Hamburg based yacht insurer Pantaenius has introduced a new set of clauses for its superyacht insurance contracts (Pantaenius Superyacht Clauses – PSYC). It says the clauses will provide increased coverage with more benefits.
The 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.
Pantaenius says that 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 dispense with 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.”
Image: Pantaenius Hamburg headquarters