harstonwood
Well-Known Member
All
Just had my renewal notice from Pantaenius, and am happy with the quote. However the product has changed and is now an "all risk policy" not sure I understand the difference, but have pasted the summary of differences below, and would be greatly for any comments etc.
Thanks
In 2011, Pantaenius introduced an “All Risk” policy for Superyachts, which was met with great acclaim by the yachting press, and has been very well received by owners and their agents. We have now developed a similar “All Risk” policy for our
other clients, and we are delighted to advise you that from the renewal of your Pantaenius Yacht Insurance policies in 2015, you are being provided with the new Pantaenius “All Risk” policy. A Policy Summary is enclosed, which outlines the major benefits and exclusions of the new product. The full wording is also enclosed for your convenience.
If you are not entirely happy with the wording, you will have 14 days after you receive the full wording, or after the renewal date of your policy, whichever is later, during which time you may cancel the policy without giving any reason.
If you have Yacht Hull & Property Insurance, under the new wording, your yacht will be insured against “All Risks” of physical loss or damage, unless caused by an exclusion on the policy or otherwise limited by policy conditions.
Here are some of the important changes to the policies:
No Claims Bonus
After considerable thought, it has been decided to remove the No Claims Bonus clause from the Pantaenius hull policy. The reason behind this decision is that the perceived benefit of earned No Claims Bonus is usually forgotten when its loss becomes the penalty for the misfortune of a claim. Please note that you will not pay a higher premium as a result of this change as our premium tariff has been adjusted to take account of this. The only change you will be aware of is that your premium will not be automatically increased as a result of a claim.
Emergency Towing & Assistance / Accommodation
The maximum amount available for towing and assistance and for emergency accommodation has increased. The actual amount available for these benefits will be shown on your policy schedule, and will depend on the overall sum insured.
Trailers & Cradles
These will now be automatically included at a value of £1,500 each. Please contact us if you wish to insure higher value trailers or cradles.
New for Old deduction on claim settlements
This will now apply to electronics and mopeds (if insured) that are two or more years old, as well as to tenders, outboards, PWCs, sails, covers, screens, and canvas five or more years old, and all other parts (excluding the hull itself) at ten or more years old. It does not apply to labour costs. However, the New for Old deduction can now be removed from your policy on payment of an increased premium. Please contact us if you would like a quote for cover without the New for Old deduction clause.
Renewal and Payment of Premiums
The automatic renewal clause, including 30 days payment terms, has been removed, bringing the policy more into line with UK practice. The insurers have no liability for any claims if the premiums have not been paid. If the premiums are not paid within 15 days of the due date, the insurers have the right to cancel the insurance.
Some major benefits that remain in the policies include:
Deductible free claims
No deductible on a wide variety of claims, including total loss and also damage caused by lightning, theft by violent and forcible means, fire, and damage caused by a third party vessel which is underway and which collides with your yacht when correctly moored or berthed.
The deductible also does not apply to other payments, including an inspection of the underwater parts of the yacht following a grounding incident, salvage and wreck removal costs, costs incurred in avoiding or mitigating a loss, emergency towing and assistance and emergency accommodation costs.
Wear & Tear and Latent Defect
Unlike many policies, if any loss is caused by wear and tear or latent defect, only the defective part is excluded from your claim. All other resulting damage is covered unless subject to any other exclusion or condition.
Personal Effects
The cover for Personal Effects extends not only to your own effects, but also those of your crew, family and all guests on board. Please ensure that the amount insured is adequate for this purpose.
We do not apply any New for Old deduction on claims for Personal Effects, nor does the policy deductible apply.
Third Party Liabilities
The Third Party Policy continues to provide cover, without deductible, for:
• Watersports activities
• Pollution
• Uninsured Boater, and if the policyholder is a natural person (not a club or company) your
personal use of a chartered or borrowed yacht.
We have included the wording of the Pantaenius War Strikes and Political Acts insurance in the clauses booklet, not least because it includes cover for civil disturbances and riots, which sadly are becoming more commonplace, even within Europe. If you do not already have this cover and would like to consider it, please contact us for a quotation.
We hope that you will be pleased with the changes we have made to the Pantaenius Yacht Scheme. A copy of our Renewal Brochure is enclosed, and we would ask that you pay particular attention to the information in How to Renew, concerning the renewal process.
The invoice for the renewal of your policy(ies) is enclosed and is due for payment on or before the start date shown on the invoice. Please ensure that your payment reaches us in time for renewal.
Please accept this letter as formal notification on behalf of the insurers that your yacht insurance policies will not be renewed on the existing terms and conditions. The revised terms and conditions are notified in this letter and the enclosed/attached Policy Summary.
Should you wish to discuss any aspect of your insurance, please do not hesitate to contact a member of our Customer Support Team on +44 (0) 1752 22 36 56. We look forward to continuing our relationship with you and arranging the insurance for your yacht.
PANTAENIUS UK LTD
Just had my renewal notice from Pantaenius, and am happy with the quote. However the product has changed and is now an "all risk policy" not sure I understand the difference, but have pasted the summary of differences below, and would be greatly for any comments etc.
Thanks
In 2011, Pantaenius introduced an “All Risk” policy for Superyachts, which was met with great acclaim by the yachting press, and has been very well received by owners and their agents. We have now developed a similar “All Risk” policy for our
other clients, and we are delighted to advise you that from the renewal of your Pantaenius Yacht Insurance policies in 2015, you are being provided with the new Pantaenius “All Risk” policy. A Policy Summary is enclosed, which outlines the major benefits and exclusions of the new product. The full wording is also enclosed for your convenience.
If you are not entirely happy with the wording, you will have 14 days after you receive the full wording, or after the renewal date of your policy, whichever is later, during which time you may cancel the policy without giving any reason.
If you have Yacht Hull & Property Insurance, under the new wording, your yacht will be insured against “All Risks” of physical loss or damage, unless caused by an exclusion on the policy or otherwise limited by policy conditions.
Here are some of the important changes to the policies:
No Claims Bonus
After considerable thought, it has been decided to remove the No Claims Bonus clause from the Pantaenius hull policy. The reason behind this decision is that the perceived benefit of earned No Claims Bonus is usually forgotten when its loss becomes the penalty for the misfortune of a claim. Please note that you will not pay a higher premium as a result of this change as our premium tariff has been adjusted to take account of this. The only change you will be aware of is that your premium will not be automatically increased as a result of a claim.
Emergency Towing & Assistance / Accommodation
The maximum amount available for towing and assistance and for emergency accommodation has increased. The actual amount available for these benefits will be shown on your policy schedule, and will depend on the overall sum insured.
Trailers & Cradles
These will now be automatically included at a value of £1,500 each. Please contact us if you wish to insure higher value trailers or cradles.
New for Old deduction on claim settlements
This will now apply to electronics and mopeds (if insured) that are two or more years old, as well as to tenders, outboards, PWCs, sails, covers, screens, and canvas five or more years old, and all other parts (excluding the hull itself) at ten or more years old. It does not apply to labour costs. However, the New for Old deduction can now be removed from your policy on payment of an increased premium. Please contact us if you would like a quote for cover without the New for Old deduction clause.
Renewal and Payment of Premiums
The automatic renewal clause, including 30 days payment terms, has been removed, bringing the policy more into line with UK practice. The insurers have no liability for any claims if the premiums have not been paid. If the premiums are not paid within 15 days of the due date, the insurers have the right to cancel the insurance.
Some major benefits that remain in the policies include:
Deductible free claims
No deductible on a wide variety of claims, including total loss and also damage caused by lightning, theft by violent and forcible means, fire, and damage caused by a third party vessel which is underway and which collides with your yacht when correctly moored or berthed.
The deductible also does not apply to other payments, including an inspection of the underwater parts of the yacht following a grounding incident, salvage and wreck removal costs, costs incurred in avoiding or mitigating a loss, emergency towing and assistance and emergency accommodation costs.
Wear & Tear and Latent Defect
Unlike many policies, if any loss is caused by wear and tear or latent defect, only the defective part is excluded from your claim. All other resulting damage is covered unless subject to any other exclusion or condition.
Personal Effects
The cover for Personal Effects extends not only to your own effects, but also those of your crew, family and all guests on board. Please ensure that the amount insured is adequate for this purpose.
We do not apply any New for Old deduction on claims for Personal Effects, nor does the policy deductible apply.
Third Party Liabilities
The Third Party Policy continues to provide cover, without deductible, for:
• Watersports activities
• Pollution
• Uninsured Boater, and if the policyholder is a natural person (not a club or company) your
personal use of a chartered or borrowed yacht.
We have included the wording of the Pantaenius War Strikes and Political Acts insurance in the clauses booklet, not least because it includes cover for civil disturbances and riots, which sadly are becoming more commonplace, even within Europe. If you do not already have this cover and would like to consider it, please contact us for a quotation.
We hope that you will be pleased with the changes we have made to the Pantaenius Yacht Scheme. A copy of our Renewal Brochure is enclosed, and we would ask that you pay particular attention to the information in How to Renew, concerning the renewal process.
The invoice for the renewal of your policy(ies) is enclosed and is due for payment on or before the start date shown on the invoice. Please ensure that your payment reaches us in time for renewal.
Please accept this letter as formal notification on behalf of the insurers that your yacht insurance policies will not be renewed on the existing terms and conditions. The revised terms and conditions are notified in this letter and the enclosed/attached Policy Summary.
Should you wish to discuss any aspect of your insurance, please do not hesitate to contact a member of our Customer Support Team on +44 (0) 1752 22 36 56. We look forward to continuing our relationship with you and arranging the insurance for your yacht.
PANTAENIUS UK LTD
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