Defining the difference

by John Curnow on 20 Oct 2015 In just over two and a half years Pantaenius has gone from no office in Australia to just under two thousand happy customers and seven pairs of feet on the ground. The former continues to grow daily and the latter adds a pair of feet every couple of months. However, what is really interesting are the reasons behind this spectacular rate of growth. It is made especially more so when you consider that marine insurance was a subject matter that not many used to talk about, let alone sit down to read about.

The first of two real reasons why there is such activity is the product itself, which can be best summed up by the following bullet points:
• All-Risk Policy – as it says, every scenario is covered bar a few exclusions, which are all named on the one page, not the other way around as it is with a named peril policy. The benefit is that it is all simpler, easier to comprehend and way more efficient.
• Agreed Fixed Value – simple peace of mind in one action. The number is the number and it does not get converted to market value or just a replacement vessel of a similar nature in the event of a total loss. Best of all, that number does not get hammered by deductions from the payout to account for inspections, towing or wreck removal, or if a claim is made when the vessel is located in it’s regular marina berth.
• Truly global coverage that was designed from the water up to allow you to go where you want to under the one document. As a bonus, an Australian policy can automatically receive a trans-Tasman extension.

• New for Old replacement – Now you do have to select it, but it means that for claims for parts of the vessel, you will receive new items, not second-hand equipment.
• Wear and Tear – this too is optional, but you will be covered for the consequential damage that results from a part that fails after normal service. Something as marvellous as this does deserve far greater detail, so please ask your Pantaenius team member to explain it in full.
• Salvage - No limit to the cost, even if it exceeds the sum insured or does not actually succeed.
• Extensive Coverage - You have cover for breakdown, sinking, grounding collision and flooding, even for the vessel’s machinery and underwater equipment. Included are transport and storage via land or sea within your designated cruising area.
• Force majeure – Here it is. You are covered for natural disasters!
• The whole company is staffed by boaties, so they understand ownership and appropriately carry out due diligence that is performed before the contract begins. It is a core component of the inbuilt efficiency in a Pantaenius policy, which benefits insurer and insured equally.
• There is also a raft of aspects relating to your liabilities, so don’t forget to enquire about these amazing additional, included benefits.

So, for the second reason about why there is a difference in marine leisure insurance, the following real life claim is proffered as an example. It is typical of Pantaenius Australia’s dedication to task, both before and after policy implementation. There is no better way to demonstrate that often misused adjective, service. This is the one that gets owners talking on the quay!

Before providing a synopsis of the events, think about these crucial points. Pantaenius not only honoured the policy, for the insured received the agreed fixed value in full, but, and it is a very big and important but, there were no deductions.

Now just like the proverbial steak knives, please wait, for there is more. Pantaenius also covered 100% of the salvage and wreck removal cost. They responded immediately, acted just as quickly by virtue of an amazing database of connections around the globe, and inside a few hours had someone on site that not only minimised further damage, but then also contained all the environmental hazards. In this way the tropical location was not harmed, and neither were the livelihoods of the local inhabitants. In fact, some benefited by being paid to stand guard over the materials.

In under a mere three months from the time of the accident, not only was the file completely closed, the insured was sailing away in a replacement vessel that had been located in the area. This was before the wreck of the previous craft had even been sold, which was the final component of the case. Needless to say, the insured continued their Pantaenius cover onto the replacement craft.

What happened? Well it was human error and the insured knew it was a simple navigational mistake. He’d been truthful and was rewarded for that with what can only be described as a pleasurable experience out of a disaster. Yes, the classic silver lining in the clouds of misery. On approach to an anchorage, the cruising catamaran had ended up on reef. Conditions were favourable, but there was a swell running and as the tide returned the floundering craft broke up even more, with the starboard hull receiving huge damage, as it pounded up and down on the bricks. Blissfully, all souls on board were OK and made their way to shore via the tender.

A few hours later, help arrived in the form of Rob Stirling and his team. Rob is the Australian importer of the Protector RIBs, and is turns out, he had a 12m one with him to perform this recovery. Mast, electronics and furnishings were taken to shore, whilst fuel tanks were capped and the vessel stabilised as much as possible before being floated off to the beach for further works to improve its stability were conducted. Only then could she be safely towed back to the main harbour nearby to then be taken ashore and prepared for sale.

There are pages of documentation from the logs about the exact procedures undertaken, but for the insured it meant a whole lot less worries needed to be considered and if that is not the point of insurance, then what is? As for the insurer and the underwriters, the mark of quality here is efficiency and efficacy. Simple and quick is good in any organisation and when that also aids your PR function, well it is simply sound business.

“If it sounds like there is a better product around, then you’d be right. Already a lot have found it out for themselves, whether it was working out they only had a market value policy, got sick of the 20 to 40% price creep in their annual premium, could no longer get insurance on a swing mooring or were told their vessel was simply too old”, said Pantaenius Australia’s Claims Manager, Adam Brown.

“Around 30% of our customers do not currently call Australia home. They’re out doing what they dreamed of for all those years – seeing the world. Pantaenius again supported the 2015 Fremantle to Bali Rally, where half of the fleet had our cover, which was up from one third during the previous one. We’re also provided a special prize for one lucky Pantaenius craft in the fleet.

In terms of racing, we sponsored the Sydney 38 Australian Championships and WA IRC Championships, together with our flagship, Sail Port Stephens. Our RIB and marks are in use with selected associations and classes, so if you think they might help you then please contact us. Having the best product on the market is terrific, but it is the friendships we’re making and the terrific stories our clients are telling us about their adventures that make this job so rewarding.”

No seafarer likes to see or hear of someone else’s carnage whilst on the water, which is why rule one is to render assistance. Now if you’ve had a collision in the marina, lost gear overboard or stepped up to the life raft, then you’d be pretty happy to know that Pantaenius will not only help you in a time of crisis, thankfully, they’ll also not make you pay even more for the pleasure.

That’s totally priceless, but only if you choose to put it into play. There are always a lot of questions when it comes to money, so go and define the difference for yourself by talking with the team that know boats. Go to www.pantaenius.com.au or call +61 2 9936 1670 today.