Are you dealing with a broker or with their office directly? Just curious as to whether they've put in a hard rule that under $250k you can only get the select policy.
Regardless, their business has traditionally been bigger and more expensive boats, so it doesn't surprise me. Their premiums for $20 million and up boats are $75k and more. Many of the boats they insure are $50 million to $200 million. Sounds like they've said, "We want the smaller less expensive boat business as long as we don't have to offer them anything decent."
I've long had a business policy. If I bring you my business, I expect to always be given your best price and treated well. I don't intend to shop around every year. However, if you ever force me to shop around and I find out you're taking advantage of me, then I'm gone. And, no, you won't be given a chance to match or second chance, not for a minimum of three years.
Had I been a loyal Pantaenius customer and they pulled this on me, whether individually or as part of a group, I'd be long gone. That insult and audacity that they just thought you would say "Thank you, now kick me again" or blindly accept it.
That 50% deductible even for fire and lightning, no coverage for latent defects, no automatic insurance for new boats, deductible on personal items, no coverage of art, none of a substitute vessel, 50% deductible on transportation and storage, no coverage of living expenses, no wear and tear, no skipper's liability. This policy is everything that Pantaenius has advertised against for decades, all they said they weren't.
I think it's insane they started offering it a couple of years ago, more insane if they're forcing people to it, and they would have been far better off just saying they no longer wanted to insure certain boats than saying "we'll insure you, just not our real policy, a lousy one."
