as to where they berth at any time, we have found a more flexible and fairer way to give this benefit to our clients. There is a wide variety of claims which don’t attract an excess, whether they occur in a marina or not.
What is your policy on wear and tear?
Many policies exclude any claim which is caused by wear and tear. However, the Pantaenius Sailing Yacht Cover Plus policy and the Pantaenius Motor Boat Cover Plus policy provides cover for loss or damage resulting from a part failing due to wear and tear. This means that a claim for all resulting insured damage will be accepted, with only the cost of the actual part which failed due to wear and tear being excluded.
Is it true Pantaenius is only interested in expensive yachts?
Not at all! We do have a dedicated Superyacht Team, because this is a very specialist area of insurance, but the majority of our business consists of privately owned boats and yachts, sailing and motor, of all different shapes and sizes.
You’ve asked me for a condition survey – why? Is this going to be a regular thing?
Obviously the underwriters need to be able to assess the risk they are taking on, so that they can calculate an appropriate premium. Part of that assessment relates to the condition of the yacht and the potential for any claims. So one way of ensuring we keep premiums to a minimum is to ask to see a survey before taking on new risks, particularly if they are older boats. Quite often an owner has had a survey conducted as part of the process of buying the yacht, and so does not need to go to any additional expense.We also ask for a survey if a boat has not been professionally built, or is a custom design.Once we’ve accepted the risk, we don’t usually need to ask for a survey again, unless we become aware that the condition of the yacht may have changed and may need to be re-assessed.
Do you insure multi-hulls?
Our insurers will cover most cruising catamarans, but at the moment are reluctant to cover trimarans.
What maintenance intervals does Pantaenius specify for rigging, gas, seals, valves etc.?
Pantaenius does not generally specify maintenance intervals. However, to ensure that the insurance cover of your yacht is not jeopardised, we recommend that you adhere to the maintenance intervals stipulated by the manufacturer.
The value of my yacht has changed. How does this affect the insurance?
When you take out the insurance, you agree with us the value of the yacht and this is the amount for which the yacht is insured. We do not apply any depreciation factor to this and so it will remain as originally agreed. If you think that the sum insured as the ‘Agreed Fixed Value’ is no longer appropriate, please get in touch with our Customer Service Team The value can be decreased due to age or increased following a refit, for example. The sum insured should reflect an amount that you would need to replace the yacht with similar in the unfortunate event that it is a total loss. You should also note that the premium is calculated on the value of the yacht.
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.
Are salvage and wreck removal costs covered?
Yes. Salvage and wreck removal costs are covered without any cap or excess.
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 the 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 is my trailer insured?
Trailers that permanently belong to the boat can be insured against loss or damage under the hull insurance, as part of the insured property.
When insurers agree to insure my trailer, do I need to specify an extra sum insured for the trailer?
It depends on the value of the trailer. There is automatic cover up to £1,500.00 each item for one trailer. However, should the value of your trailer be higher please let us know as it will be necessary to reflect the correct value of the trailer in the total sum insured.
Can I lend my boat to friends?
Yes. Pantaenius hull insurance also covers you when your yacht is used by friends and family, so it is generally fine to lend your boat on a non-commercial basis, unless there is a specific requirement on your policy schedule that the yacht is only operated by skippers who insurers have approved.
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.
I have changed my address and/or contact details
Let us know as soon as possible, via telephone, email or post, when you move house, change your telephone numbers or email address so that we may ensure your details are kept up to date.
How do I change my bank details?
If you would like to change the bank details we have on file for you, please notify us by telephone or email.
One or more owners are leaving my group of co-owners – what do I need to do?
If one or more owners leave the group of co-owners, written notification of this, signed by all co-owners involved, must be sent to Pantaenius. The policy will then be updated accordingly. If you have named one person as being primarily responsible for the administration of the policy, the signature of this person alone will suffice.
My boat is kept on land in the winter – can I limit my cover?
Over 40 years of processing claims has shown us that boat owners often underestimate the risks of winter storage. Normal hull insurance cover is provided during winter storage. This insures you against damage caused by theft, fire and environmental influences, among other things.
How much will the policy pay if my yacht is a total loss? What does ‘Agreed Fixed Value’ mean?
One of the market leading aspects about the Pantaenius insurance is that it pays the Agreed Fixed Value noted on your policy schedule. This is an amount agreed between you and the insurers at the time the insurance is taken out. It should reflect an amount that you would need to replace the yacht with one of similar type, age, fit out and condition in the unfortunate event that it is a total loss. Unlike other providers, the Pantaenius policy does not pay the market value at the time of the loss or reserve the right to replace the yacht with similar. The AFV should be reviewed from time to time by you.
My yacht is ashore in the winter, can I get a reduction in premium?
The Pantaenius Yacht Insurance covers your yacht for 12 months in or out of commission including the haul out and launch. The premium quoted takes into account the fact that many boat owners will keep the boat shore for a period during winter. There is, generally, no change to your premium when your boat is brought ashore. You will not have to contact us every time your yacht is laid up for the winter season or for maintenance or other reasons. If the yacht is to be ashore for more than 12 months, insurers may consider a reduction. Please get in touch if you are thinking of keeping your yacht ashore for an extended period.
Do I need to unstep my yacht’s mast in the winter?
Pantaenius does not stipulate any requirements with regard to unstepping your mast in the winter. However, we cannot provide a general answer regarding whether or not your winter storage operator will allow yachts to be stored with their mast raised. When raising and lowering the mast, this is a valuable opportunity to check the mast, shrouds and other parts for damage.
The winter storage operator excludes liability in the contract – can I sign?
This kind of winter storage contract is relatively common and does not generally pose a problem for Pantaenius. In any case however, you must contact us before you sign waivers of subrogation with yards.
Can I suspend my policies for a season?
In theory yes it is possible, but we do not recommend it. Just because your yacht is laid up, does not mean that it is free from risk. If the yacht is in a yard, it does not automatically follow that the yard would be legally liable to pay for any damage the yacht may suffer. If you suspend your hull policy, you have no insurance against loss or damage to your yacht.
What is all-risks cover?
An ‘all-risks’ policy covers loss or damage to the insured property, unless the loss or damage is caused by something which is specifically excluded. We are often told by clients that they want ‘every eventuality’ to be covered. However, insurance is in place to cover fortuitous events, not for every possible occurrence, some of which could be preventable. Consequently, there is a list of exclusions that apply to prevent the insurers having to pay out for every possible occurrence. As such, the exclusions become an important part of the policy wording and should not be ignored. The simple answer is that something is covered unless one of the exclusions in the terms and conditions applies or is specifically noted on your policy schedule.
I want to cruise further afield or reduce the area covered by my policy.
Changing your cruising area may require a change to the premium or conditions on your policy. If you think you will need to extend your cruising area, contact our customer support team and we will send a quotation to cover your plans. In some cases very little change is required and most changes can be made quickly. In some cases we may not be able to cover the locations that you wish to visit with your yacht. You will need to accept the quotation by telling us that you wish to go ahead. Just because you have indicated your planned leaving date, we will not make any changes to the policy until you have accepted the terms. Some of our clients have happily crossed the Atlantic without letting us know that they are leaving home waters, only to be shocked to find that they have no cover. When you are making your departure plans, put ‘Call Pantaenius’ on the list. Equally, if you have a large cruising area outside of Europe, don’t forget to tell us when you are back. We don’t want to charge you a higher premium when we don’t need to!
What areas carry a higher premium and why?
Different cruising grounds inevitably carry different risks. The more remote the area, the more difficult it becomes to access appropriate repair facilities or to recover a damaged vessel which can also affect the premium charged.
Can I go outside my cruising area?
Unplanned departures from the cruising area, in the event of emergency or due to weather routing, remain covered but must be reported as soon as possible. If you need to change your cruising area for a planned change of your cruising patterns, please contact us for a quote.