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Hull and Increased Value
Hull & Machinery
Our hull insurance, as specified in the unique Pantaenius Superyacht Clauses, covers damage to the vessel, its components and equipment. This includes cases where you, as the insured, cause the damage yourself. The Pantaenius Superyacht Clauses are based on the American Yacht Form but complemented with straightforward and more customer-friendly definitions in order to provide our clients with the most comprehensive coverage available on the market.
Pantaenius will agree with you on a fixed value, based on the new replacement value of the yacht. This fixed value will be reimbursed without deduction in the event of a total loss. In addition, partial damages will be reimbursed without exclusions for wear & tear.
Advantages to you:
- Agreed fixed value – based on the new replacement value of the yacht
- Partial loss or damage- settled without a deduction “new-for-old”
- Salvage and wreck removal costs in excess of the value of the yacht
- No deductibles in the case of total loss and in respect of inspection after grounding, salvage or wreck removal costs, sue and labor costs, commercial towing fees, search & rescue costs, emergency accommodation costs and loss of charter income
Pantaenius Increased Value Insurance
In the case of a total loss, an owner is confronted with additional costs associated with buying an equivalent new ship, such as office expenses or brokerage. Covering the vessel’s market value under Hull Insurance is therefore often not enough.
The Pantaenius Increased Value Insurance covers such expenses in the case of a total loss of the vessel and protects the owner from a financial loss.