by John Curnow
So as to be clear, this is an unabashed and not-so-faint reference to the Tour de France, the US Masters and even the humble building site. It’s just that the notion of wearing something that is ‘hi-vis’ is entirely appropriate for the specialist marine insurer, Pantaenius. Since arriving in Australia a little over 18 months ago, they have had no trouble being seen and it’s for all the right reasons!
Off to see the world in your cruising catamaran.
When your core offering is based around the all-risk policy, which includes agreed fixed value, new for old replacement, as well as wear and tear clauses, it is little wonder that Pantaenius is a success story par excellence.
Given Pantaenius only insure boats and not cars, bikes, planes etc, it is of no surprise that the team is resplendent with serious sailors who really know all manner of craft. The Pantaenius Australia office already has an amassed 80+ years of direct, marine based experience and with each new staff member, that impressive tally just keeps racking up.
Pantaenius Australia MD, Jamie MacPhail said, 'It is busy, which is really great. We are continually adding more staff, just to keep up with quotes and activation. If you look at new cruiser/racer sailing yachts like Beneteau, Jeanneau and Hanse, we are getting a disproportionate number of the new boat sales. The people are actually coming to us, which is terrific. It’s not all monohulls either, the cats, such as Lagoons and Seawinds are also trotting in more often now.'
'It seems a lot of owners are still getting their existing policies checked out, as agreed or market value comes up as one of our most frequently asked questions! Whilst at least one of the other local insurers has started to offer a lot more agreed fixed value policies, they are doing so at a price point that makes them more expensive than us and it comes with an onerous policy document that you have to try and read.'
'So yes, it appears there is a lot of confusion in the market place. After talking with their broker, many people find that they did honestly believe they possessed an agreed value policy, when it actual fact they do not! It was for market value and this is the situation for around eight out of ten owners that we speak with.'
'They have the impression that the number written on the document is the amount the insurance company will write a cheque for in the event of a total loss and that’s just not the case if they have a market value policy. Other insurers do now offer agreed value, but also reserve the right to replace your craft. This wouldn’t help your family if tragically you went down with the ship. Pantaenius will pay the sum insured and there will also be no deductions for costs, either', said MacPhail.
So with the recent launching of the Pantaenius Australia 6.5m RIB and markers, you could say that the specialist marine insurer is really going to be seen in a waterborne set of hi-vis apparel. Not only is it consistent with giving something back to the community, you could well find that that it will be another aide mémoire and one more good reason that people will continue to make their own way to Pantaenius, so as to talk with the people who really know and insure only boats. This craft and the rounding marks are available, totally free of charge, to clubs and event organisers to help them run a successful dinghy or big boat event.
The RIB, and accompanying cylindrical and triangular marks, are not the only Pantaenius branded items to hit the market. Competitors at this year’s Sail Port Stephens got the benefit of Pantaenius’ sponsorship of the event, most specifically for the ever-popular Commodore’s Cup and also the NSW IRC Championship.
MacPhail went on to say, 'Australian boaters have long cherished their relationship with their insurer. Pantaenius really understands and appreciates this point. All of our staff members are mariners. We’re talking about sailors who have competed in tens of Sydney Hobart races, including the infamous ’98 event and still race all over Australia and Asia today. Our experience is not limited to sailing craft either. We see a lot of power vessels being built, repaired and maintained, so we not only know of the issues around ownership of them, we understand them, as well.'
'We hear from our new clients, who have a wide range of craft, that their existing insurers are doing things like no longer insuring boats on swing moorings, knocking them back or dramatically increasing their premiums for no apparent reason. They tell us stories about taking a week to reach someone at their last insurer, even for a small claim. When you talk with us, you speak with someone who does know the pointy end from the blunt and has a reasonable view on the way things can happen out on the water or in the marina.'
MacPhail added, 'The whole relationship thing is a big factor and certainly the market used to have a perception that only the older companies here in Australia were operated by boating people, somebody that you either knew or know of. Their policyholders have seen their change of direction and those loyal customers have come to notice that it is now Pantaenius that stands for real marine insurance and being a caring part of the boating community.'
'Not only is Pantaenius Australia manned by boaters, it is part of the global Pantaenius group and all we do, right around the planet, is boats. From ships to mega yachts, ocean racers to pleasure craft and sportsfishermen to worldwide cruisers, Pantaenius has the experience and the policies that will work for you.'
Pantaenius’ high visibility really comes down to these major points:
1. The All Risk Policy – This means that everything is covered, bar a few exclusions, not the other way around. As a result, the policy documentation is much simpler, shorter and easier to understand.
2. Agreed Fixed Value - The number on the front is the one you’ll get paid in the event of a total loss. It will not get watered down over time to current market value, and Pantaenius don’t even reserve the right just to replace the boat. No deductions are removed 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.
3. Worldwide coverage and support is another unique Pantaenius specialty with a policy that was designed form the water up to allow you to go where you want to with the one cover. As a bonus, an Australian policy can automatically receive a trans-Tasman extension.
4. New for Old replacement – You have to select it, but it means that for claims for parts of the vessel, you will receive new items, not second-hand equipment.
5. Wear and Tear – Assuming you have selected this option, the upshot is that you will be covered for the consequential damage that results from a part that fails after normal service. It does require that your boat has to be maintained in Bristol fashion and be less than six years old. Please ask your Pantaenius team member to explain this item in more detail.
6. Salvage - No limit to the cost, even if it exceeds the sum insured or does not actually succeed.
7. 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.
8. Force majeure - There is no qualifying statement, just the knowledge that you are covered for natural disasters!
So that’s the boat covered, but what about you? Well your protection from liabilities looks like this:
1. Unpaid crew and guests are covered for injury and claims resulting from an uninsured third party, as well yourself obviously, and it also includes the cost of your defence for an unjustified claim.
2. As the Skipper, your cover applies to a borrowed or chartered vessel in another country and your own vessel has a specified limit of AU$150,000 to account for being impounded by overseas authorities.
3. Statutory Authorities’ costs associated for an unintentional activation of your safety systems and also water pollution are taken care of.
4. You get some regatta coverage included as standard and also your tenders and additional sports equipment fall under the umbrella of your policy, too.
5. The scope of your liability cover also extends to injury, death, financial loss and property damage to third parties.
So whether you’re a global cruiser, family day-sailer, ocean racer, mad keen blue water sportsfisherman or mega yacht owner, it just all seems to make sense. Join the trend and be seen with Pantaenius insurance, but you certainly won’t be required to wear colour-challenging apparel, which is more than handy. Now speaking of challenging, in the event of a claim, you’ll be happy you chose Pantaenius for you’ll be dealing directly with someone who knows your boat and you’ll have an easy to understand and comprehend policy, so it will be as clear as tropical island water as to what your coverage, and therefore compensation, is to be.
To be part of the team see www.pantaenius.com.au or call +61 2 9936 1670 today.