Step forward Pantaenius, who have been at the forefront of yacht insurance for the past forty years. We sat down with Martin Baun, Managing Director of Pantaenius, at the Monaco Yacht Show, to find out more about an essential sector of the superyacht world. He began by answering our question about how much it costs to insure a yacht.
“I think what we need to focus on is that you pay for what you get,” Mr Baun said. “It’s very difficult to differentiate by price, when it comes to insurance especially. What we sell is the promise that you have a claim paid and are taken care of in case of a big disaster.
“And so that’s number one. But on the second hand, what does it cost? It costs roughly a percentage on your sum insured and that’s basically around half a per cent of the sum insured. It depends then of course on the value of the boat. The higher the value of the boat, the more you pay, but in the end I think if you take the overall running cost of the yacht it’s a minor cost.”
So how do Pantaenius manage to stay ahead of the game and provide better value than any of their competitors?
“First of all we try to tailor our insurance product right to the needs of the clients,” he said, “which really takes into consideration the individual set up. Is the boat registered in the Cayman Islands, is it registered in Malta maybe? They are all the factors you have to take into consideration to have the right product for the client.
“Also the issue of the crew insurance is nowadays very important. To protect the asset is relatively straight forward, but to have a proper set up on the liability side, which can have a much bigger impact on the owner’s money, is something that really has to be done by professionals and I think we do a really good job there
“And finally I think it’s providing the best service when the claims happen, because that’s when you really need your insurance company.”
You can watch the full video interview with Martin Baun above this article.