Re: Yacht insurance
Our existing Pantaenius policy was changed after the big storms a couple of years ago. Our coverage with them was since 2012 ish. The big change was in the past we would submit a storm plan to them and they would base our deductable on the location and the plan. I thought this to be very fair and flexible. Instead they opted to use a rigid policy where they dictate the storm plan to us. I could not find anywhere inside the Caribbean where I felt I could meet the parameters outlined in the policy amendment. I mean seriously, how am I suppose to know how much the concrete blocks weight or the breaking strength of the straps used. And according to the policy wording, if one of the blocks weighed 4999 lbs, the entire claim would be voided if we had damage. And, where the heck to we find room to store 22 fenders aboard the vessel? As soon as I read this, I decided it was time to change. I was just slow about it. But, when the rate increase came it was added motivation. I was basically paying for hurricane coverage knowing I couldn’t meet the requirements last season. Anyone know of anywhere in the entire Carib where you can secure the vessel between two fixed concrete piers, assuming you have the 22 fenders? This was just all very ridiculous! But not as ridiculous as this, “The insured vessel shall be hauled and stored in a building rated to withstand CAT 4 or greater storms”. I mean com’ on!!!! Now I am suppose to be a structural engineer?
IT IS EXPRESSLY WARRANTED BY THE INSURED THAT DURING A NTS THE VESSEL SHALL FULLY COMPLY WITH THE NAMED TROPICAL STORM PLAN REQUIREMENTS STATED BELOW. IT IS ACKNOWLEDGED, UNDERSTOOD, AND AGREED BY THE INSURED THAT ANY DEVIATION FROM THE NAMED TROPICAL STORM PLAN REQUIREMENTS BELOW SHALL BE DEEMED A BREACH OF THIS WARRANTY AND WILL VOID COVERAGE FOR ANY AND ALL DAMAGE OR LOSS, DEFENSE COSTS, AND LIABILITIES ARISING FROM THE NTS REGARDLESS OF WHETHER THE DEVIATION WAS A CAUSE OF THE DAMAGE OR LOSS. THERE SHALL BE NO COVERAGE FOR DAMAGE OR LOSS ARISING FROM A NTS UNDER ANY CIRCUMSTANCES IF REASONABLE CARE IS NOT EXERCISED TO SECURE OR MOVE THE VESSEL IN ORDER TO PREVENT DAMAGE AND LOSS.
NAMED TROPICAL STORM PLAN REQUIREMENTS:
1. The insured vessel shall be hauled and secured a unitized cradle suitable for the vessel or in a hurricane pit. With either arrangement, the vessel is to be lashed directly to the ground or to concrete blocks, one concrete block with a minimum weight of 5000 lbs to be located at each lashing anchor point. Lashing is to be accomplished using a minimum of one (1) tensioning strap located symmetrically on each side of the vessel for every10 feet of vessel length. Each strap shall have a minimum breaking strength of 5000 lbs. Single straps may be run transversely across the vessel and lashed to the ground or concrete blocks on both sides of the vessel to accomplishrequired lashings.In addition, the vessel interior and stowage lockers shall be secured and locked to prevent theft and vandalism and all loose or removable items, components, parts, and equipment, including but not limited to personal effects, sails, cushions, canvas, covers, and booms, must be removed and properly secured to prevent damage or loss.
2. The insured vessel shall be hauled and stored in a building rated to withstand CAT 4 or greater storms.
3. The insured vessel shall be secured between two fixed piers or a fixed pier and a bulkhead or two bulkheads; these fixed structures to which the insured vessel is secured must be suitable to sustain the wave action of the NTS. The size of the berth and the manner in which the insured vessel is secured shall be such that there is a minimum of 6 feet of distance between the vessel and each fixed pier or bulkhead and any adjacent vessels or pilings. The insured vessel shall NOT be secured to floating piers or docks. The insured vessel shall be secured by a minimum of 8 doubled lines on each side of the vessel (16 total lines) with appropriate chaffing protection and shall include a minimum of bow, stern, head spring, and back spring lines. The insured vessel shall be fendered every 5 feet on its sides.
4. The insured vessel maybe moved in order to avoid the effects of the NTS and prevent damage or loss, provided the vessel is moved in a time, manner, and direction reasonably calculated to avoid the NTS based on the projected path of the NTS and provided the projected path of the NTS is monitored by the insured at all times. If the vessel is moved and then secured, it must be secured in accordancewith requirement 1, 2, or 3 above, unless the projected path of the NTS indicates the vessel will not be affected by the NTS.
To me, this was basically saying they no longer wanted our business, a fine example of a great company implementing crap policies. I regretted having to leave Pantaenius because I really like working with Scott. He was always very quick to respond and helpful. I have since found this same business acumen at Y-Yacht.
BTW – The Pacific Ocean coverage with Pantaenius was in excess of $10,000 and would not cover a Panama Canal transit. In addition, three people would be required on passages over 36 hours adding an expense of hiring additional crew. Our next highest policy quote was 20% less.
With best regards,
Sailing Vessel - Cream Puff - SM2K - #275
Currently cruising - San Blas Islands, Panama
main@AmelYachtOwners.groups.io [mailto:main@AmelYachtOwners.groups.io] On
Behalf Of CW Bill RoBiuse
Something to consider:
When was your Pantaenius policy written? It is possible that newer Pantaenius policies are even more restrictive. If so, what James is reporting may come to be true for you when your Pantaenius policy renews.
On Thu, Apr 4, 2019 at 9:41 AM James Cromie via Groups.Io <firstname.lastname@example.org> wrote: