Please select your home edition
Edition
Wildwind 2016 728x90

Marine insurance giant Pantaenius - shaking the Australian market

by John Curnow on 9 Jan 2013
At the beginning of November, 2012 we posed a question of Jamie MacPhail, Pantaenius Australia’s newly appointed Managing Director. Very simply it was, ‘Just who is Pantaenius?’ Since then, many things have occurred or changed in the marine world.

For Pantaenius, this has all been very positive. Australia’s newest marine insurance organisation, a division of one of the world’s largest marine insurance groups, have a distinctly unique product offering that is already delivering new clients, right around the country.

MacPhail explains ‘Our Australian launch has been very interesting. We are getting a lot more enquiry than I thought we were going to get, obviously through Sail-World and the online enquiry system, but also just word of mouth and people coming back to us through relationships.’

‘Looking at the Australian marine insurance scene, you get the impression that it may not be all as rosy out there as our competitors may have you believe.’

‘It is definitely going to be interesting to see where we end up’, said MacPhail.

Pantaenius Australia recently moved the headquarters of their operation to Martin ‘Tacka’ Thompson’s buzzing Ferguson’s Boatshed Marina in the Spit, in Northern Sydney.

Jamie said of it, ‘The move to The Spit has been a great thing for us, as it is far more active, with a greater number of people around. There are seven brokers in a 250-yard radius and customers down here all the time looking, inspecting, and testing. Even if the brokers don’t immediately recommend us, the reality is the customers see us whilst they are here and a lot of them are coming to us for a comparison on what the brokers are giving them off a competitor’s quote.’


‘One of our Australian marine insurance competitors has just withdrawn from insuring anything on a swing mooring, which we cover’, said MacPhail whilst talking of the changes in the marine insurance arena.

‘We are getting a much warmer reception from the brokers than we expected. They have realised that as a major global player, we have a lot to offer. It’s a dynamic market and we have come into the market at a very good time.’
‘It’s clear that we have two very important differentiating features to other marine insurers in this market.’

Those two elements are certainly getting a lot of attention from boat owners. The first is wear and tear and the second is real agreed value.

MacPhail went on to explain why they are so important to any boat owner. ‘Certainly the wear and tear clause is one that just about everybody has been focussing on. Take a powerboat environment for instance, where our wear and tear clause would insure somebody if a ball valve in a seacock failed and water flooded in to the boat, which then sank as a result.’

‘I think we could comfortably say that the majority of insurers in Australia would actually not pay out in that event.’
‘They would have the option of not paying out because wear and tear is specifically excluded in a most of the policies currently in existence’, said McPhail.



‘In these types of situations, I think you’d find that most of our competitors would claim that the failed item(s) weren’t properly serviced and maintained, so therefore we are not giving you a cheque, despite the fact that you had to get a crane and barge organised to lift the boat off the bottom and then take care of things like rebuilding your engines. All because you are not covered, due to wear and tear being specifically excluded in their policies.’

The second item is agreed value. ‘I have had so many people come to me since we first spoke and asked me to define what I believe agreed fixed value means. A large number have thought they have an agreed fixed value policy and we simply suggest that they check their policy. Nine times out of 10 they call back confirming that their policy is in fact a ‘Market Value’ policy’, said McPhail.

‘They all say that they believed the policy pay-out figure was the same as the insured value and that they thought it was definitely an agreed, fixed value policy. I can’t believe the amount of owners who believe that market value is going to give them a number that is close to, or the same as that which they have got on their policy.’
‘At Pantaenius, we only offer agreed fixed value’.

‘When someone comes along and asks us for a quote, they tell us what value they want to insure their boat for. If we accept that value and subsequently insure their boat for that amount, then that is what we will pay in the event of a total loss’, commented MacPhail.

‘With a competitor’s policy, you could find that you are going to be many tens of thousands of dollars short in the event of a total loss and even worse, all the time paying a premium based on the number that you have on your policy. You will get a market price from them, based on say the last three or four sales that have gone through at the time of the loss, and not be in a position to even complain about it.’

‘At Pantaenius, we just say that we will pay you the number written on your policy, without deduction and just as importantly, you’ll be paying a premium based on that number’, explained MacPhail.

As if these two main items were not enough of a selling point on their own, Pantaenius don’t kick you when you are down, either.

‘The other thing for us is of course our policies have zero deductibles. In the event of a total loss, we don’t ask you to drop your $5,000 in the front of us and we pay you the difference. We just pay you the figure written on the policy document, with no deductibles taken from it’, said Jamie.

So it would seem that you do not need to ask just who is Pantaenius. The new question about your marine insurance really does seem to be, ‘How well do you understand your insurance policy?’

As Jamie says, ‘To find out, simply start with, are the clauses clear? Are you sure you are covered for certain scenarios? What does your policy exclude?’

‘If you are unclear on what anything actually means, you should be contacting your broker or your insurance provider and ask them to define items for you and explain to you what the clauses mean, because we specifically include the ones they don’t want to talk about.’

In the end, asking yourself these new questions could well save you a lot of stress later on.

NaiadWildwind 2016 660x82T Clewring J-class

Related Articles

Gladwell's Line - Emirates Team NZ launches shadow AC50
Emirates Team NZ took a late but significant step along the road to the 35th America's Cup, with the launch of their AC4 Emirates Team NZ took a late but significant step along the road to the 35th America's Cup, with the launch of their AC45S - as the test boats are called in the Protocol which governs the 2017 event. The bloated Protocol, which now runs to 83 pages of legalese, is restrictive on the size of boat that can be built as a test platform but doesn't restrict the number that can be built.
Posted on 22 Jun
Platino recovery - Family confirms that tug has made rendezvous
Reports in social media say a salvage tug has made a rendezvous with the Platino earlier than expected. Reports in social media by family and friends of Nick Saull, the crew member killed during a catastrophic incident abroad the 66ft yacht Platino say the salvage tug which left on Tuesday night has made the rendezvous earlier than expected. The Facebook report says the tug, Sea Pelican, arrived on Friday morning, the weather in the area has eased and with a more favorable outlook.
Posted on 16 Jun
Rio 2016 - Double Olympic medallist on the delights of Guanabara Bay
Olympic Gold and Bronze medallist Bruce Kendall updates on the 2016 Olympic venue at Guanabara Bay. Olympic Gold and Bronze medallist, and now a windsurfer coach, Bruce Kendall has made several trips to the 2016 Olympic venue at Guanabara Bay. He updates on the pollution issue which is clearly not going to be resolved in a couple of months, and also shares his views on the venue from a sailing competition perspective.
Posted on 14 Jun
America's Cup - Artemis win Chicago as Team Japan wins two races
Louis Vuitton America's Cup World Series got three races away on Super Sunday. After losing the first official day of racing due to light winds and the non-arrival of the onshore breeze, Louis Vuitton America's Cup World Series got three races away on Super Sunday. From a racing perspective this was probably the best day of racing yet in the series which counts for points in the Qualifying Series of the America's Cup in 11 months time.
Posted on 12 Jun
America's Cup - Emirates TNZ NZ and Oracle capsize in Chicago Practice
Emirates Team New Zealand and Oracle Team USA capsized in Practice Racing at the Louis Vuitton ACWS Chicago There was action aplenty on Practice Day at Louis Vuitton America's Cup World Series Chicago, after Emirates Team New Zealand capsized in their match with Oracle Team USA, and then Oracle Team USA capsized later in the day. Team NZ's skipper skipper Glenn Ashby performed some impressive acrobatics ejecting from the AC45 capsize, without injury.
Posted on 11 Jun
America's Cup - Changes proposed to control future Cup options
Changes are being mooted to put the America's Cup on a longer-term footing according to the Daily Telegraph (UK) News that changes are being mooted to put the America's Cup on a longer-term footing is being floated in the Daily Telegraph (UK) by the British Challenger, Land Rover BAR. According to the Telegraph, some of the teams in the 2017 America's Cup are keen to lock-in parameters which would bind successive holders of the a style and frequency for the next America's Cup Match.
Posted on 8 Jun
America's Cup - AC50 construction uncovered - Part 2 - Wings and Costs
Second part of a two-part series looking at the AC50 construction progress at Core Builders Composites Second part of a two-part series looking at the construction progress at Core Builders Composites, and features of the AC50 class which will be used in the 35th America's Cup in Bermuda. Tim Smyth takes us on a tour of the CBC facility in Warkworth, and hour's drive north of Auckland. Where several AC50's, components and wingsails are under construction or have already been shipped to the teams.
Posted on 5 Jun
America's Cup - AC50 building program well underway at Core Builders
For the first time in America’s Cup history, Sail-World can publish photos of America’s Cup yachts during construction. With the forthcoming America's Cup in Bermuda just under 12 months away, production of the wingsails and AC50 one design hulls and components are well underway at Core Builders Composites in Warkworth, about an hour north of Auckland. For the first time in America’s Cup history, Sail-World can publish photos of America’s Cup yachts during construction.
Posted on 3 Jun
America's Cup - Arbitration Panel Hearing over Kiwi Qualifier for July
ACEA CEO, Russell Coutts has confirmed that the Arbitration Panel will hold its first Hearing in July. In a yet to be published interview in Sail-World, America’s Cup Events Authority CEO, Russell Coutts has confirmed that the Arbitration Panel will hold its first Hearing in July. This is the first official indication that the three person Arbitration Panel had even been formed, however Sail-World’s sources indicated that it had been empanelled since last January, possibly earlier.
Posted on 27 May
Rio 2016 - The Qualification Games - Part 2
Yachting NZ's refusal to nominate in three classes won in the first round of 2016 Olympic Qualification is unprecedented Yachting New Zealand's refusal to nominate in three classes won in the first round of 2016 Olympic Qualification is without precedent. Subject to Appeal, the Kiwis have signaled that they will reject 30% of the positions gained in the ISAF World Sailing Championships in Santander in 2014.
Posted on 22 May