With the launch of its new and specifically designed set of clauses, Pantaenius, one of Europe’s leading providers of yacht insurance solutions based in Hamburg, is aiming to create a benchmark for the industry with the introduction of the new Pantaenius Superyacht Clauses (PSYC).
The new PSYC is that it does not depend on additions or amendments in order to provide comprehensive cover. The company state they they relinquish principles like ‘due diligence’, as well as limiting terms such as ‘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.”