Pantaenius: From Hamburg to the world
Harald Baum turned a local Hamburg insurance broker into a globally operating yacht insurance specialist. Today, his children are leading the path into the future
Harald Baum spent a lifetime at sea – and tailoring yacht insurance products for boating enthusiasts like himself. Today, the Pantaenius Group not only includes Yacht Insurance that provides worldwide coverage for all kinds of vessels, but also marine surveyors MCS and yacht management specialists Zucker & Partner. Harald Baum’s journey was deeply rooted in his sailing and maritime experiences and has not only shaped his life but has also left an indelible mark on the global yacht insurance industry.
Navigating challenging times
Harald Baum spent his formative years as a helmsman on his father’s sailboat, Alibi, navigating through challenging times post-World War II. His family, like many others in post-war Hamburg, faced hardships. Since the loss of their Bahrenfeld apartment, the Baum family had lived on the sailboat as liveaboards against their will. It was only a few years after the end of the war that they returned to land. These early experiences laid the foundation for Harald Baum’s understanding of survival and resourcefulness.
Port of Hamburg tradition
In 1963, Harald Baum joined the insurance broker Pantaenius as a young salesman. The company, founded in 1899 in the port of Hamburg by Johann C Pantaenius, was still a pure B2B insurance broker, specialising in transport insurance for shipping companies and shipping lines. Harald quickly connected with the sailing community, becoming a junior partner just three years later. Once again four years later, the 30-year-old took over the company. The new era at Pantaenius had already begun.
The origin of the “Agreed Fixed Value”
The igniting spark for Harald Baum was then a fatal conflagration. A warehouse on the Elbe River burned down. Many of his sailing friends’ wooden boats were lost in the fire. The regulation became problematic because the insurance companies recognised only a fraction of the value of yachts that were often 40 years and older. Thus Harald Baum developed the principle of the “Agreed Fixed Value”: Insured yachts should always receive full protection in case of total loss, regardless of age.
White home
Cornerstone of the company
Harald Baum developed an insurance policy for which he received the backing of the insurance partners of Pantaenius – an impressive proof of confidence in view of his limited experience and young years at that time. At the local Hanseboot boat show, the insurance salesman and his wife Undine presented the new product. It was a success: After just one year, he had signed a thousand contracts, and in the following year, it was 5,000. The market only seemed to have been waiting for Pantaenius.
Innovations in Yacht Insurance
Recognizing the unique needs of sailors, Harald Baum constantly developed his yacht insurance further with the requirements of the growing sailor scene: He introduced the idea that in the event of loss through fire while still in port, the deductible would not be invoked because the policyholder is usually not responsible for these damages. His commitment to small boat owners further distinguished Pantaenius in an era when many insurers focused solely on larger vessels.
Global Expansion
Pantaenius, under Harald Baum’s guidance, expanded globally, covering damages abroad and offering a comprehensive product portfolio. After the opening of an office in Düsseldorf, the opening of the office in Plymouth was the first step outside of Germany. Milestones such as subsidiaries in Monaco and Palma, product expansions, and the establishment of the Marine Claim Service to investigate and manage claims in-house, positioned Pantaenius as a leading player in the yacht insurance industry.
Facing Challenges Head-On
Natural disasters, such as Hurricane Irma in 2017, tested Pantaenius’s resolve. The company’s rapid response and efficient handling of claims showcased its commitment to clients worldwide. The hurricane swept along the Antillean Arc from east to west as far as Cuba and then headed for Florida. In the course of the hurricane, 12,000 boats were destroyed in addition to infrastructure and buildings. The company formed several emergency teams, which estimated damage on the spot and were directed from Hamburg.
Legacy and Recognition
In 2018, Harald Baum received the Family Entrepreneur of the Year Honorary Award for his lifelong dedication. In 2020, the German Offshore Owners Association honored him with the Lifetime Award, recognizing his significant contributions to the sailing community. Harald Baum has now retired from operative business, but he remains intricately connected to Pantaenius, with his children, Anna, Daniel, and Martin, now leading the company, ensuring the legacy of Pantaenius continues to thrive.
Harald Baum’s journey from a young helmsman navigating the post-war challenges to a visionary leader in yacht insurance reflects a lifetime dedicated to the sea and the sailing community. His legacy provides the foundation for Pantaenius to successfully navigate the future. 50,000 owners in Germany and a good 100,000 worldwide insure their boats with Pantaenius today. Recent additions to the group include a subsidiary in Athens, Greece and yacht management specialists Zucker & Partner.
Pantaenius provides insurance for many types of yachts, almost anywhere in the world!
From water toys to superyachts, with its head office in Hamburg and 10 offices across Europe and Australia, yacht insurance specialist Pantaenius protects the assets of boating enthusiasts and yacht owners around the world, having access to a vast network of experts.
Interview with Michelle van de Merwe, Superyacht Account Manager at Panteneius Yacht Insurance
Michelle van de Merwe,
Superyacht Account Manager,
Pantaenius Monaco,
mmerwe@pantaenius.com,
+377 97 70 12 02
What type of vessels does Pantaenius provide insurance cover for?
Pantaenius covers all kinds of vessels. We offer insurance for water toys as well as superyachts and for sailing yachts as well as motor yachts, almost anywhere in the world. Just get in touch with the team to discuss the details.
Which innovation sets the brand apart?
Pantaenius’ trademark is the Agreed Fixed Value. We can agree with you on a fixed value, based on the new replacement value of the yacht. This Agreed Fixed Value is deemed conclusive proof of the insured value of the yacht for the policy and will be reimbursed without deduction in the event of a total loss.
What about partial damage?
The policy covers consequential damage to the yacht resulting from wear and tear, corrosion, or gradual deterioration. Only the failed part is excluded. Unlike other policies that are available in the market, there is no exclusion at all for damage to the yacht resulting from latent defects.
How does Pantaenius cater to the often bespoke needs of superyacht owners?
Our Hull insurance, for example, which is part of the unique Pantaenius Superyacht Clauses, covers damage to the vessel, its components, and the yacht’s equipment. This even includes cases where you, as the insured, accidentally cause the damage yourself.
The Pantaenius Superyacht Clauses offer cover that is broader than some competitor wordings, with additional cover, edited in plain English with straightforward customer-friendly definitions to provide our clients with the one of most comprehensive covers available on the market.
Does Pantaenius offer insurance for the crew?
Pantaenius offers comprehensive insurance solutions for yacht owners who employ crew. Crew Medical Insurance and Crew Accident Insurance can be chosen individually, but it is always recommended to take out both.
The Pantaenius Yacht Crew Medical Insurance covers treatment costs for a paid crew in the event of illness or accident. You can easily place and terminate coverage for your paid crew members without having to fill out any lengthy forms. We also do not require any information or pre-existing conditions as these are covered automatically. Optional loss of income protection is also available where required.
The Pantaenius Yacht Crew Accident Insurance covers the financial repercussions of permanent disability or death. It applies to accidents at work and off duty, whether on board or ashore. Just like the Crew Medical Insurance it is valid 24/7. For captains, we recommend higher limits of coverage due to the length of their career or financial exposure.
What can Pantaenius do for clients of yachts in the building process?
Building a yacht is a big and, above all, costly project. As each phase of construction is completed, the owner’s degree of ownership increases, but so does his risk. Shipyards often limit their contractual liability, meaning that a loss usually affects the future owner directly. In addition, shipyards are often pushed to their financial limits in the event of major losses. Pantaenius Builder’s Risks Insurance protects you from financial exposure at each phase of construction.
With the rising number of storms, are lightning strikes a challenge?
According to statistics, lightning strikes the world up to 44 times per second. Pantaenius handles between 150 and 250 claims of lightning damage to boats per year. Although this figure is just a small percentage of the total amount of claims, the individual sums caused by lightning are usually twice as high as the average reference value in the Pantaenius damage statistics.
Why?
As a rule, the increasingly complex electronic systems are the first victim on board. In most cases, the complete electrical system has to be replaced after a lightning strike. But the yacht itself is also in danger: The lightning searches for the path with the least resistance to grounding potential. If it encounters resistance, rudder blades can be split, masts can burst and hull or keel casings can be blown away. To minimise these risks, Pantaenius recommends the use of a lightning protection system.
How do you encourage owners to set up a lightning protection system?
In certain areas prone to lightning strikes, we agree on a higher deductible that will apply to all damage caused by lightning, including damage to electronics & communication equipment. However, if the yacht has a technically functional lightning protection system, no deductible will apply for damage caused by lightning strikes. In most cases, a lightning protection system cannot prevent lightning strikes, but it should be able to reduce the effects of lightning damage to the yacht. For more info, get in touch with superyacht@pantaenius.com
Hear From Pantaenius
Check out their website for more informations, or call them by phone +377 97 98 24 24
