Good ole' Pantaenius

[sailorman]

Re: Good ole\' Pantaenius

NEVER NEVER UNDER-INSURE
u may be saving on this years premium but get bitten if u have the misfortune to make a claim,
i have been insured with Pantanius for some 8 years, not the cheapest,certainly.
in my experiance thier brilliant if u make a claim.
just ask around good quality repairers who pays-out & how quickly,with-out grief

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[Chris_Robb]

Re: Good ole\' Pantaenius

I agree with NEVER UNDER INSURE - however I don't think enough people realise that market value is almost irrelevant in boat insurance - its what it worth to replace. The insurance companies have never ever made this plain to their clients, and I suppose its largely their own fault. Unfortunatley - if people start insuring at the proper value they will be paying more. However If everyone insured for their correct value, then the market would be able to drop its rates.

I am still glad I changed from Pants - as my boat is approaching the 30 year old sector. It looks like they are just not interested in anything over that age. I need to find out Navigators attitude to this. I agree that if a 30 year old boat has not been maintained ( and the same goes for a 10 year old Bav) then why the hell should an insurer pay out. If they do - people who do maintain there boats are effectively paying a subsidy to the lazy buggers who don't bother.

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[castaway]

Re: Good ole\' Pantaenius

I guess this why they ask for a survey.. quite correctly too.

Pants have a 2 year old survey on my Halberdier which gives her a very clean bill of health.

Im actually quite glad that I've been prompted to change companies.

Nick

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[Chris_Robb]

Re: Good ole\' Pantaenius

Navigators accepted a 5 year old survey (1997)- however my daughter used to work for them - so I had met the guys there.

I have just spoken to them about their treatment on older boats - they say that all boats are treated individually - and that surveys will be asked for - and if no good - will decline insurance unless rectified. I have been told that I will be asked at the begining of 2004 to arrange for a new survey by the start of 2005 year of insurance, when the boat will be 28 years old.

They also commented that they were just as likely to have a bad 10 to 15 year old boat and their experiance on older boats is that they are either rubbish - or the owners pride and joy - and therefore a good risk.

I think the message is that badly maintained boats will be the loosers.

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[andy_wilson]

Good old Navigators

My premium went up £14 this year so I didn't even start to ring round, as I had expected to have to do.

Interestingly they have repeatedly resisted my request to reduce the value insured and assured me that it IS an agreed value in the event of a total loss.

I have of course made careful notes in the file in case the value is disputed - heaven forbid.

Clearly it is good for them to bolster the premium in this way in case of partial loss.

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[Chris_Robb]

Average Clause

Most insurances will have an average clause, which means that if you own a 205 year old 30 footer - market value £25000 - and you loose your mast and all the sails - the replacement cost of the mast and sailes might exceed £10-12000. The question is - is the rig justifiably half the value of the boat? Probably more like 1/3rd the value. The boat should perhaps have been insured for £30-35000 . They would then be fully justified in reducing your payout by averaging it to the proper replacement value. There is of course another concept - Betterment - if you get a brand new mast on a 30 year old boat - you have gained substantially. However some insurance policies recognise a new for old concept, which means betterment is excluded. Pants does not except for under 10 years old, - so If you loose your mast on an older boat, you will have to fork out quite a lot.

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[Phil]

Re: It\'s a total mystery...

Not the same BROKER though! Commission rates can be huge and it's the end user who pays. As an example here at school we've just changed our TPPL insurance and saved £18k. Previous brokers came to visit, in matching new Mercs, and then said they could match quote from new broker.

When asked could we have the £18k been overcharged for the last few years got no reply.

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