24 Reliable with Knowledge of Nautical Matters Pantaenius Pain There are significant differences between various insurers. Pantaenius GmbH focuses entirely on pleasure craft and does not insure other matters. Due to this focus, there is a lot of nautical knowledge within the company. There are also many differences in policy conditions between the different yacht insurance policies on the market. Most insurers insure at market value, which often leads to disputes. In the event of a “total loss,” policyholders sometimes do not receive the amount needed to purchase an equivalent ship. That hurts. Fortunately, it can be different. New for Old The German yacht insurance provider Pantaenius GmbH insures only pleasure craft, from Optimist to superyacht. It is a family business whose parent company has existed for 125 years. In the 1960s, director Harald Baum noticed that yachts were often not properly valued. Therefore, he started a new, unique insurance policy with the “Agreed Fixed Value” principle, based on a pre-agreed fixed value. If boat owners insure their property for a certain value, that value remains fixed until you change it yourself. If the value of the ship has increased because you have carried out a refit or installed new equipment, you can increase the insured amount. Covered damages are reimbursed up to the insured amount based on the “New for Old” principle. If you have paid your premium on time, you will always receive that agreed amount in the event of a total loss. Stable Thanks to this “fixed value” insurance, Pantaenius has become internationally very large. Pantaenius GmbH now insures more than 100,000 pleasure craft, from superyachts to small open boats. Many Pantaenius employees are themselves Insuring a boat is something most boat owners do at most a few times in their lifetime. It is good to be well oriented. According to Ellen Hooning of Pantaenius, it is also wise to read the fine print of your boat insurance.
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