Pantaeniusthe leading European broker of insurance policies for boats and yachts, has thoroughly tidied up the small print. At the heart of the modernisation is a completely redesigned set of terms and conditions that covers all water sports policies on offer, i.e. boat liability and hull insurance, passenger accident insurance and legal protection insurance.
The most important innovation concerns the changeover to the concept of all-risk cover. Until now, the yacht hull insurance offered by Pantaenius was based on individual risk cover.
In the case of individual risk cover, it is listed exactly which risks are insured. Conversely, this means that all risks that are not explicitly named are not insured. In case of doubt, the customer must prove to the insurer that damage to the boat is covered by the policy. However, this is sometimes made more difficult by vague wording in the contract.
With all-risk cover, on the other hand, all risks are initially deemed to be insured. As this is of course absolutely impossible, the terms and conditions work with so-called exclusions. This means that it is specifically stated which individual risks are not insured, such as damage due to design, manufacturing, processing or material defects. Consequential damage resulting from these, on the other hand, is still expressly covered by the policy.
Reversal of the burden of proof in favour of the customer
This option is particularly good for the customer because the burden of proof now lies with the insurer. This means that the latter must demonstrate that a loss is not insured because, in their opinion, the cause was excluded in the policy conditions.
Such all-risk cover has long been standard with most boat insurers in this country. However, Pantaenius says that it does not simply want to adapt to market conditions with the changeover. Rather, the aim is to offer the best all-risk cover, i.e. one with as few and clearly defined exclusions as possible. In this context, Pantaenius itself speaks of "resilient" all-risk cover.
As an example of this, a statement from the long-established Hamburg-based company reads: "While the majority of hull policies available on the market fully exclude damage caused by inadequate maintenance, normal wear and tear, age or breaches of official regulations, among other things, this is not the case in the new Pantaenius Yacht Terms and Conditions (PYB) not the case."
Martin Baum, Managing Director at Pantaenius Yachtversicherungen, says: "When developing our PYB, we did everything we could to create a set of terms and conditions with no ifs and buts. Our aim was to provide comprehensive cover and avoid grey areas that could be interpreted negatively for the customer in practice."
The revision of the insurance terms and conditions has also resulted in further favourable innovations for Pantaenius customers. For example, in future the defence of gross negligence will no longer apply for claims up to a total amount of 10,000 euros. And overnight accommodation and return travel costs incurred in connection with a comprehensive claim will now be reimbursed by the insurer up to a maximum of 5,000 euros. Alternatively, the customer has the option of chartering a replacement ship instead of embarking on the return journey as a result of a claim. For example, to continue the holiday that has already begun.
The "fixed tax" remains fixed
In contrast, the "fixed valuation" once established by Pantaenius on the German boat insurance market and which, in contrast to some other providers, is irrevocably formulated by the Hamburg-based company, remained untouched. This insurance value, which is specified in the contract, is reimbursed in the event of the total loss of a boat without deducting the current value, so that customers are able to purchase a new boat of equal value.
Other standards, such as the rule that no "new for old" deductions are made for partial claims, are also retained in the new terms and conditions.
Overall, the revised "small print", summarised in a 36-page booklet, is intended to ensure greater transparency in favour of customers from now on. Regulations that apply equally to all lines of insurance can be found in a general section. To make it even easier for customers to study the new terms and conditions, all insurance-related terms are also explained in a comprehensive glossary for laypeople.
Gunnar Brock, Head of the Pantaenius Legal Department: "With the PYB, we have been able to realise our goals of improving the quality of the scope of insurance in the interests of our customers and also increasing the transparency of the terms and conditions." Brock is certain that the overall concept of the PYB sets a new standard.
Martin Baum agrees with him: "I am convinced that we can be proud of the result." And his father Harald Baum, owner of Pantaenius Holding GmbH, says: "When we launched Pantaenius yacht hull insurance in the early 1970s, it was a revolution in the yacht insurance business and a huge step for yachting in Germany. I am proud that more than four decades later, Pantaenius continues to consistently pursue this path and declares the needs of yacht owners to be the incontestable benchmark for product development."
Further details on the new Pantaenius yacht conditions in the next issue of YACHT. General information on the subject of boat insurance in the large YACHT online insurance dossier.
