>
 
FishingBoating-World.com
 
 
News Home Newsletters Photo Gallery Powerboat-World Australian Cruising World Cruising MarineBusiness-World Animated Knots
Video Gallery MarineBusiness-World
Sail-World.com : More question and answer time with marine insurance giant, Pantaenius
More question and answer time with marine insurance giant, Pantaenius


'That’s why they call it up on the bricks.'    Pataenius Australia    Click Here to view large photo

Going back not that far at all, we first had to ask a question to discover that Pantaenius was not a missing musketeer, but rather, one of the world’s largest sail and motor yacht insurers. Shortly thereafter, the question would become how well do you know your marine insurance cover?

Jamie MacPhail, Managing Director of Pantaenius Australia, explained the significant difference between agreed and market value, as well as how wear and tear may have a significant impact on how your current insurer dealt with some claims you may have.

James MacPhail Managing Director of Pantaenius Australia. -  Pantaenius   Click Here to view large photo

He explained that Pantaenius is the only operator to be able to offer true global coverage, which would suit the Fremantle to Bali competitors for instance, and you could see why Pantaenius’ phone was ringing as loudly as the bells from the telegraph on an old destroyer’s bridge as they hunted down submarines and emails poured in as steadily as the new tide through a channel.

Talking of big guns, Martin Baum, Pantaenius Yachting Group Director has been in Australia recently, as he is very regularly, and Martin thought that now may well be the time to ask some more questions to make sure boat owners better understand their marine insurance policies.

Martin Baum at sea. -  Pantaenius  

As one of the faces of the family group behind the brand, Pantaenius, his appearances here also underscore the group’s beliefs in being truly global with their operation. ‘It is exciting to be here in Australia and it was the next logical step for the Pantaenius Group, because we are the only global provider of yacht insurance and that was always my strategic aim, after my father had built up the company within Europe’, commented Baum.

‘The sailors are not stopping with exploring the Pacific anymore, so on the one hand it is strategic expansion to have a local office here supporting our existing clientele, but it also a very good stepping stone into Australasia and then eventually the Asian market.’

Hazard to mariners all right. -  Pantaenius   Click Here to view large photo

‘We, Pantaenius, are finding that the Australian marine insurance purchasers are not very aware of the key factors in marine insurance and so we are helping to educate them, so they understand what they are getting or not getting for their money.’

‘Whilst maybe not the most exciting of subjects, these questions are of huge relevance to all boat owners and the more we can do to assist them make the correct decision for themselves, the better off we will all be', said Baum of the Australian landscape, which he knows a good deal about from his frequent and lengthy trips here.

Going down the mine. -  Pantaenius   Click Here to view large photo

‘Given the complexity of insurance and the effects of getting the wrong coverage, when you arranged your insurance, did you get insurance advice from somebody who is qualified to provide it? The Insurance Act specifically says that if somebody is going to provide financial services industry advice, which insurance advice falls under, then they have to be qualified to provide either general or personal advice’, commented Baum.

‘There are all kinds of issues that you needed to have talked about with an insurance advisor. As Jamie has said, that question of whether your policy is for a fixed value, or much more likely for market value, is very important and we see it time and time again.’

Dry feet when you get on and off, at least. -  Pantaenius   Click Here to view large photo

‘On so many occasions, a customer thinks a payout will be a certain value, as expressed on the front page of their document, and yet reading on they will find that it is actually the substantially less, market value. I think it is more like nine out of ten customers, as opposed to half, that have not seen this problem, until we point it out to them.’

‘In a situation like that, in the event of a total loss, your insurer could hand you the same type of vessel with similar equipment on board that was purchased today for a lot less than you paid say three years ago, and you have zero comeback on the differential of what they supplied back to you and the value of your original craft. The difference could well be several hundred thousand dollars for some owners’, said Baum.

Well. it is not going to move in a hurry. -  Pataenius Australia  

Martin continued. ‘We are very keen for boat owners to really understand just what their policy is all about. For instance, the policies we write in Australia are an all-risk policy. These are simple to understand. If we don’t specifically exclude a peril (an event which has caused a loss), then it is automatically covered.’

‘The most common policy here is a ‘named peril policy’. With this type of policy, it has to describe all of the risks and if there is a claim, which could be things such as sinking, fire, collision, grounding or lightning, then there is cover to a certain extent, but of course there are always some exclusions’, explained Baum.

‘The problem with the common ‘named peril policy’ for you as the policy holder, is that the burden of proof lies with solely with you, whereas the burden of proof with the all-risk policy lies with the insurer.’

Sad. Bet the owner wasn’t to happy, either. The fenders give you a smile, however. -  Pataenius Australia  

‘By its nature, the all-risk policy is more transparent, easier to read and you know what you are getting. It doesn’t necessarily mean that every named peril policy covers less than the all-risk policy, however. It always depends on the wording.’

‘However, our exclusions amount to eight items, which is a whole lot less than the pages and pages that are attached to most named peril policies. We always try and reinvent the wheel and become more progressive and client friendly, and the way forward is the all-risk policy.´

Martin then added, ‘What really counts, apart from the setup of the clauses and the wording, is the way that these clauses are applied by the claims manager. The difference between Pantaenius and our competitors, is that we always manage the claims in-house, so the person who sold you the policy, is also the one who manages the claim. They look at it from the perspective that they keep up their word and what they want to deliver is what they have sold to you.’

Martin Baum ashore. -  Pataenius Australia  

‘Claims are not always black or white. It is very often that clauses can be interpreted one way or another and there can always be some areas where you can say, was this gross negligence or not? In the end, there is always also the factor of how the clauses are applied by the claims manager and how often do they get to apply these clauses.’

‘We manage 6,000 claims each year. Now obviously when you manage that many, you know your clauses inside and out. You also know which cases are grey, when you can do a bit more and when you can do nothing. All of this actually helps to speed up the process and thereby give clear communication to the client in a more timely manner.’
‘It is always better to tell a client straight away that you have a problem when something is not covered, rather than waiting for two weeks and telling them you will go and check or we don’t know and then coming back and eventually saying that there is no cover for that. It is all about dealing with your clients expectations.’

Pebble scrub anyone? -  Pantaenius   Click Here to view large photo

‘You know, it is not always this big disastrous claim that makes your reputation. It is the small, $5,000 claim, where your client will be really annoyed because it took three months to get a proper answer out of their insurer. Some may give you $2,500 straight away because they said this is normally not covered, but we managed to get you an ex-gratia payment or something like that.’

‘Pantaenius are about clear communication on what is occurring and when you will get an answer. You speak with the person directly involved and the burden of proof is not on you, but us.’

All of which is a great way to say get ready for Part II.

In the meantime, you have some more key elements to consider.

Asking a few questions now could well save you a lot of stress later on.

See Pantaenius.com.au or call 02 9936 1670

Reminds one of Pirates of the Caribbean. Just need Jack Sparrow aloft. -  Pantaenius   Click Here to view large photo


by Brendan Maxwell

  

Click on the FB Like link to post this story to your FB wall

http://www.fishingboating-world.com/index.cfm?nid=107993

10:45 PM Mon 1 Apr 2013GMT


Click here for printer friendly version
Click here to send us feedback or comments about this story.


Related News Stories:

09 Jan 2013  Marine insurance giant Pantaenius - shaking the Australian market
03 Nov 2012  So just who is Pantaenius, then? (Part II)
25 Oct 2012  So just who is Pantaenius, then? (Part I)
22 Oct 2012  PANTAENIUS Sail & Motor Yacht Insurance opens office in Australia




FishingBoating-World

2015 Aquece Rio International Sailing Regatta – The Notice of Race, the Olympic Test Event, has been published. The Aquece Rio – International Sailing Regatta 2015 is the second of two Rio 2016 Olympic Test Events with the first being held in 2014. Rio will welcome sailors once again from 13-22 August 2015 with racing taking place inside and outside of Guanabara Bay. ... [more]  

The National Marine Manufacturers Association (NMMA) and Boating Writers International (BWI) announced today winners of the 2015 Progressive Insurance Miami International Boat Show Innovation Awards, presented during the annual Industry Breakfast at the Miami Beach Convention Center. ... [more]  

A 59 year-old Bentleigh man will be charged with the use and possession of prohibited mesh nets, as well as taking undersize bream from the Maribyrnong River earlier this week. ... [more]  

Roads and Maritime Services expand live vision of conditions by Transport Roads and Maritime Services
Boaters now have access to live vision of conditions at more locations with an expanded network of 18 cameras in key coastal areas and one alpine waterway in NSW. ... [more]  

High seas weather warning for Metarea 10 issued by the Australian Bureau of Meteorology Tropical Cyclone Warning Centre Brisbane at 0907 UTC 19 February 2015. Hurricane force wind warning for North Eastern Area. ... [more]  

Pacific Sky Power is launching the Kite Controller, a redesigned reel-bar with a compression winch that maintains equal line lengths throughout the launch and retrieval. For kayaks and canoes, this system enables sailing with a kite. ... [more]  

On a day that a television boating identity advised boaties to ‘give it a miss’, Australian Master Marine seized the opportunity of threatening skies, plenty of wind, swell and whitecaps to conduct sea trials on the first two new boats in its small plate alloy range. ... [more]  

This is an in-water trial set-up, which will involve The Albert Park Yachting and Angling Club (APYAC) assisting Fisheries Victoria and University of Melbourne to load and deploy locally sourced limestone rubble and other materials etc. onto to the seabed ... [more]  

Anglers of all abilities will be treated to the latest and greatest in leading-edge lures when the Yamaha Super Tank captivates audiences at the Gold Coast International Marine Expo (21-24 May 2015). ... [more]  

Information provided to the 13 FISH reporting line has led to two men being questioned by Fisheries Victoria for allegedly taking a large numbers of abalone, urchins and periwinkles near Portarlington. ... [more]  

A striking new exhibition of elegant images exposing the inner workings of fish from the Smithsonian’s National Museum of Natural History will open at the Australian National Maritime Museum this February. ... [more]  

The Maritime Management Centre in NSW is calling on members of the boating public to have their say on a draft paper reviewing lifejacket safety standards in Australia. ... [more]  

A 56-year-old Stawell man caught fishing without a licence at Peterborough last year has pleaded guilty to multiple offences, including possessing unauthorised commercial fishing equipment. ... [more]  

For the 2015 Sanctuary Cove International Boat Show some of the marine industry’s biggest names have already signed up. In fact, bookings are on par with this time last year – where 307 exhibitors turned out – which bodes well for another bumper event. ... [more]  

A Sunshine Coast driver has had that horrible sinking feeling after his car went under water at a local boat ramp. ... [more]  

NOAA Fisheries has released its 2015 Biennial Report to Congress highlighting U.S. findings and analyses of foreign illegal, unreported, and unregulated (IUU) fishing activities and of bycatch of protected species and shark catch on the high seas for foreign fleets. ... [more]  

The Australian Maritime Safety Authority (AMSA) is urging owners of emergency beacons to dispose of their unwanted beacons correctly. ... [more]  

To improve fishing opportunities for recreational anglers, more than 100,000 estuary perch fingerlings have been stocked into seven lakes and rivers across Victoria, including three new waterways never before stocked with the species. Fisheries Victoria are actively reviewing other waters across Victoria to rebuild Estuary Perch populations. ... [more]  

Most of the seafood Americans eat comes from abroad. And a lot of that is caught illegally — by vessels that ignore catch limits, or that fish in areas off-limits to fishing. ... [more]  

The Association of Collegiate Anglers (ACA) announces that Boat Owners Association of The United States (BoatUS) has renewed its title sponsorship of the 2015 Collegiate Bass Fishing Series Championship. Now in its 10th Anniversary year, the event will be held May 20-22 on Pickwick Lake in Florence, Alabama. ... [more]  

New bipartisan legislation introduced today would help ensure recreational boaters don’t put unsafe fuel in their boats, according to Boat Owners Association of The United States (BoatUS). Rep. Bob Goodlatte (R-VA), with 30 co-sponsors introduced the Renewable Fuel Standard Reform Act of 2015. BoatUS is urging all boaters to contact their US Representative to support the bill. ... [more]  

New bipartisan legislation introduced today would help ensure recreational boaters don’t put unsafe fuel in their boats, according to Boat Owners Association of The United States (BoatUS). Rep. Bob Goodlatte (R-VA), with 30 co-sponsors introduced the Renewable Fuel Standard Reform Act of 2015. BoatUS is urging all boaters to contact their US Representative to support the bill. ... [more]  

Last Thursday a rare and very unusual shark was caught by fishermen trawling off Green Cape, south of Eden on the NSW south coast. ... [more]  

Conservationist and world acclaimed marine wildlife artist Dr. Guy Harvey is bringing his newest documentary Panama Paradise, A Guy Harvey Expedition to the Miami International Boat Show’s Big Game Room for a South Florida premier showing. ... [more]  

Celebrating its 30th anniversary in 2015, Club Marine Magazine is launching its Birthday Bonanza promotion with one great destination package being won each edition of the magazine, beginning with a Fijian fishing experience for its February/March edition. ... [more]  

Boaters are reminded to keep clear of a section of Cudgen Creek next weekend for the safe staging of a triathlon. ... [more]  

A call to the 13 FISH offence reporting line recently helped Fisheries Victoria officers detect two Melbourne men aged 24 and 27 allegedly with undersize snapper at St Helens, north of Geelong. ... [more]  

Fish stocking in the Wimmera River is more than 70 per cent above normal levels this year thanks to improved water quality and funding from Victorian recreational fishing licence fees. ... [more]  

An anonymous tip-off to the fisheries offence reporting line 13 FISH earlier this month has led to three people allegedly being caught with more than 50 times the daily catch limit for abalone near Mount Eliza. ... [more]  

Fisheries Officers based at Portland seized 79 bream, one mulloway and ten fishing rods as a result of alleged fishing offences detected at Nelson on 21 January. ... [more]  

Recreational anglers now have better access to rock fishing spots at Boggaley Creek, near Lorne, thanks to new steps that descend from the Great Ocean Road. ... [more]  

The hideous, mildly terrifying and rarely sighted frilled shark has turned up in waters off south-eastern Australia. The species, whose ancestry dates back 80 million years, is known as the 'living fossil'. ... [more]  

Queenslanders love their fishing. It has been estimated that over 800,000 Queenslanders go fishing each year, spending around $1 billion in doing so. The economic worth generated by recreational fishing in Queensland is greater than that for many other sectors of the economy, including commercial fishing that has an estimated value of around $300 million a year. ... [more]  

Solarshield by Oceanair: Antiglare roller blind for Marine use
Superior SuperElite ends Townsville ramp rage
2014 warmest year since records began + Video
New Torquay Reef a boost for local jobs and local fishing
A life jacket made to display on a wall
Sea, road and air? Abell Point Marina has you covered
AMM takes small plate boats upmarket into ‘Sea Class’
Wahoo Smackdown VI Tournament - Marine artists are onboard
Go on a submarine adventure in a special family fun day at the museum
Go on undersea adventure in theatre show at National Maritime Museum
Sail-World.com - Contributors Guidelines *Feature
Marine Rescue Kioloa and Ulladulla vessels investigate flare sighting
Two men and 4-year-old missing on fishing trip off Jervis Bay
Summer reminder about yabby fishing rules
Wish a Marine Rescue NSW volunteer a happy New Year on Sydney Harbour
Stop thief! Spies nab Spy thieves
Stop thief! Spies nab Spy thieves
Marine Rescue Batemans Bay brings two home safe on Christmas Eve
Learn to make personal watercraft safety a priority this summer
2015 Victorian Recreational Fishing Guide is now available
2015 Lakefest Aquatic Week - A week-long celebration of boating   
Seven tips to get more out of a marine survey   
Marine Auctions raises the bar with live internet bidding for auctions   
You are what you eat – if you’re a coral reef fish   
Keep safe on the water this holiday season   
Sail-World new format - Important first visit changes needed   
Four new 'Fish Friendly Marina' accreditations announced   
Another successful auction year comes to a close at Runaway Bay Marina   
Marine Auctions is proud to announce the return of Bill Fankhauser   
Go on an underwater adventure this summer at the museum   
2014 Sanctuary Classic winners announced   
AMA raises concerns about banning small cottage based fishermen   
Club Marine's all-new TeleClaims and Online Claims   
Introduction of NSW's first combined car and boat licence   
Scientist explores mysterious food-borne illness: ciguatera   
Bum breathing icon’s future in doubt   
Three rescued from capsized boat in late night emergency   
Win $5000 Cash to Splash with Club Marine   
New exhibition takes kids on a Voyage to the Deep   
Anglers reminded about new Murray cod catch limits   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News





Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW FBW
LocalAds   DE  ES  FR  IT