Nasty

FabulousPhill said..
What's the point of an excess, and then deduct 50% of the claim on top of the excess.
Shop around.

Don't worry I have but how many poor unsuspecting souls are resting happily with peace of mind having payed exorbitant premiums mistakenly believing they are fully insured whilst this clause and plenty of other bad ones are lurking in their policy.
Given that this is a policy for people who do not live on their boats this clause would apply 99.9% of the time and they should be taken to court for misrepresenting that the boat is insured for the full value and that the excess is only $2,500.

sparau said..
It's so amazingly open ended yeah? Insurance speak isn't really my thing but wont all events with a boat that end up with a total loss involve
...
sinking?
So basically if you ever leave your boat in the water it is a 50% policy as soon as you walk away?
'I just went to use the marina bathroom your honour and my lithium batteries...'

Yep. The one about lightning damage is even worse because then only 10% of the policy insured value is recoverable - less of course the front page excess. Then there's the $5,000 excess for salvage and additional $5,000 excess for disposal of wreck so they may end up paying nothing.

Isn't it Kay Cottee that fronts the TV ads for these crooks now? Wonder she has seen a policy?

Yep - Pantaenius included the below in Jan 2022 quote to us...............

There is no cover for mast, spars and rigging and damage caused by mast, spars and rigging failure.

MorningBird said..
Basically telling you they don't want your business. MB was insured with them and the cover was very good, although I never claimed and that is the only test of insurance.

Actually, they're not saying they don't want your business, they're just saying pay your premiums until you claim, then we'll screw you!

woko said..
Ah but it the only company that will 3rd party, public liability/ salvage my aged fleet so I can haul out

Try New Wave Marine.

Youi requires a marine survey no more than 3 years old at the time of the claim.

(Special conditions)

In the PDS which was attached to the quote we received in Jan 2022 it was in Clause 5.1 under Section 5 Deductibles on page 14.

This is the current PDS.

We recently had to renew the insurance on our ski lodge at Mt Baw Baw (GAFIA, look it up, built by members in the '70s to a very high standard). The insurance company, with whom we have been for years, inserted a similar clause restricting pay out to 50% of claim in the event of loss due to bush fire (and maybe a couple of other "Acts of God" if memory serves). We couldn't find another company prepared to insure us, so we had to take the offer reasoning that at least that would cover cleaning up the debris.

It's getting tough to be different, insurance is just one more pressure pushing us towards a blander society.

Good luck, julesmoto!

Cheers,
Kinora

r13 said..
In the PDS which was attached to the quote we received in Jan 2022 it was in Clause 5.1 under Section 5 Deductibles on page 14.

Yep

Madmouse said..
This is the Pantheus website

Well that is an outright lie then. The policy was sent to me last week.

Kinora said..
.................
It's getting tough to be different, insurance is just one more pressure pushing us towards a blander society.

Good luck, julesmoto!

Cheers,
Kinora

Yep, a bit like the current crop of politicians, short sighted and bland as can be.

I am just applying to anchorage insurance. Yet to receive the quote and special conditions
Will keep you guys posted when it comes through

G'day Jules I rang Greg Fullerton directly on 9959 4422 and he seemed quite affable I used him because the previous owner of Maggie had been using him for several years so I thought it might be easier to keep the continued connection ,
policy pending of course

I was mildy alarmed when I saw this thread having just paid for Pantaenius so been checking my PDS and looking at the website, there seems to be two different PDS documents, one for "All Risk" and one for "Prime". The "all risk" PDS does not contain the 50% deductible clause in question. Might be worth a call to discuss, they were half the price of New Wave when I got quotes and $1000 cheaper then the next best. Below is the clause regarding deductibles that states no deductible will apply if the boat is at it's usual berth, pontoon or jetty but not a swing mooring or anchor in which case the deductible would apply ($2800.00 on my policy schedule)

5. Deductibles:
The Deductibles specified in the Schedule will apply to each claim except that a Deductible will not apply in respect of:
5.1. a Total Loss or Constructive Total Loss of the entire Vessel under Section A?3.2;
5.2. any claim under Section A ?2. 11 for Loss of Charter Income; and
5.3. any claim for loss or damage arising whilst the Vessel is moored at its usual berth, pontoon or private jetty
providing the Vessel is not moored on a swing mooring or is at anchor.

there is a severe weather exclusion I don't like which involves the vessel being unattended at anchor during a severe weather event, guess I will have to be onboard.