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Yacht Dreaming

Understanding Boat Insurance with Pantaenius

Boat insurance is a crucial investment for anyone who owns a yacht, boat or any other watercraft. It is essential to protect your vessel from accidents, damages, theft, or any other unexpected event. While many insurance providers offer marine insurance, in this essay, we will explore the benefits of Pantaenius boat insurance, what it offers, and how it compares to other boat insurance options.

The Importance of Boat Insurance

Owning a boat is a significant investment, and without proper insurance coverage, a boater may end up paying significant amounts of money out of pocket in case of an accident or damage. Boat insurance offers peace of mind and financial protection, ensuring that you can enjoy your time on the water worry-free.

Boat insurance policies cover various risks, including theft, damage to the boat or equipment, liability for any injuries or damages to third parties, and any other unforeseen incidents. It is worth noting that different policies offer different levels of coverage, so it is essential to understand what is covered before choosing a plan.

What is Pantaenius Boat Insurance?

Pantaenius is a renowned marine insurance provider that specializes in offering tailor-made insurance policies for yachts and boats. With over 100 years of experience, Pantaenius is known for providing comprehensive and reliable protection to boat owners worldwide. The company has offices in more than 40 countries and a team of experts who understand the unique needs of boat owners.

Pantaenius offers various types of boat insurance policies, including hull insurance, third-party liability insurance, and personal accident insurance, among others. The company also provides coverage for racing yachts, superyachts, and other high-value vessels.

Benefits of Pantaenius Boat Insurance

Pantaenius boat insurance comes with several benefits that set it apart from other marine insurance providers. Some of the advantages of Pantaenius boat insurance include:

Personalized Coverage

Pantaenius understands that every boat owner has unique needs and offers tailor-made insurance policies that meet those needs. The company’s experts work closely with clients to create a custom coverage plan that protects their boats and equipment comprehensively.

Worldwide Coverage

Pantaenius offers worldwide coverage, ensuring that boat owners can sail anywhere in the world without worrying about insurance coverage. The company has offices in various countries, and their policies cover risks in different parts of the world.

Fast and Efficient Claims Processing

In case of an accident, Pantaenius aims to make the claims process as quick and efficient as possible. The company has a team of experts who handle claims and ensure that clients receive compensation promptly.

24/7 Assistance

Pantaenius offers 24/7 assistance to clients in case of an emergency. The company has a team of experts who are available to provide guidance and support to boat owners whenever they need it.

Pantaenius Boat Insurance vs. Other Insurance Options

While there are many marine insurance providers, Pantaenius offers several advantages that set it apart from other options. For example, Pantaenius offers personalized coverage, worldwide coverage, fast and efficient claims processing, and 24/7 assistance.

Other insurance providers may offer similar coverage, but they may not provide the same level of service and expertise that Pantaenius does. Therefore, it is essential to compare different options and choose a provider that offers the best coverage and service.

Boat insurance is a crucial investment for any boat owner, and Pantaenius is one of the best options on the market. The company offers personalized coverage, worldwide coverage, fast and efficient claims processing, and 24/7 assistance, making it an excellent choice for anyone who wants to protect their boat comprehensively. So if you are a boat owner, consider Pantaenius boat insurance as it can offer you peace of mind when you are out on the water.

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Superyacht insurance programme.

Our comprehensive insurance solutions include hull insurance, liability insurance / P&I, crew welfare as well as pre-delivery and builder's risk insurance for new builds and major refits. Whether you own, manage or plan to purchase a vessel, Pantaenius will be happy to provide you with an individual risk assessment and bespoke insurance packages.

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An introduction to Pantaenius Superyacht Insurance

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Insurance For Your Superyacht: Highly Recommended

Protection for your vessel and yourself against the unexpected while on the water or elsewhere: That is what superyacht insurance should be all about. After all, accidents can happen to even the most seasoned skipper and boat owner and can turn into a huge financial burden very quickly. At Pantaenius, we know exactly what we are talking about: For more than 50 years, we have been providing our customers with all relevant types of boat insurance. As Europe’s leading marine insurance specialist, we are happy to ensure that you are equipped with all essential coverage.

Your Individual Yacht Cover

In order to make sure that not only yourself but also your crew and vessel are properly insured, we offer superyacht owners different types of insurance all merged into our Superyacht Insurance Programme providing valuable benefits such as a cover for wear and tear, additional property cover and our renowned 24/7 service. The comprehensive programme includes all relevant types of insurance, e.g. liabilities such as third party liability regarding owner, guests and crew, owners liability to paid crew or personal accident insurance. Our charter cancellation insurance provides financial proctection in case of cancelled or abandoned charter trip. Do you have any questions regarding our superyacht insurance solutions? The Pantaenius crew is happy to assist you!

The Pantaenius Superyacht Team is at your side when you need them most. Don't hesitate to contact us!

We have dedicated yacht insurance experts - specialists in their field, with practical experience and able to guide you through the entire process.

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Meet our team at many events throughout the year.

Take a look behind the Scenes of the Pantaenius Team and our daily work with the superyacht Clients all over the world.

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of experience guarantee an exclusive service approach and the most efficient claims management when you need it most. Today over 100,000 yacht owners put their trust in our family-owned Company.

worldwide enable us to provide 24 hour support in ten languages and comprehensive service through personal on shore insurance managers who guide our clients through the entire process of insurance.

in our global network help us deliver true local service and support you with advice and know-how all over the world. International expertise and world-wide presence thus allow us to respond swiftly to new requirements and challenges.

5 of the best Yacht Insurance Companies

While yachting is meant to be all about escaping the humdrum aspects of life, to enjoy the experience with full peace of mind it’s a wise idea to get your trip – and your vessel – insured.

Yachts line the famous harbour in Monaco (Photo: Mike McBey via Flickr / CC BY 2.0)

From brokers to charterers to concierge, most operators in the yacht world are focused on one thing and one thing only: selling yachting as an enticing lifestyle choice that you can’t do without. But behind this glossy idyll, the comparatively prosaic requirement of choosing an insurance policy that protects yacht owners and charterers from unforeseen events looms large. We’ve picked out 5 of the best yacht insurance companies currently on the market.

Pantaenius has been providing insurance across a number of sectors dating back to 1899, and for the yacht industry since 1977. Today the company is widely considered one of the leading insurance specialists on the yacht market in Europe and globally thanks to their tailor-made solutions developed by skippers, for skippers, and designed to eliminate all of the worry and stress from the cruising experience. As well as their standard coverage options such as hull insurance, personal accident insurance and crew medical insurance, they also offer a unique online solution, which allows vessel owners to choose their own cover according to the modular principle and manage contracts easily online.

pantaenius.com

Perhaps best known for the sales and charter arms of the business, IYC are also a leading international player in the yacht insurance sector. Their team of insurance experts help owners navigate their way through the multitude of customised solutions available to cover the exposures linked to the operation of their yacht. With direct access to US, Lloyd’s and European insurance markets, they are uniquely positioned to offer exclusive, competitive yet fully comprehensive yacht insurance products to clients. As well as market-leading yacht coverage, they also offer personal accident coverage (including emergency medical expenses and search and rescue) providing peace of mind for both owner and crew.

A family-run business with offices around the world, Lockton offer fully comprehensive coverage for vessels of all sizes. Their dedicated Yacht Practice provides specialist advice and expertise, working with clients to tailor insurance programmes that meet the complex needs of yacht ownership and provide comprehensive insurance resolutions. By combining the talents of both Private Client and Marine colleagues, they deliver seamless programmes to protect these high-value assets and their staff. Their solutions include coverage for hull and machinery insurance, tenders and submersible vessel insurance, medical and personal accident insurance for your crew and guests, berth liability insurance, and plenty more.

lockton.com

Admiral Marine

For over 25 years Admiral have been providing yacht insurance for sailors across the world. Launched by Robert Holbrook, a keen yachtsman, who  recognised the need for flexible yacht insurance for yacht owners, today it specialises in insurance for vessels based in the UK, Northern European waters, the Mediterranean, South East Asia and the Caribbean. The company prides itself on its personal touch and practical approach, with all claims handled in-house, making claim settlement fast, easy and stress-free. Along with the standard yacht cover, their insurance policy benefits include no excess for third party claims, no excess if you are struck by another vessel when moored, a contribution to accommodation costs if the yacht is rendered uninhabitable, and cover for piracy, acts of terrorism and associated risks.

admiralyacht.com

Coleman Marine

Coleman Marine Insurance is the company’s highly specialised marine division, providing bespoke solutions for all aspects of yacht insurance. Whether it be power or sail, monohull or multihull, yacht or custom tri-deck, the company provides tailored insurance solutions for you. Close relationships with leading yacht insurers have been nurtured to provide an extensive range of products for yacht and motorboat owners’ risks, with Coleman’s established specialists able to provide proven policy wordings and an exemplary claims service. A full 24-hour, 365-day-a-year claims management service is delivered by staff who work closely with leading marine surveyors in the UK, Europe and further afield.

colemanmarine.co.uk

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Since 1899, companies from a wide variety of industries have trusted Pantaenius Versicherungsmakler GmbH.

We have been insuring yacht owners all over the world for 50 years now. With more than 100,000 customers placing their trust in us every day, we are Europe's leading specialist for yacht insurance.

As a private individual, you also stand to benefit from the many years of expertise behind our personal advice.

Private Insurance

Our philosophy.

At Pantaenius, our philosophy is based on working with our customers to develop comprehensive private insurance policies that address their individual situation. Taking a holistic service approach, our service brings customers added value by avoiding problems of definition and resulting insurance gaps.

How we work

OUR INSURANCE CONCEPTS FOR

In addition to securing your property, furnishings and personal belongings, we also offer insurance coverage for second homes and holiday homes: Whether it is a finca in Spain or a holiday home in Tuscany, we have a solution that's right for you.

Art and valuables

Valuable antiques, sculptures, art objects and jewellery: standard household insurance does not meet the special requirements for increased protection. We offer you individual solutions to protect your treasures against any kind of danger, including simple damage, loss and terrorism.

Do you have a soft spot for vintage cars? Or perhaps it's the recent models that have awakened your passion? In addition to classic car insurance, we also offer special solutions for modern and vintage cars that are individually tailored to the vehicle or your collection. Talk to us.

Insure your sailing yacht or motor boat with the best - for over 50 years we have insured yacht owners all over the world. Every day 100,000 customers place their trust in us, making Pantaenius a market leader. We are happy to put you in touch with our specialists.

Taking precautions

Our team of experts will be happy to advise you on all aspects relating to health insurance, pensions, occupational disability or alternative financial products.

Leisure and travel

Do you enjoy taking your drone for a flight, or going on photo safaris in South Africa? Do you collect valuable wines or breed thoroughbred horses? Whether you are chartering a yacht for the summer in the Mediterranean or traveling the seas on a ship, we will bring you peace of mind to enjoy the more beautiful things in life with a tailor-made insurance package. 

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Pantaenius Versicherungsmakler GmbH

Grosser Grasbrook 10

20457 Hamburg

Hopfenstraße 8

80335 Munich

Kaiserswerther Str. 97

40476 Dusseldorf

brokering insurance policies as a familiy business.

manage the insurance affairs of business and private clients for the Pantaenius Group worldwide.

from a range of industries trust in Pantaenius to provide them with individual insurance solutions.

• United Kingdom*
• Monaco (GmbH)
• Monaco (SAM)

* Pantaenius UK Limited is authorised and regulated by the Financial Conduct Authority (Authorised No.308688)

To login to your account, please follow the link below. You will be redirected to the website of S.A.M. Pantaenius Monaco, Courtier d’Assurances Yachts, where your contracts have been concluded.

Pantaenius launches insurance packages for yacht and boat charter holidays

Pantaenius GmbH has recently introduced a Charter Insurance policy specifically developed for the Italian market, aimed at skippers and their crews who charter boats privately for a limited period of time.

The new policies are based on Italian law and, for maximum transparency, are managed entirely in Italian from online purchase to documentation and claims settlement. The insurance cover of the policies refers to a skipper and up to nine crewmembers for a single charter trip of up to 28 days.  „Even the most beautiful time of the year is not entirely free of risks“, said Christian Koch, Managing Director Pantaenius Monaco. „ If you cause damage to a third party when using a chartered yacht, if the trip has to be cancelled due to illness or cannot be started at all or if the deposit is withheld due to a little inattentiveness during port maneuvers, this can quickly have considerable financial consequences. The joy of the holiday is gone and within the crew there is often a discussion about who is actually responsible for the damage.”   Pantaenius‘ Charter Insurance can be taken out as a so-called „Charter package“ in four different levels. Whilst skipper’s liability and trip cancellation costs insurance are included as standard, bond, travel health and personal accident insurance are included depending on the package chosen. In the event that the bond insurance included in the chosen package is not sufficient, „Bond Insurance Plus“ can be taken out as a supplement to the charter package online until the takeover of the charter yacht. If other insurance policies are already in place and only bond insurance is required, BOND PLUS is also available as a standalone product and can be taken out without any charter packages. Christian Koch comments: „Pantaenius has a well-established reputation for offering high quality insurance products and the Italian Charter policy is no exception to this rule. Based on Pantaenius‘ renowned Charter Insurance, our offer can eliminate a whole host of worries that the customers may have when choosing the charter“.

The insurance cover is valid worldwide and is available online. 

More information via: www.pantaenius.it/charter

of experience guarantee an exclusive service approach and the most efficient claims management when you need it most.

already place their trust in us and make Pantaenius the leading yacht insurance provider in Europe.

in our network help us deliver true local service and support you with advice and expertise all over the world.

Request your no obligation quote easily and quickly online.

Our experienced staff is available 24 hours a day and always at your side in case of emergency.

Don't hesitate to contact our service team. We are always happy to assist.

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Baltimore bridge collapse could lead to record insurance loss, says Lloyd’s boss

Bruce Carnegie-Brown says disaster could cost billions and result in largest single marine insurance loss ever

The collapse of Baltimore’s Francis Scott Key Bridge is likely to lead to the largest single marine insurance loss ever, the chair of Lloyd’s of London has said.

Bruce Carnegie-Brown said he expected to see insurers incur multibillion-dollar losses after the disaster, which resulted in the deaths of at least two people, with four others missing and presumed dead.

Early on Tuesday the 1.5-mile bridge in the Maryland city collapsed after a container ship heading to Sri Lanka hit one of its concrete columns.

The debris has blocked shipping lanes in the Patapsco River and forced the indefinite closure of the Port of Baltimore, one of the busiest ports on the US east coast.

Speaking to Reuters, Carnegie-Brown said it was too soon to put a figure on the expected losses but he would be “very surprised” if it did not result in multibillion-pound losses for insurers.

He said: “The tragedy had the capacity to become the largest single marine insurance loss ever.”

Lloyd’s, which runs the world’s largest insurance market, has companies active in the property and marine insurance markets among the 77 companies that operate within it.

On Wednesday, analysts at Barclays estimated that insurers could face claims of as much as $3bn (£2.4bn) as a result of the bridge collapse, with firms on Lloyd’s of London’s market the most exposed.

Barclays said claims for damage to the bridge alone could reach $1.2bn, and there could also be liabilities of between $350m and $700m for wrongful deaths. Hundreds of millions of dollars more would probably have to be paid out for business disruption caused by the port’s closure.

The bank said the significant involvement of Lloyd’s of London may make smaller London market reinsurers comparatively more exposed.

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Lloyd’s reported a pre-tax profit of £10.7bn for the year to 31 December, which included profits from underwriting growing from £3.3bn last year to £5.9bn this year.

It said this was boosted by lower costs from large risks and a fall in natural catastrophe claims. According to the report, the number of major claims for the year dropped from £4.4bn in 2022 to £1.3bn across 2023.

The major claims for the year came from events such as wildfires in Hawaii, earthquakes in the Middle East, floods in New Zealand, Cyclone Gabrielle and Hurricane Idalia .

• Insurance industry
• Baltimore bridge collapse

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A historic and clubby group in London could face billions in claims from the Baltimore bridge collapse

• Claims from the container ship Dali's crash into Baltimore's Key Bridge could cost insurers a lot.
• Analysts estimate the bridge is worth $1.2 billion, with even more in potential liabilities.
• Several firms from the venerable Lloyd's of London exchange will share the risk.

A journalist said in 1859 that "not a breeze can blow in any latitude" without being recorded in the books at Lloyd's of London, the oldest insurance exchange in the world.

With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are updating those books as a picture of the true cost of damages emerges.

Barclays analysts estimate insurance claims from the bridge itself could total $1.2 billion, with as much as $700 million in claims for wrongful deaths, plus additional costs from business interruptions related to the port closure and bridge reconstruction, Bloomberg reported.

Economists told Business Insider the port closure itself will cost $15 million a day in lost economic activity , with other disruptions pushing the total into the tens of millions a day.

Baltimore is a key import and export point for cars , construction and farm equipment , and coal — much of which is on hold while salvage crews clear the shipping lane.

All told, Barclays said insurance companies could be looking at claims as high as $3 billion as a result of the crash, Bloomberg reported.

"While the incident still has to be investigated, we believe it has potential to become a significant insurance claim, particularly in the marine market," the analysts wrote, according to the outlet.

Related stories

Marcos Álvarez, Morningstar's managing director for global insurance ratings, put the figure between $2 billion and $4 billion, "depending on the length of the blockage and the nature of the business interruption coverage for the Port of Baltimore," Reuters reported.

The lead insurer and the major reinsurers for the Dali are underwriters with Lloyd's, in whose storied "Room" underwriters will calculate the financial price of this catastrophe.

In the late 17th century, ship captains and businessmen met at Edward Lloyd's London coffee shop to work out the first insurance policies, and the shop soon grew into a marketplace where the risks of maritime trade could spread across many firms.

While cargo owners are responsible for insuring the property aboard their ships, the shipping industry covers protection for the vessel itself and the damages it causes to third parties.

"Protection and indemnity clubs," groups of shipping companies that pool liabilities together so that an extreme loss doesn't put a member out of business, cover the vast majority of shipping.

Those clubs, in turn, have insurance and reinsurance policies in which multiple firms protect losses over certain thresholds, further distributing the risk .

The Dali is a vessel in the Britannia P&I Club, the oldest such insurance group in the world.

Lloyd's says its firms insure risks representing more than $58 billion in premiums a year, covering everything from ships to satellites.

The Underwriting Room is no stranger to tragedy or complexity, either: Its underwriters have sorted out claims on disasters from the sinking of the Titanic to the 9/11 terrorist attacks.

Still, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, the president of the American Institute of Marine Underwriters, told Insurance Business .

Watch: The container ship that destroyed the Francis Scott Key Bridge has crashed before

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Watch CBS News

Who owns the ship that struck the Francis Scott Key Bridge in Baltimore?

By Megan Cerullo

Edited By Anne Marie Lee

Updated on: March 26, 2024 / 5:05 PM EDT / CBS News

The collapse of  Baltimore's Francis Scott Key Bridge on Tuesday after being struck by a cargo ship has raised questions about who owns and manages the ship, as well as on the potential impact on one the busiest ports in the U.S.

Called the Dali, the 948-foot vessel that hit the bridge is managed by Synergy Marine Group, a Singapore-based company with over 660 ships under management worldwide, according to its website . The group said the ship was operated by charter vessel company Synergy Group and chartered by Danish shipping giant Maersk at the time of the incident, which sent vehicles and people tumbling into the Patapsco River.

"We are horrified by what has happened in Baltimore, and our thoughts are with all of those affected," Maersk said in a statement to CBS News on Tuesday, in which it also confirmed the ship was carrying cargo for Maersk customers. The company had no crew or personnel aboard the ship.

The Dali, which can carry up to 10,000 twenty-foot equivalent units, or TEUs, was carrying nearly 4,700 containers at the time of the collision. It was operated by a 22-person, Indian crew. It was not immediately clear what kind of cargo the ship was carrying. 

Who owns and manages the Dali?

The Dali is owned by Grace Ocean Private, a Singapore-based company that provides water transportation services. The ship was chartered by Danish container shipping company Maersk at the time of the collision.

Synergy Marine, founded in 2006, provides a range of ship management services, including managing ships' technical components and their crews and overseeing safety, according to S&P Capital IQ. Its parent company, Unity Group Holdings International, an investment holding company, was founded in 2008 and is based in Hong Kong.

Where was the ship headed?

The outbound ship had left Baltimore and was headed for Colombo, the capital of Sri Lanka, Synergy Marine Group said in a  press release . 

How busy is the Port of Baltimore?

In 2023, the Port of Baltimore handled a record 52.3 million tons of foreign cargo, worth $80 billion, according  to the office of Maryland Gov. Wes Moore. The port is also a significant provider of local jobs. 

The top port in the U.S. for sugar and gypsum imports, it is the ninth busiest U.S. port by the total volume and value of foreign cargo handled. All vessel traffic into and out of the facility is currently suspended, although the port remains open and trucks continue to be processed within its terminals, according to a statement released by Port of Baltimore officials. 

What is the potential local economic impact?

Directly, the port supports 15,300 jobs, while another 140,000 in the area are related to port activities. The jobs provide a combined $3.3 billion in personal income, according to a CBS News report . The Port of Baltimore said Tuesday that it is unclear how long ship traffic will be suspended.

The disaster also caused chaos for local drivers. The Maryland Transportation Authority said all lanes were closed in both directions on I-695, with traffic being detoured to I-95 and I-895.

How could the bridge collapse affect consumers and businesses?

Experts say the bridge collapse could cause significant supply chain disruptions.

"While Baltimore is not one of the largest U.S. East Coast ports, it still imports and exports more than 1 million containers each year, so there is the potential for this to cause significant disruption to supply chains," Emily Stausbøll, a market analyst at Xeneta, an ocean and air freight analytics platform, said in a statement. 

She added that freight services from Asia to the East Coast in the U.S. have already been hampered by drought in the Panama Canal, as well as risks related to conflict in the Red Sea. Nearby ports, including those in New York, New Jersey and Virginia, will be relied on to handle more shipments if Baltimore remains inaccessible. 

Whether ocean freight shipping rates will rise dramatically, potentially affecting consumers as retailers pass along higher costs, will depend on how much extra capacity the alternate ports can handle, Stausbøll said. "However, there is only so much port capacity available and this will leave supply chains vulnerable to any further pressure."

Marty Durbin, senior vice president of policy at the U.S. Chamber of Commerce, said that the bridge is a critical connector of "people, businesses, and communities."

"Unfortunately, its prolonged closure will likely disrupt commercial activities and supply chains that rely on the bridge and Port of Baltimore each day," he said in a statement.

What other industries could be affected?

Trucking companies could be severely affected by the disaster. 

"Aside from the obvious tragedy, this incident will have significant and long-lasting impacts on the region," American Trucking Associations spokesperson Jessica Gail said, calling Key Bridge and Baltimore's port "critical components'' of the nation's infrastructure.

Gail noted that 1.3 million trucks cross the bridge every year — 3,600 a day. Trucks that carry hazardous materials will now have to make 30 miles of detours around Baltimore because they are prohibited from using the city's tunnels, she said, adding to delays and increasing fuel costs.

"Time-wise, it's going to hurt us a lot," added Russell Brehm, the terminal manager in Baltimore for Lee Transport, which trucks hazardous materials such as petroleum products and chemicals. The loss of the bridge will double to two hours the time it takes Lee to get loads from its terminal in Baltimore's Curtis Bay to the BJ's gasoline station in the waterfront neighborhood of Canton, he estimated.

Cruise operators are also being affected. A Carnival cruise ship that set off Sunday for the Bahamas had been scheduled to return to Baltimore on March 31. Carnival said Tuesday that it is "currently evaluating options for Carnival Legend's scheduled return on Sunday." The company also has cruises scheduled to set sail from Baltimore through the summer. 

Norwegian Cruise Line last year introduced new routes departing from the Port of Baltimore. Its sailings are scheduled for late this year. The company said the Key Bridge collapse doesn't immediately require it to reroute any ships.

Who will pay to rebuild the bridge?

President Biden said Tuesday that the federal government, with congressional support, would pay to rebuild the bridge.

"We're going to work with our partners in Congress to make sure the state gets the support it needs. It's my intention that the federal government will pay for the entire cost of reconstructing that bridge," Biden said in comments from the White House. "And I expect the Congress to support my effort. This is going to take some time. The people of Baltimore can count on us though, to stick with them, at every step of the way, till the port is reopened and the bridge is rebuilt."

—The Associated Press contributed to this report.

• Francis Scott Key Bridge
• Bridge Collapse
• Patapsco River

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.

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