Re: Yacht insurance


Mark Erdos
 

Bill,

 

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.

 

-or-

 

2.                   The insured vessel shall be hauled and stored in a building rated to withstand CAT 4 or greater storms.

 

-or-

 

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.

 

 

-or-

 

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,

 

Mark

 

Skipper

Sailing Vessel - Cream Puff - SM2K - #275

Currently cruising - San Blas Islands, Panama

www.creampuff.us

 

From: main@AmelYachtOwners.groups.io [mailto:main@AmelYachtOwners.groups.io] On Behalf Of CW Bill RoBiuse
Sent: Thursday, April 4, 2019 10:44 AM
To: main@amelyachtowners.groups.io
Subject: Re: [AmelYachtOwners] Yacht insurance

 

Courtney, 

 

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.

 

Best,

 

Bill Rouse

720 Winnie St.

Galveston, Texas 77550

832-380-4970

Image removed by sender.

 

 

On Thu, Apr 4, 2019 at 9:41 AM James Cromie via Groups.Io <jamescromie=yahoo.com@groups.io> wrote:

Courtney-

Pantaenius provided coverage if we remained north of 7 degrees north, and south of 10 degrees north during July 15 and November 1. This excludes Grenada, Trinidad, and the ABCs. Of course, they will provide coverage without that restriction if we were willing to pay $8,200 premium and have a deductible of $63,000.  This renders the policy prohibitively expensive for us.  In addition, their securement  policy during a named tropical storm would be difficult to execute in most locations. 

 

So, yes, you can get coverage without them but it is not amenable to our needs.  

 

James

 

On Apr 4, 2019 10:27, "Courtney Gorman via Groups.Io" <Itsfun1=aol.com@groups.io> wrote:

James what is the issue with Pantaenius they have told me that I'm fine in Grenada?

Cheers

Courtney

Trippin

54 #101 St Thomas

 

-----Original Message-----
From: James Cromie via Groups.Io <jamescromie=yahoo.com@groups.io>
To: main <main@AmelYachtOwners.groups.io>
Sent: Wed, Apr 3, 2019 10:09 pm
Subject: [AmelYachtOwners] Yacht insurance

Hello fellow Amelians - 
I know that there has been recent discussion on various insurance carriers, and many people have found the need to change insurers due to geographic limitations or extremely restrictive policies.  

I am now in the same predicament and am looking to change from Pantaenius to another insurer while in the Southern / Western Caribbean during the hurricane season.  
 I have inquired with Y-Yachts and Top Sail, and both of these informed me that they cannot yet insure US documented yachts. 
I have found Novamar to be reasonably priced and will allow us to keep our boat in the ABC's during the hurricane season.  

Do any of you have experience with Novamar?  
I am also interested in recommendations for other carriers.  

As always, I greatly appreciate the time and shared experience of the group!  

Best,
James
Soteria SM2000 #347
Frederiksted, St. Croix

 

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