PANTAENIUS A family-owned company with over 50 years’ experience, Pantaenius are the leading specialist for superyacht insurance. Over 100,000 customers place their trust in the tailor-made insurance solutions offered by Pantaenius and with subsidiaries in Germany, Monaco, UK, Spain, Austria, Poland, Denmark, Sweden, the United States and Australia, Pantaenius is the only yacht insurance company that is fully operational in eight different languages. Pantaenius’ comprehensive yacht insurance solutions include hull and machinery, war insurances, P&I and crew welfare. The Pantaenius Superyacht Clauses provides excellent coverage and many additional benefits, while maintaining the clarity and certainty Pantaenius has become known for. For more details Tel: +377 97 98 43 42 or visit www.mc.pantaenius.com


SETTING THE SCENE


In 2017 three storms ripped through Texas, Florida, Puerto Rico and the U.S. Virgin Islands. Hurricane Harvey kicked things off in late August slamming into Texas with trillion gallons of rain and 100 mph winds. Damages were estimated at $180 million. Then came Irma, devastating the Caribbean and making landfall in Florida for the first time in over ten years. Hurricane Irma left billion dollar damages across the Virgin Islands and south east America. Then Maria lashed through Puerto Rico, killing over 100 people. All three storms have been retired from the U.N. World Meteorological Organization list. According to the US Boat Owners Association, the storms (known in insurance cycles as HIM) caused damage to 63,000 boats in the US and $655 million.


A Lloyd’s report reckoned $265 billion worth of damage to boats, homes, hotels etc, and cargo.


Then 134m MY Serene ran aground in the Red sea, a 100m new build at Lurssen shipyard went up in smoke, MY Lalibela caught fire at Cannes, and so did MY Kanga. Suddenly syndicates were shelling out shed-loads to the ‘super-safe-bet’ superyacht industry. The result: Lloyd’s told its 99 members to ‘clean up’ their marine act. Syndicates closed completely or reduced their marine insurance, premiums rocketed.


THE OUTCOME In a period of recovery, is superyacht insurance is more ‘fit for purpose’? Maybe. But the rules are tougher and more stringent. Explains Michelle Van der Merwe, Superyacht Account Manager, Pantaenius, Monaco; “There was a period of uncertainty for some in the London market and there was a capacity problem for the megayachts due to their insured values, but we are finally getting into a more stable insurance market with premium levels that are more sustainable. We at Pantaenius, have been in a very good position during this uncertain time, due our fixed relationship with strong A rated German insurers and our business model, offering concierge service model and full in-house claims management.”


Reliable insurance products from stable market players will be most probably be the result believes Van der Merwe; with


ONBOARD | WINTER 2021 | 73


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