>
 
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

11:45 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

Minister for Natural Resources, Lands and Water, Kevin Humphries and Minister for Roads and Freight Duncan Gay have announced the successful tender for the dredging of Swansea Channel has been awarded to Neumann Dredging Pty Ltd. ... [more]  

Have trailer, will travel *Feature by Jeni Bone
All Marine Spares were out in force at last weekend’s Upper Hawkesbury Power Boat Club Spectacular, which drew local and interstate participants and enthusiastic crowds numbering in the several thousand. ... [more]  

Auckland On The Water Boat Show: Images from the final day by Richard Gladwell, Sail-World.com/nz
The Auckland International Boat Show concluded today having enjoyed four days of moderately acceptable weather. Attendance figures have not yet been announced however they are expected to be close to or exceed last year's Show. ... [more]  

World-wide the development of marine wind farms will grow. Britain's RYA is taking a proactive stance that can serve as an example for other yachting bodies. If wind farms could be an issue in your waters, its important to follow just what is happening in GBR. Speaking today Stuart Carruthers, RYA Cruising Manager said 'The RYA will now be responding to those of the Panel’s questions that have bee ... [more]  

What a great day for kiting at Kite Foil Gold Cup Australia 2014! 10-15 knot North Easterly and slight seas. Kites zooming around like supersonic mosquitoes but mosquitoes buzz whereas foiling kites are completely silent! ... [more]  

A new provisional World Record was set on the Viaduct Harbour today with 52 paddlers covering the 100 metre course on the Lancer SUP. There were no incidents in the attempt - which sets a new mark category in the Guinness World Records. ... [more]  

Marine Rescue Forster-Tuncurry has been named a winner in the 2014 NSW Water Safety Awards, taking out the prize for the Water Safety Event of the Year. The Award, presented tonight, is for the unit’s successful Water Expo, staged in January at the peak of the summer holiday and boating season. The award was accepted by Deputy Unit Commander Ray Mazurek. ... [more]  

Marine Rescue NSW volunteers have been recognised for their enormous contribution to safety on the water, with the rescue service taking out a prestigious title at the 2014 NSW Water Safety Awards. MRNSW won the Most Outstanding Contribution to Water Safety by an Organisation category at the annual awards, presented tonight. ... [more]  

The 14th edition of the Atlas also includes a new double page map of the Arctic Ocean, which highlights the dramatic long-term decline of Arctic sea ice cover. The sub-ice maps draw on bedrock data, provided by the British Antarctic Survey, to show physical features which are obscured by ice cover. ... [more]  

Rescue vessel Point Danger 30 from Marine Rescue Point Danger base, went to the aid of a yacht with mechanical and sail failure shortly before 10 o’clock this morning. The yacht, with three people on board had been experiencing strong winds east of Cook Island off the coast of Northern NSW and was forced to seek help when its engine failed and mainsail blew out. ... [more]  

A win for sharks by Nathaniel Pelle
Earlier this year, thousands of Australians, including you, united to stop this brutal and unnecessary practice. I’ve never seen anything quite like it - protesters gathered on beaches from Manly to Margaret River and flooded Environment Minister Greg Hunt’s inbox with nearly a quarter of a million emails calling on him to stop the cull. ... [more]  

Mobilarm has integrated its latest emergency electronic MOB Beacon, the sMRT V100 Locator Beacon, with the inflatable SOS Dan Buoy marker. It is being introduced at the Monaco Yacht Show, the world’s largest mega---yacht show this week. ... [more]  

RBT only applies when vessel is underway by Boating Industry Association
Following some reports RBT testing was occurring whilst at anchor, Michael Drake Principal Manager Boating Safety, Maritime Management Centre, Transport for NSW, has confirmed with RMS legal team that 'RBT only applies when a vessel is underway (i.e. not at anchor, moored or berthed at a wharf or marina)'. ... [more]  

Recreational Fishing Trust Update by Boating Industry Association
There have been a number of updates and new regulations as far as recreational fishing is concerned, with a number of new laws that will further reduce access for recreational fishing and boating. ... [more]  

BIA and MIMRA at RMS Boating Safety Day! by Boating Industry Association
BIA and MIMRA will be promoting our 50 Point Safety Check on Sunday the 28th of September, Bayview Boat Ramp, Rowland Reserve, Pittwater Road, Bayview from 10:00 am running until 2:00 pm. ... [more]  

Iridium have recently released the Iridium GO!, their latest product in the satellite communication market. It’s portable, battery powered, and creates a WiFi hotspot. www.predictwind.com!PredictWind!new have partnered with Iridium to put together a package catering specifically to the marine market. ... [more]  

The flagship of Riviera’s award-winning Sport Yacht collection is supremely comfortable with innovative alfresco lifestyle concepts, ultramodern marine technology and palatial appointments – a high-performance yacht akin to a floating six-star resort. ... [more]  

These are some life’s great pleasures and ones you really do want to share. After all, if something has been finely crafted, it’s almost one’s duty to indulge others in the pleasures you’re partaking. Now ever since Aranui's significant keel was first laid down, this 40 footer has been a talking point and it was not long before Corsair Boats were on to building another Bass Straight Motor Yacht ... [more]  

South Australian marinas and yacht clubs are planning a full day of predominantly free on-water and land based events on Sunday 12th October for people to experience the boating lifestyle first-hand and learn how easy it is to get involved. ... [more]  

Making its debut at the Gold Coast International Marine Expo, the BRIG Navigator 700 is 7-metres of versatility and durability, with room for 11 people in comfort – 12 in the twin engine version. ... [more]  

Recreational and commercial fishers can look forward to a bright future for Port Phillip Bay snapper after scientific surveys in March recorded the fifth best spawning success since surveys began 22 years ago. ... [more]  

Marine Auctions at Runaway Bay hosted their first auction to welcome in Spring with a bevy of boats and marina berths up for purchase. ... [more]  

Digital is an important aspect of today's marketing mix and the marine industry has begun to embrace its importance. ... [more]  

Win an Electronic Device of Your Choice to the Value of $750 for Your Best Profit Idea. ... [more]  

John Crawford never dreamed a love of messing about on boats would lead to the creation of an empire. The Queensland boating identity has come a long way since his obsession for all things marine led him to set up a boatyard on the Wynnum Esplanade in 1964. ... [more]  

The closed waters area between Indian Head and Waddy Point at Fraser Island will re-open to the taking of finfish from midday Tuesday 30 September. Queensland Boating and Fisheries Patrol (QBFP) district officer Geoff Fergusson said the closure was in place to protect finfish during their breeding cycle. ... [more]  

Divers home in on thorny threat by Great Barrier Reef Marine Park Authority
Trained divers tasked with the job of culling the coral-eating crown-of-thorns starfish on the Great Barrier Reef have begun targeting a series of individual reefs thought to be spreading the current outbreak. ... [more]  

This might be the Texting and Facebook generation but boaters need to use VHF radio says volunteer rescuers from Weston-super-Mare's lifeboat station who rescued a yachtsman whose boat sank in the middle of the Bristol Channel and who then texted his girlfriend. ... [more]  

The Goulburn River near Kevington was today stocked with 5,000 brown trout as part of the Victorian Government’s investigation into the cause of declined trout populations in High Country rivers. ... [more]  

Nemo’s epic journey to find a new home by Dr Hugo Harrison - ARC Centre of Excellence
New research has found clownfish larvae can swim up to 400 kilometres in search of a home, which makes them better able to cope with environmental change. ... [more]  

The Arctic is an ocean surrounded by land and Arctic sea ice is the thin layer of frozen ocean water that forms and grows during the winter, and melts in the summer. Dr Jeremy Wilkinson from the British Antarctic Survey provides a scientist’s perspective on the trend for decreasing Arctic sea ice. ... [more]  

Lancer Industries Ltd returns to the Auckland On Water Boat Show after almost a decade away. It will mark several significant events for Lancer including new pricing, a Guinness World Record attempt and an Introduction to Sea Blade. The Lancer stand is located beside the ETNZ building. ... [more]  

Dangerous conditions forecast for NSW boaters by Roads and Maritime Services
Roads and Maritime Services has issued an alert after a Bureau of Meteorology warning about dangerous surf conditions from Gabo Island to Tweed Heads developing tomorrow, Sunday 21 September. ... [more]  

Supersize your fishing stories, no exaggeration needed
Ten safe and clean refueling tips for boaters
Artist and angler Carey Chen onboard for Bimini Wahoo Tournament
Abbot Point onshore disposal
New Zealand's largest on water boat show kicks off next Thursday
No excuse for no fishing licence
Auckland Water Boatshow: Practice session for Guinness World Record
Brisbane to host new boat show at Manly on Moreton Bay *Feature
Ultimate Cup: Final of the Barker vs Spithill clash
Great Barrier Reef plan released for comment
Superior prepares for Monaco Yacht Show debut *Feature
Sharks more abundant on healthy coral reefs
Antarctic Team discovers mechanism for massive ice shelf collapse
Brisbane Boat Show - Opens with great attractions and innovations
Marine Rescue volunteers in two searches on NSW northern waters
Brisbane Boat Show begins *Feature
New size limits to improve Murray cod numbers
New family fishing competition announced for Port Stephens
Mako shark 'St. Marys' somes calling on Halifax, Nova Scotia
Ultimate Cup: Final of Barker vs Spithill fishing Challenge - Saturday
Lowrance signs exclusive partnership with Skeeter Boats   
Coalition invests licence fees to improve fishing   
Brisbane Boat Show starts Friday - biggest in 10 years! *Feature   
Marine Auctions adds new recruits   
Ministerial advisory group launched by united marine industry sector   
2014 Auckland on Water Boat Show: Coming up at the end of September   
Australian research sheds light on ocean garbage gyres *Feature   
Round the World racer joins Southern Pacific Inflatables   
2014 Gold Coast Int'l Marine Expo - Quintrex factory opens its doors   
Skysol Frame Large: A new shading solution for sunroofs   
Are you Queensland’s best angler?   
Camper & Nicholsons Yachts presents the Sagitta 42   
Coalition funds investigation into trout numbers   
Playboy Playmate Shawn Dillon to join anglers at Wahoo Smackdown V   
Marine Rescue crew saves cruiser in trouble in rough conditions   
Dangerous conditions for boaters on most of NSW coast   
2014 Mandurah Boat Show - Third largest boat show in Australia   
Fishers invited to industry meetings   
Antarctic sea-level rising faster than global rate   
Andrew Scott joins Superior as General Manager *Feature   


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