Pantaenius revises its superyacht clauses
AGREED FIXED VALUE: In the 1970s Pantaenius Yacht Insurance introduced the concept of an Agreed Fixed Value for superyachts, writes Katina Read.
This year the company has introduced what it terms ‘completely revised and improved’ Pantaenius Superyacht Clauses (PSYC).
“The market for superyacht insurance is more than saturated at the moment and various providers promise to offer tailor-made products in order to comply with the highly individual needs of their potential clients,” explained Martin Baum, Pantaenius MD.
“Those who remember the Galatea trial and the resulting court decision are probably aware of the pitfalls in policy wordings, even if they include seemingly resilient terms like the so called ‘Agreed Value’.”
He added: “Pantaenius has always offered its own bespoke products on the basis of a specifically designed set of clauses.”
Now, the company says it has once more recognised the sign of the times and revised the PSYC.
And he explained that apart from the benefit in terms of an independent valuation model, the new clauses demonstrate clear, non-ambiguous wording, as well as far more comprehensive cover than the industry standards such as American Yacht Forum.
“Most policies on the market exclude any loss or damage directly or indirectly caused by wear and tear,” added Mr Baum. “The PSYC however cover damages caused by wear and tear or electrolysis and also do not exclude inherent vice or vermin.”
Other benefits of PSYC said Mr Baum, include the fact that clients know exactly what they have purchased.
The Agree Fixed Value is not subject to a vessel’s market value meaning clients cannot be penalised for over or under insuring.
Also new in the clauses is extended machinery cover, cover for any loss or expenditure incurred in remedying a fault in design or construction provided it has caused loss or damage to the yacht, plus contingent cover while the insured vessel is being transported as cargo by sea.
“We have been putting special emphasis on the comprehensibility and clarity of our insurance clauses since the 1970s,” said Mr Baum. “This aspiration has also been a driving force in the development process of the new PSYC.”
He added: “Other policies often get amended to include machinery failures but exclude wear and tear so machinery damage based on a worn out part is excluded.”
“Unarguably the main purpose of insurance is comprehensive financial security,” added Mr Baum. “The most important obligation of an insurance provider however is to simplify this task for the client and that is why we developed what we believe are the most modern and straight-forward policies on the market.”
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