Insurance cover has historically been available to superyacht charter clients who want to protect themselves against the financial risks that arise when a planned charter trip cannot be started or has to be cancelled. However, this cover has typically come with various restrictive limitations as to pre-existing medical conditions, age of the insured, nationality and sums insured.
To make the cover more accessible and inclusive, Pantaenius has recently updated its cover to make the process and application more straight forward, with very few limitations.
Benefits of Pantaenius’ updated product include: cover for cancellation or abandonment costs of up to 1,000,000 euros; up to 12 insurable persons without whose attendance the charter might have to be cancelled; reimbursement for the curtailment of the yacht charter as well as travel and accommodation costs; and death, critical accident or illness of a family member of an insured person is automatically regarded as an insured peril. Furthermore, insured persons can be of any nationality, but the policyholder must be an EU national.
In addition, the standard package includes curtailment (late arrival) and the cover is in place as of 30 days prior to the charter, rather than the usual 10 days.
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