Boat insurance - against all risks

"Never change a system that works" is a saying born of life experience. And the insurance conditions of Pantaeniusdeveloped by Harald Baum in the 1970s, have not only worked to this day, they have set standards in the insurance industry: Fixed rate instead of current value insurance in the event of total loss, no deductions new for old in the event of partial damage - embedded in a set of conditions in which the insured perils and risks are listed individually. Single risk cover!

The so-called All-risk cover - In the jargon of the insurance industry, the term "all risk" - seemed suspicious to Baum because it is clear from the outset that not all risks are covered, which quickly becomes clear when reading the variously extensive exclusions in such all-risk policies. A "deceptive package", so to speak.

Pantaenius has stuck with single risk cover, even though its competitors almost exclusively operate with all risks cover. This has at least one decisive advantage: in the case of single risk cover, in the event of a claim, the Policyholder the insured risk, it is the other way round with "All Risk". Here the Insurer prove that the reported loss event is not covered by the insurance.

Nevertheless, over the decades there have been increasing reasons for Pantaenius to modernise its functioning system - be it to maintain its leading position in the European market of yacht insurance providers, to remain competitive internationally or to become even more customer-friendly.

But if reform is to be introduced, the conditions experts at Pantaenius want it to set new standards, just like the yacht hull conditions revolutionised by Harald Baum. And if there is to be a change to all-risk cover, then a "with a few clearly defined exclusions"as stated in a press release.

Based on these specifications, Harald Baum's son Martin, Managing Director at Pantaenius Yachtversicherungen, presented a kind of "All-round carefree package" which covers all yacht insurance lines - from Comprehensive, liability, passenger accident and legal expenses insurance - The policy is summarised clearly and transparently in a set of terms and conditions and includes a glossary with all relevant definitions at the end.

In addition to the tried and tested insurance cover, the package includes a number of new features, non-cash benefitssuch as waiver of the objection gross negligence for damages up to a total amount of 10,000 euros or cover for accommodation and travelling expenses up to 5,000 euros. And the legal expenses insurance now covers all Warranty disputes arising from purchase contracts with. Info: www.pantaenius.de

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