Michaela Claes, Operations Officer for Pantaenius based in their Sydney office, explains the rationale behind the newly launched Premium Lock for Noforeignland users.

For most cruisers, renewing insurance is just an annual part of boat life. In recent years though, the premiums industry-wide have gone up, so let’s look at why that is and what Pantenius is doing to help the NFL community.

During 2025, the marine pleasure craft insurance market has been trending upwards, following three years of high inflation that has placed increasing pressure on the entire marine industry. The rising costs of parts, materials, and labour, combined with ongoing disruptions to global shipping routes, are driving up the price of repairs and replacements. These factors have led to a global increase in insurance premiums to ensure the continued viability of offering cover to vessel owners.

Logistical challenges, particularly the limited shipping options from Europe to Asia and between Asia, the USA, and Europe, are further contributing to the surge in parts and repair costs. At the same time, the capacity available for marine insurance has significantly decreased, by an estimated 20%, since the Lloyds market scaled back their marine insurance business in 2018. This shrinking capacity continues to place upward pressure on premiums across the industry.

Despite this complex landscape, Pantaenius is committed to keeping premiums as stable as possible, without compromising on quality or service.

Quality first: Why we don’t insure every vessel

Unlike some providers, Pantaenius does not take a blanket approach to underwriting. We don’t insure every vessel that comes across our desk. Instead, we focus on quality control and risk management, which in turn benefits the people we insure.

A key part of this is our requirement for an out-of-water survey for all vessels older than 7 years. This ensures that the vessel is structurally sound and properly maintained, helping us make informed, responsible underwriting decisions. By maintaining high standards for eligibility, we help protect our clients from the knock-on effects of insuring poorly maintained or high-risk vessels within the same risk pool.

Knowledgeable advice from people who understand boats

Our team includes experienced boaties; marine professionals who know firsthand what can go wrong on the water. That expertise allows us to provide more than just insurance – it means we can offer real-world, practical advice to our customers. We understand the risks because we’ve lived them.

We also pride ourselves on direct and clear communication with our clients. Whether you are new to boating or an experienced cruiser, we’re here to help you understand your coverage and make informed decisions.

In-house claims, global strength

All claims are handled in-house, which means faster service, more transparency, and support from people who are familiar with your policy and your situation. We don’t outsource your peace of mind.

At the same time, Pantaenius draws its insurance capacity from a number of the world’s largest insurers, thanks to long-standing contractual agreements. This gives us a distinct advantage in today’s market, where many providers are struggling to access the capacity they need. Our strong insurer relationships also allow us to support niche segments, such as the expanding offshore cruising market, while keeping premium increases to a minimum.

Looking forward

While some moderate premium adjustments may continue due to global trends, Pantaenius is uniquely positioned to minimise these increases through smart underwriting, a focus on vessel quality, and deep-rooted industry relationships. We remain committed to offering stable, reliable marine insurance backed by real expertise and trusted service.

When you insure with Pantaenius, you’re not just buying a policy, you are partnering with a team that truly understands what is at stake.

Come on board with Pantaenius

Already insured with us, or thinking about making the switch? Pantaenius Sail & Motor Yacht Insurance is proud to offer superb Comprehensive and Third-Party Liability cover, along with a special offer for the Noforeignland boat owner community.

We are locking your premium for one year, meaning your renewal premium will not increase after year one. And beyond that, we’ll do everything we can to maintain your rate for as long as possible.

Interested? Visit our website, submit your vessel and registration details, and we will get back to you with a personalised quote and guidance from our team.