sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery
Sail-World.com : More question and answer time with marine insurance giant, Pantaenius
More question and answer time with marine insurance giant, Pantaenius


'That’s why they call it up on the bricks.'    Pataenius Australia    Click Here to view large photo

Going back not that far at all, we first had to ask a question to discover that Pantaenius was not a missing musketeer, but rather, one of the world’s largest sail and motor yacht insurers. Shortly thereafter, the question would become how well do you know your marine insurance cover?

Jamie MacPhail, Managing Director of Pantaenius Australia, explained the significant difference between agreed and market value, as well as how wear and tear may have a significant impact on how your current insurer dealt with some claims you may have.

James MacPhail Managing Director of Pantaenius Australia. -  Pantaenius   Click Here to view large photo

He explained that Pantaenius is the only operator to be able to offer true global coverage, which would suit the Fremantle to Bali competitors for instance, and you could see why Pantaenius’ phone was ringing as loudly as the bells from the telegraph on an old destroyer’s bridge as they hunted down submarines and emails poured in as steadily as the new tide through a channel.

Talking of big guns, Martin Baum, Pantaenius Yachting Group Director has been in Australia recently, as he is very regularly, and Martin thought that now may well be the time to ask some more questions to make sure boat owners better understand their marine insurance policies.

Martin Baum at sea. -  Pantaenius  

As one of the faces of the family group behind the brand, Pantaenius, his appearances here also underscore the group’s beliefs in being truly global with their operation. ‘It is exciting to be here in Australia and it was the next logical step for the Pantaenius Group, because we are the only global provider of yacht insurance and that was always my strategic aim, after my father had built up the company within Europe’, commented Baum.

‘The sailors are not stopping with exploring the Pacific anymore, so on the one hand it is strategic expansion to have a local office here supporting our existing clientele, but it also a very good stepping stone into Australasia and then eventually the Asian market.’

Hazard to mariners all right. -  Pantaenius   Click Here to view large photo

‘We, Pantaenius, are finding that the Australian marine insurance purchasers are not very aware of the key factors in marine insurance and so we are helping to educate them, so they understand what they are getting or not getting for their money.’

‘Whilst maybe not the most exciting of subjects, these questions are of huge relevance to all boat owners and the more we can do to assist them make the correct decision for themselves, the better off we will all be', said Baum of the Australian landscape, which he knows a good deal about from his frequent and lengthy trips here.

Going down the mine. -  Pantaenius   Click Here to view large photo

‘Given the complexity of insurance and the effects of getting the wrong coverage, when you arranged your insurance, did you get insurance advice from somebody who is qualified to provide it? The Insurance Act specifically says that if somebody is going to provide financial services industry advice, which insurance advice falls under, then they have to be qualified to provide either general or personal advice’, commented Baum.

‘There are all kinds of issues that you needed to have talked about with an insurance advisor. As Jamie has said, that question of whether your policy is for a fixed value, or much more likely for market value, is very important and we see it time and time again.’

Dry feet when you get on and off, at least. -  Pantaenius   Click Here to view large photo

‘On so many occasions, a customer thinks a payout will be a certain value, as expressed on the front page of their document, and yet reading on they will find that it is actually the substantially less, market value. I think it is more like nine out of ten customers, as opposed to half, that have not seen this problem, until we point it out to them.’

‘In a situation like that, in the event of a total loss, your insurer could hand you the same type of vessel with similar equipment on board that was purchased today for a lot less than you paid say three years ago, and you have zero comeback on the differential of what they supplied back to you and the value of your original craft. The difference could well be several hundred thousand dollars for some owners’, said Baum.

Well. it is not going to move in a hurry. -  Pataenius Australia  

Martin continued. ‘We are very keen for boat owners to really understand just what their policy is all about. For instance, the policies we write in Australia are an all-risk policy. These are simple to understand. If we don’t specifically exclude a peril (an event which has caused a loss), then it is automatically covered.’

‘The most common policy here is a ‘named peril policy’. With this type of policy, it has to describe all of the risks and if there is a claim, which could be things such as sinking, fire, collision, grounding or lightning, then there is cover to a certain extent, but of course there are always some exclusions’, explained Baum.

‘The problem with the common ‘named peril policy’ for you as the policy holder, is that the burden of proof lies with solely with you, whereas the burden of proof with the all-risk policy lies with the insurer.’

Sad. Bet the owner wasn’t to happy, either. The fenders give you a smile, however. -  Pataenius Australia  

‘By its nature, the all-risk policy is more transparent, easier to read and you know what you are getting. It doesn’t necessarily mean that every named peril policy covers less than the all-risk policy, however. It always depends on the wording.’

‘However, our exclusions amount to eight items, which is a whole lot less than the pages and pages that are attached to most named peril policies. We always try and reinvent the wheel and become more progressive and client friendly, and the way forward is the all-risk policy.´

Martin then added, ‘What really counts, apart from the setup of the clauses and the wording, is the way that these clauses are applied by the claims manager. The difference between Pantaenius and our competitors, is that we always manage the claims in-house, so the person who sold you the policy, is also the one who manages the claim. They look at it from the perspective that they keep up their word and what they want to deliver is what they have sold to you.’

Martin Baum ashore. -  Pataenius Australia  

‘Claims are not always black or white. It is very often that clauses can be interpreted one way or another and there can always be some areas where you can say, was this gross negligence or not? In the end, there is always also the factor of how the clauses are applied by the claims manager and how often do they get to apply these clauses.’

‘We manage 6,000 claims each year. Now obviously when you manage that many, you know your clauses inside and out. You also know which cases are grey, when you can do a bit more and when you can do nothing. All of this actually helps to speed up the process and thereby give clear communication to the client in a more timely manner.’
‘It is always better to tell a client straight away that you have a problem when something is not covered, rather than waiting for two weeks and telling them you will go and check or we don’t know and then coming back and eventually saying that there is no cover for that. It is all about dealing with your clients expectations.’

Pebble scrub anyone? -  Pantaenius   Click Here to view large photo

‘You know, it is not always this big disastrous claim that makes your reputation. It is the small, $5,000 claim, where your client will be really annoyed because it took three months to get a proper answer out of their insurer. Some may give you $2,500 straight away because they said this is normally not covered, but we managed to get you an ex-gratia payment or something like that.’

‘Pantaenius are about clear communication on what is occurring and when you will get an answer. You speak with the person directly involved and the burden of proof is not on you, but us.’

All of which is a great way to say get ready for Part II.

In the meantime, you have some more key elements to consider.

Asking a few questions now could well save you a lot of stress later on.

See Pantaenius.com.au or call 02 9936 1670

Reminds one of Pirates of the Caribbean. Just need Jack Sparrow aloft. -  Pantaenius   Click Here to view large photo


by Brendan Maxwell

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=107993

10:45 PM Mon 1 Apr 2013GMT


Click here for printer friendly version
Click here to send us feedback or comments about this story.


Related News Stories:

09 Jan 2013  Marine insurance giant Pantaenius - shaking the Australian market
03 Nov 2012  So just who is Pantaenius, then? (Part II)
25 Oct 2012  So just who is Pantaenius, then? (Part I)
22 Oct 2012  PANTAENIUS Sail & Motor Yacht Insurance opens office in Australia




News - USA and the World

Team Vestas Wind skipper Chris Nicholson (AUS) has flown back to a remote Indian Ocean reef to help oversee a complicated operation to retrieve his stranded boat after it was grounded there during Leg 2 of the Volvo Ocean Race nearly three weeks ago. ... [more]  

Images from Mauritius as the Team Vestas Wind recovery crew prepare to depart for the Cargados Carajos Shoals, over 200nm away. The team have acquired some salvage equipment and will live aboard a chartered boat and attempt to float the boat over the reef and into the lagoon. ... [more]  

The skipper of Mapfre, Iker Martinez will leave the Campos managed Volvo Ocean Race entry for the third Leg of the Volvo Ocean Race. The team cites a conflict between Martinez's Olympic commitments in the Nacra 17 and the Volvo Ocean Race, as the reason for the departure which the team says was a planned move. ... [more]  

The America's Cup Competitor Forum, comprising the six teams registered for the 2017 America’s Cup, has appointed Iain Murray as Regatta Director. The appointment was tipped a month ago in Sail-World.com. Under the Protocol for the 35th America's Cup, the appointment has to be approved by the majority of the competitors. ... [more]  

If you missed this week's edition of Adventures of a Sailor Girl, then hear the replay below. This week's show is the 34th. Sailing news in sixty seconds-ish (2:46). Sail Sydney: Josh McKnight (Moth, 9:43), Tom Spithill (Moth, 12:45), Olivia Price & Eliza Solly (FX, 15:24) Tom Burton (Laser, 23:20) James Wierzbowski (Extreme 40's, 32:08) and much more ... [more]  

RORC Transatlantic Race 2014: Isabelle Haudiquet was on the helm as the bright yellow hull blasted through the finish line. Having safely moored Bingo after 17 days at sea, the French crew enjoyed a cold beer dockside at Camper & Nicholsons Port Louis Marina. ... [more]  

Volvo Ocean Race: Chris Nicholson Interview - Part 3 - On the Atoll *Feature by Richard Gladwell/Sail-World.com/nz
Final part of a three part, 80 minute, interview with Team Vestas Wind skipper, Chris Nicholson on the wrecking of the Volvo Ocean Race yacht on an idyllic atoll in the South Indian Ocean during the night of November 29. In this part, Nicholson tell what happened once the crew stepped aboard the local coastguard boat just after dawn, and subsequent trips back to the wreck. ... [more]  

2015 International 14 World Championship - Four-time World Champion, Britain’s Archie Massey, expects racing in the titles at Geelong, Australia, will be tight. ... [more]  

The most significant sailing performances of the year are being heralded by US Sailing with the announcement of the ten men and seven women who have been shortlisted for the 2014 Rolex Yachtsman and Yachtswoman of the Year awards. ... [more]  

A successful medal haul for the Australian Sailing Team (AST) at the ISAF Sailing World Cup in Melbourne with five gold, five silver and three bronze in the Olympic class program, plus two gold and one bronze in the Paralympic fleet. Hear what the sailors had to say about their performance, along with some great video footage of the week's racing on Port Phillip. ... [more]  

Bart’s Bash, the global sailing race that took place in 60 countries around the world, on September 21st, 2014 raised an incredible £366,391.95 for the Andrew Simpson Sailing Foundation. The race was held in memory of Andrew 'Bart' Simpson, the Olympic gold medal sailor who died in May 2013. ... [more]  

RORC Transatlantic: As with every yacht participating in the race, staff from Camper & Nicholsons Port Louis Marina greeted the French team on arrival with warm congratulations, a cold beer and a welcome basket from the Grenadian Tourism Association on behalf of the people of Grenada. The crew of five looked tired after nearly 17 days at sea, but owner, Frank Lang was full of praise for his crew. ... [more]  

2014 Rolex Sydney Hobart Yacht Race - Perpetual Loyal is no stranger to the Rolex Sydney Hobart. Winning line honours in 2011, they have continued to be a contender, especially in heavier breezes. ... [more]  

In a lot of ways, it was kind of befitting that the best conditions of the last day of the Sailing World Cup – Melbourne, were saved for the Women’s Laser Radial Medal Race. Apart from highlighting them in glorious sunshine, like Huey’s own spotlights, it also brought into frame that were only two girls 470 crews in attendance for the regatta. ... [more]  

The website for the 2015 Finn Gold Cup in Takapuna, New Zealand, has been launched. The Finn class is eagerly anticipating a return to Takapuna Boating Club for what will be only the second Finn World Championship to be held in New Zealand. It will have been 35 years since Cam Lewis (USA) beat John Bertrand (USA) in a thrilling final race showdown in 1980, to take the Gold Cup. ... [more]  

Looking for a great Christmas present which you can buy with a few mouse clicks? Bob Fisher's books on the Round the World races, Farr 40's and the definitive America's Cup two volume set are still available, along with other titles from South Atlantic Publishing. ... [more]  

In January Nqoba, from Durban, will embark on his Yachtmaster qualification and will have none other than legendary sailor Sir Robin Knox-Johnston, the first man to ever sail solo, non-stop round the world in 1968-69, as his mentor as he takes the first steps to realise his dream of circumnavigating the globe at the helm of a Clipper 70. ... [more]  

IFDS 2014 Worlds: But as you reflect back on the year, we hope you will agree that week of competition in Halifax, Nova Scotia set a new standard for disabled sailing. It was the largest world regatta yet with 18 SKUD-18 teams, 14 Sonar teams and 49 2.4mR competitors and the largest number of countries participating. There were some challenging days finding enough wind to race. ... [more]  

The 2015 McDougall + McConaghy Moth World Championship is set to be even more of a spectacle this year, with the return of the Zhik ‘Mothapolooza’ which promises a potential head-to-head with teams of America’s Cup and Olympic sailors. ... [more]  

Volvo Ocean Race: Chris Nicholson Interview - Part 2 - On the Rocks *Feature by Richard Gladwell/Sail-World.com/nz, Auckland, NZ
Part 2 of three part, 80 minute, interview with Team Vestas Wind skipper, Chris Nicholson on the wrecking of the Volvo Ocean Race yacht on an idyllic atoll in the South Indian Ocean during the night of November 29. In this part, Nicholson covers what happened from the time the Volvo65 hit the reef on the SE corner of the Cargados Carajos Shoals. ... [more]  

Last Saturday saw the third annual St. Maarten Regatta Beach Clean-Up organized by the St. Maarten Regatta as part of the Regatta Art Competition. Unfortunately, due to exams, not many children showed up. ... [more]  

US Sailing’s Olympic Sailing Committee (OSC) has released the selection procedures for the 2016 U.S. Olympic Team (Sailing) in the 10 events selected for the Rio de Janeiro 2016 Olympic Games. The Games of the XXXI Olympiad will take place from August 5-21, 2016, and the sailing events will be based at Marina de Gloria on Rio de Janeiro’s harbor front. ... [more]  

2014 Rolex Sydney Hobart Yacht Race - When the cannon fires sending the 118 entries on their way in the Cruising Yacht Club of Australia’s 70th Sydney Hobart Yacht Race on December 26, two yachts will stand out, because they first competed back in the early days of the race. ... [more]  

Volvo Ocean Race have announced from their headquarters in Alicante, Spain that an independent report has been commissioned into the grounding of Team Vestas Wind’s boat on a reef in the Indian Ocean. The report will be released during the Auckland stopover. ... [more]  

The French sailor scratches his newly shaved skin. He tentatively reaches towards a plate of fried chicken pieces. Still not sure. He rubs his chin again. He hesitates. Laurent briefly runs his eye over the other plates, but finally he can no longer resist the crispy fried chicken pieces. 'This is what I’ve been waiting for,' says the cheerful Frenchman. ... [more]  

Transatlantic Race: After time correction, Apollo 7 is leading IRC Two. Nigel's team included three close friends from his home town of Plymouth, Devon: Steve Wassell, James Slater and Mark Davies. Also on board were two offshore specialists: Dan Gohl, a past Class40 world champion and Sevenstar Round Britain and Ireland Record holder as well as Rolex Fastnet Race winner Brett Aarons. ... [more]  

The 2014 OK Dinghy World Championship opens at Black Rock Yacht Club on Port Phillip Bay in Melbourne, Australia, on December 28th and so far there are around 80 entries, with perhaps a few more before registration closes. This 52nd OK Dinghy World Championship will be the third time that Black Rock YC has hosted the event, following 1982 and 1990. ... [more]  

Adelaide Sailing Club played host once again to the Melges 24 class for its 'Christmas Sprint Series', the third three day M24 regatta in five weeks held by ASC which, (in the same season the club is also hosting the M24 Australian Championship) says something about the power of persuasion, energy and organisation being put in to M24 class by its Australian Secretary Donna Evans. ... [more]  

The team, led by Jerome Clerc, will not compete on the 2015 Extreme circuit but intends instead to focus entirely on the Decision 35 Vulcain Trophy season in Switzerland. The professional sailing squad onboard Realteam capped a superb 2014 season with a third place in Sydney last weekend that put them on the third step of the overall Extreme Sailing Series Championship podium. ... [more]  

Volvo Ocean Race: Chris Nicholson on the Team Vestas Wind disaster - 1 *Feature by Richard Gladwell, Sail-World.com/nz, Auckland, NZ
Part 1 of three part interview with Team Vestas Wind skipper, Chris Nicholson on the wrecking of the Volvo Ocean Race yacht on an idyllic atoll in the South Indian Ocean during the night of November 29. In this part, Nicholson discusses the factors leading up to hitting the reef, interspersed with other research information, charts, video and images. Parts 2 and 3 will follow on consecutive days. ... [more]  

USA 4 Windsurfing campaign by USA 4 Windsurfing Campaign
Change is inevitable. No matter how hard you try to keep things the same, there comes a time when you must move on. The harder you resist, the more difficult the change. ... [more]  

2014 Rolex Sydney Hobart Yacht Race - Bob Oatley’s Rolex Sydney Hobart race record holder, Wild Oats XI, is out of the water for a final modification after a high speed and rough weather training run off Sydney. ... [more]  

This is Peter Perfect in the Turbo Terrific from the 60s cartoon series, the Wacky Races. Of course, to Australians and a plethora of motoring enthusiasts the world over, the real life Peter Perfect will always be The King of The Mountain. RIP Brocky (Peter Geoffrey Brock). ... [more]  

RORC Transatlantic Race 2014 - Big adventure comes to an end
ISAF World Sailing Rankings – 15 December 2014
Comanche; Supermaxi Showdown VIDEO
Miami Star Winter Series - Commodores Cup Final day
2014/15 Audi Melges 20 Miami Winter Series - Jason Michas wins
2014 RORC Transatlantic Race - Yacana crosses finish line
2014 Extreme Sailing Series - Act 8 - Swiss team Alinghi wins
Extreme Sailing Series: Images from Act 8 + Series' Highlights video
Volvo Ocean Race: Dongfeng Race Team - Leg Two review
Extreme Sailing Series: Alinghi crowned 2014 and Sydney champions
Extreme Sailing Series -Sydney Land Rover recognises talent
ISAF Sailing World Cup Melbourne - Medal Race Images
Extreme Sailing Series: Alinghi dons ESS Crown, Oman Air wins award
18ft Skiffs: Rooklyn scores win in Syd. Barnett Jr. Memorial Trophy
ISAF Sailing World Cup: Fan cranks up for final Melbourne day + Videos
Miami Star Winter Series - Commodores Cup Day 1
Extreme Sailing Series: Delayed coverage - Day 4 +Audio *Feature
Volvo Ocean Race - Dongfeng score another excellent result
Audi Melges 20 Miami Winter Series - Fleet rumbles in Miami
Extreme Sailing Series - The Wave, Muscat see championship bid slip
2014 RORC Transatlantic Race - From acorns grow oaks   
Volvo Ocean Race - Team Brunel (NED) wins Leg 2   
2014 RORC Transatlantic Race - Oakcliff Ocean Racing Team wins   
Extreme Sailing Series: Day 3 image gallery from Sydney Harbour *Feature   
The Extreme Sailing Series™ - Action-packed day on Sydney Harbour   
Early Christmas presents for ISAF Sailing World Cup medallists + Video   
Volvo Ocean Race: Leg 2 finish - Team Brunel wins from Dongfeng *Feature   
Audi Melges 20 Miami Winter Series - Day 1 overall   
2014/2015 Audi Melges 20 Miami Winter Series - Images by Joy Dunigan   
Extreme Sailing Series: Live coverage - Day 3 +Audio *Feature   
St. Maarten Heineken Regatta kicks off with successful sponsor party   
Successful seventh edition of 2014 World Yacht Racing Forum   
2014 Star Sailors League Finals - Catching up with Robert Stanjek   
2014 ISAF Sailing World Cup - Melbourne - Day 6 Preview   
Extreme Sailing Series - Act 8 Photos and season highs and lows video   
Volvo Ocean Race 2014-15 Leg Two - Final fight to the finish + Video   
Extreme Sailing Series Act 8 - McMillan tops table in Sydney + Video   
Anna Tunnicliffe: Alinghi - Day 2: Extreme Sailing Series, Sydney   
ISAF SWC Melbourne - Top ten prepare for Port Phillip showdown + Video   
Extreme Sailing Series Act Eight 2014 – Photos by Andrea Francolini   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News





Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT