01 Feb 2016
By Pantaenius

• Pantaenius introduces a new set of its Pantaenius Superyacht Clauses - PSYC.


• The new PSYC provide increased coverage and more benefits while maintaining the   famous resilience of Pantaenius products in matters of valuation.


• New benefits include: extended machinery cover, cover for any loss or expenditure       incurred in remedying a fault in design or construction provided it has caused loss or     damage to the Yacht, as well as contingent cover while the insured vessel is being
  transported as cargo by sea.

With the launch of its new and specifically designed set of clauses, Pantaenius, the leading provider of yacht insurance solutions in Europe, once more aims to create a benchmark for the industry. Since the 1970s, the international company with its head
office in Hamburg has been putting special emphasis on the comprehensibility and clarity of its insurance clauses. This aspiration has also been a driving force in the development process of the new PSYC. Compared to other standard policy offerings in the market, the PSYC do not depend on additions or amendments in order to provide comprehensive cover and relinquish principles like “due diligence” as well as limiting terms like “external causes”. The result is an easy to understand set of clauses,
designed to simplify the complex task of insuring a superyacht for the owner and his employees or representatives.


“We have managed to maintain our genuine strengths like the Agreed Fixed Value while fostering the additional benefits of our insurance solutions”, says Martin Baum, Managing Director at Pantaenius Yacht Insurance. “The new Pantaenius Superyacht
Clauses cover any failure in the working mechanism of the machinery. Other policies often get amended to include such failures but exclude wear and tear so machinery damage based on a worn out part is excluded. The Pantaenius Superyacht Clauses
however, cover physical loss or damage caused by wear and tear, corrosion, inherent vice and vermin. Only the worn and torn or corroded part is not covered. Another new benefit is that the Pantaenius Superyacht Clauses cover any loss or expenditure
incurred in remedying a fault in design or construction provided it has caused loss or damage to the Yacht. Many other policies will clearly exclude damage caused as a result of a fault in design or construction whether damaging or not.”

 

The following, non-exhaustive list includes benefits of the new Pantaenius Superyacht Clauses 

Agreed Fixed Value: You know the value of your purchase, at the point of sale and during your ownership. Pantaenius offers an Agreed Fixed Value which is not subject to the vessel’s market value. Clients cannot be penalised for over or under insuring. 

All Risks: No patchy additions or vague and difficult to understand limitations like “external causes”.

No complicated wording, no “due diligence”: Many claims are declined on the basis of this imprecise term. The PSYC only have exclusion for recklessness which leaves less space for interpretations.

No exclusion for wear and tear: The Pantaenius Superyacht Clauses cover physical loss or damage caused by wear and tear, corrosion, inherent vice and vermin.
Only the worn and torn or corroded part is not covered.

Extended machinery cover: PSYC cover any failure in the working mechanism of the machinery. Other policies often get amended to include such failures but exclude wear and tear so machinery damage based on a worn out part is excluded.

New for old: The cover does not apply a new for old deduction to the replacement value.

Fault in design and construction: Unlike most other policies, the new clauses cover any loss or expenditure incurred in remedying a fault in design or construction
provided it has caused loss or damage to the Yacht.

Additional yachts are covered: PSYC include insurance for an additional yacht up to 5,000,000 Euros free of charge for one month.

Transport: The vessel is covered against all risks while being transported as cargo by sea – contingent cover.

Tenders and additional small craft: Pantaenius offers some of the highest limits available on the market. Tenders and additional small craft have a combined limit of
500,000 Euros.

Personal effects: PSYC cover personal effects against all risks, including piracy.

 

Company Profile

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