> Powerboat-World.com
 
 
News Home Video Gallery Newsletters FishingBoating Features Photo Gallery Sail-World Australia Australian Cruising
MarineBusiness-World
Sail-World.com : Marine insurance giant Pantaenius - shaking the Australian market
Marine insurance giant Pantaenius - shaking the Australian market

Pantaenius

At the beginning of November, 2012 we posed a question of Jamie MacPhail, Pantaenius Australia’s newly appointed Managing Director. Very simply it was, ‘Just who is Pantaenius?’ Since then, many things have occurred or changed in the marine world.

James MacPhail Managing Director of Pantaenius -  Pantaenius   Click Here to view large photo
For Pantaenius, this has all been very positive. Australia’s newest marine insurance organisation, a division of one of the world’s largest marine insurance groups, have a distinctly unique product offering that is already delivering new clients, right around the country.

MacPhail explains ‘Our Australian launch has been very interesting. We are getting a lot more enquiry than I thought we were going to get, obviously through Sail-World and the online enquiry system, but also just word of mouth and people coming back to us through relationships.’

‘Looking at the Australian marine insurance scene, you get the impression that it may not be all as rosy out there as our competitors may have you believe.’

‘It is definitely going to be interesting to see where we end up’, said MacPhail.

Pantaenius Australia recently moved the headquarters of their operation to Martin ‘Tacka’ Thompson’s buzzing Ferguson’s Boatshed Marina in the Spit, in Northern Sydney.

Jamie said of it, ‘The move to The Spit has been a great thing for us, as it is far more active, with a greater number of people around. There are seven brokers in a 250-yard radius and customers down here all the time looking, inspecting, and testing. Even if the brokers don’t immediately recommend us, the reality is the customers see us whilst they are here and a lot of them are coming to us for a comparison on what the brokers are giving them off a competitor’s quote.’

Sailing boats on moorings not insurable by all Australian marine insurers -  .. .  

‘One of our Australian marine insurance competitors has just withdrawn from insuring anything on a swing mooring, which we cover’, said MacPhail whilst talking of the changes in the marine insurance arena.

‘We are getting a much warmer reception from the brokers than we expected. They have realised that as a major global player, we have a lot to offer. It’s a dynamic market and we have come into the market at a very good time.’
‘It’s clear that we have two very important differentiating features to other marine insurers in this market.’

Those two elements are certainly getting a lot of attention from boat owners. The first is wear and tear and the second is real agreed value.

MacPhail went on to explain why they are so important to any boat owner. ‘Certainly the wear and tear clause is one that just about everybody has been focussing on. Take a powerboat environment for instance, where our wear and tear clause would insure somebody if a ball valve in a seacock failed and water flooded in to the boat, which then sank as a result.’

‘I think we could comfortably say that the majority of insurers in Australia would actually not pay out in that event.’
‘They would have the option of not paying out because wear and tear is specifically excluded in a most of the policies currently in existence’, said McPhail.

Fergusons Boatshed Marina at The Spit(foreground) Opposite is d’Albora Marina -     Click Here to view large photo


‘In these types of situations, I think you’d find that most of our competitors would claim that the failed item(s) weren’t properly serviced and maintained, so therefore we are not giving you a cheque, despite the fact that you had to get a crane and barge organised to lift the boat off the bottom and then take care of things like rebuilding your engines. All because you are not covered, due to wear and tear being specifically excluded in their policies.’

The second item is agreed value. ‘I have had so many people come to me since we first spoke and asked me to define what I believe agreed fixed value means. A large number have thought they have an agreed fixed value policy and we simply suggest that they check their policy. Nine times out of 10 they call back confirming that their policy is in fact a ‘Market Value’ policy’, said McPhail.

‘They all say that they believed the policy pay-out figure was the same as the insured value and that they thought it was definitely an agreed, fixed value policy. I can’t believe the amount of owners who believe that market value is going to give them a number that is close to, or the same as that which they have got on their policy.’
‘At Pantaenius, we only offer agreed fixed value’.

‘When someone comes along and asks us for a quote, they tell us what value they want to insure their boat for. If we accept that value and subsequently insure their boat for that amount, then that is what we will pay in the event of a total loss’, commented MacPhail.

‘With a competitor’s policy, you could find that you are going to be many tens of thousands of dollars short in the event of a total loss and even worse, all the time paying a premium based on the number that you have on your policy. You will get a market price from them, based on say the last three or four sales that have gone through at the time of the loss, and not be in a position to even complain about it.’

‘At Pantaenius, we just say that we will pay you the number written on your policy, without deduction and just as importantly, you’ll be paying a premium based on that number’, explained MacPhail.

As if these two main items were not enough of a selling point on their own, Pantaenius don’t kick you when you are down, either.

‘The other thing for us is of course our policies have zero deductibles. In the event of a total loss, we don’t ask you to drop your $5,000 in the front of us and we pay you the difference. We just pay you the figure written on the policy document, with no deductibles taken from it’, said Jamie.

     
So it would seem that you do not need to ask just who is Pantaenius. The new question about your marine insurance really does seem to be, ‘How well do you understand your insurance policy?’

As Jamie says, ‘To find out, simply start with, are the clauses clear? Are you sure you are covered for certain scenarios? What does your policy exclude?’

‘If you are unclear on what anything actually means, you should be contacting your broker or your insurance provider and ask them to define items for you and explain to you what the clauses mean, because we specifically include the ones they don’t want to talk about.’

In the end, asking yourself these new questions could well save you a lot of stress later on.


by John Curnow

  

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

http://www.powerboat-world.com/index.cfm?nid=105418

9:44 PM Tue 8 Jan 2013GMT


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


Related News Stories:

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




Power Boat News

Predictwind helps you pick the best time to depart by Richard Gladwell Sail-World.com/nz,




























Understanding the Ocean's role in Greenland Glacier melt by Woods Hole Oceanographic Institution (WHOI),


Dangerous conditions for boating on entire NSW Coast by Transport Roads and Maritme Services,


Revealing report on Search for American yacht Nina released *Feature by Rob Kothe and the Sail-World team,












AYSS PacificNet/Tahiti voted a success! by Asia Pacific Superyachts,














Dangerous conditions forecast for NSW boaters by Roads and Maritime Services,


APSNZ appoints Duthie Lidgard as new MD by Asia Pacific Superyachts,


Whale freed from rope at Byron Bay by Department of Agriculture, Fisheries and Forestry,




Dangerous conditions for NSW coastal boaters from Thursday
World premieres and national debuts for Sydney International Boat Show
Marine Auctions experiencing rising tide of interest *Feature
Tags reveal Chilean devil rays are among ocean's deepest divers
Auckland On Water Boat Show to hold world record attempt
Zodiac at Sydney International Boat Show 2014 – Australian
Gold Coast International Marine Expo - Exhibitor space filling fast
Ceramic coated exhaust manifolds reduce engine bay temps on superboat
Reminder of safe distance requirements for whales
Changes to Australian bass closed season
Fusion achieves industry-wide acceptance of FUSION-Link
BSE Brisbane Slipways open for business as normal
Honda’s everywhere at Sydney International Boat Show!
Fifth round of XCAT World Powerboat Series moves to China
Sly 43 - Making her Australian premier
Maritimo full of confidence following recent wins
Australia event cements its position as hosting 'the' marina party
Up close and personal with whales on the Gold Coast
SA Marina Day encourages South Australians to enjoy their marinas
Southport Yacht Club raffle: Dusit Thani, BRIG Falcon, Marriott stay
Enjoy the whale spectacle, just keep your distance   
The Dinghy Nav Light Solution- a brilliantly dumb idea   
Extension granted for salvage of a paddle steamer on the Murray River   
Sydney International Boat Show set to embrace new location   
Thermal imaging helping bulk carriers avoid collisions in port and in   
Third CYCA Solas Trusts grant to Australian Volunteer Coast Guard   
CruiseCraft adds Explorer 595 Hard Top   
Severe weather warnings prompt reminder to boat owners   
Be won over by the new Azimut 50   
Predictwind unlocks more features on free accounts   
Tammy Wolf and Mercury's Formula 2 Powerboat on to Divisional Champion   
Monaco Yacht Show 2014 - the biggest superyacht show ever   
Biggest Display ever and 18 launches at SIBS   
Gold Coast International Marine Expo helps Sailability grant FREEDOM   
Exhibitors heat up for Cannes Yachting Festival   
Benetti 108 tri-deck Tradition Supreme will launch in Cannes   
St Kitts open for superyacht business   
Marine World Sales: The latest in buying and selling marine online   
UIM XCAT - Massive fight from Fazza secures fourth consecutive title   
Peters & May launch Mediterranean and USA to East Coast Australia   


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/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 PBW
LocalAds   DE  ES  FR  IT