SAFETY AND HANDICAPS
There are two pieces of paperwork that you need to complete before you set sail in the PIC Insurance Brokers Coastal Classic.
The Coastal is defined by Yachting NZ as a Category 3 event. This means you need to get a Cat 3 safety certificate issued by Yachting NZ. These require an insepction, cost $121 for club members and are valid for two years.
RACE INSURANCE 101
The team at PIC Insurance Brokers know everything there is to know about marine insurance and have kindly put together this useful guide for Coastal entrants.
About PIC Insurance Brokers
Founded by Mike Garner in the mid-1980s, PIC’s first office operated out of a small flat in East Auckland. With a strong background in insurance, Mike had a clear vision for PIC and recognised that relationships with clients and staff would be the key to PIC’s success. To this day, PIC still retains a number of foundation clients and staff members – this is something we’re very proud of.
PIC Insurance Brokers has grown to become one of the largest independent insurance brokers in New Zealand. PIC is proudly 100% New Zealand owned and operated. Today, we have offices in Takapuna, Botany, East Tamaki, Pukekohe, Cambridge, Mount Maunganui, and Timaru. We’ve grown to a team of 95 employees committed to providing outstanding service and advice to our 20,000 clients.
Our brokers have extensive knowledge and experience in all aspects of insurance including life, health, domestic, marine, and commercial – and we have a specialist Employee Benefits team providing insurance through employers of all sizes. We also have our own team of claims specialists so we can ensure our clients are well looked after every step of the way.
At PIC, our grassroots beginnings are an important part of who we are and this is reflected in our warm, friendly workplace culture, and in the organisations we partner with through sponsorships and philanthropy.
Why is insurance important?
Insurance helps protect the things that matter most to you by transferring the risk of a potential loss to an insurance company. Insurance not only covers you for any loss caused by you, but also for losses caused by a third party or damage due to environmental factors, such as a weather event. Choosing the right type of insurance cover is important and PIC Insurance Brokers have expertise across a range of insurance products to help you find the right solution to meet your needs.
What we offer clients
At PIC, we seek to understand our client’s circumstances first so we can tailor a plan that meets their individual needs and goals. Our brokers have the knowledge, experience, and insurance industry connections to ensure our clients receive the best advice and the best products. Our size and independence means that we can find an insurance product for almost anything – we even insure The America’s Cup! We adopt a consultative approach to helping clients, without the hard sell.
We also have our own claims team which means we manage the entire process for clients. We do everything from signing new clients up, to regularly reviewing their needs, to processing their claims. Building long-lasting relationships with clients is important to us so we’re always looking at ways we can improve our client experience.
Why our clients choose PIC Insurance Brokers?
We focus on building lasting client relationships and providing personalised service
We have experience and expertise in all aspects of insurance, and we’re well-connected in the industry
PIC has no commission-based sales incentives. Our salaried brokers’ sole focus is on providing our clients with the best advice to meet their needs
We’re independent from large insurers so we can search the market for the best terms for our clients
PIC is a one-stop shop for all insurance needs
We oversee the entire end-to-end client experience
What am I covered for?
Getting the right insurance cover to meet your individual needs is essential to ensure there are no surprises when you make a claim. Your PIC broker will take the time to understand your needs and your risk appetite and will tailor a plan to match these with the right level of cover.
Your PIC broker will contact you prior to your policy renewal each year to review your needs and recommend any changes to your insurance cover. We also encourage our clients to contact their broker at any time throughout the life of the policy if their circumstances change.
Some important things to think about when considering marine vessel cover:
Knowledge and specific experience of the broker and insurer; understand the policy wording – this is the basis of the contract between you and the insurer
How are claims managed – is this done locally?
What is the claims process timeframe - can the insurer respond in a timely manner?
Support for clients through the claims process - does the insurer/broker try to assist and proactively resolve any issues?
Vessel Insurance typically named Pleasurecraft Insurance should cover you for a sudden or accidental loss to your vessel and place you in a pre-accident situation. In addition, cover is usually provided for third-party liability. $5,000,000 liability cover is often required by Marina Operators.
Some areas to check that we find a number of owners come unstuck on:
Mechanical breakdown of what is and what is not covered;
Racing Risk – all policies and companies respond differently;
Depreciation – what parts of the vessel if any does the insurer apply depreciation too;
Any endorsements or conditions to the policy.
Do I require a Racing Risk extension?
For an event such as the PIC Coastal Classic most vessels will require a Racing Risk extension. It is best to check with your insurance provider if the Costal Classic is currently covered under your policy as some company’s limit the distance that cover is provided for.
What do I need to have done prior to the race?
Prior to the start of the PIC Coastal Classic, PIC recommends that you talk to your insurance provider, find out what is and is not covered, and know what to do in the event of an emergency. Prior planning goes a long way to minimising harm to your vessel and crew.
What are the benefits of insuring through an Insurance Broker?
Insurance brokers are experts who work on your behalf to source the right cover at the right price and assist in any claims negotiations.
Why should I insure through PIC Insurance Brokers Marine?
PIC Insurance Brokers are passionate about all things marine – from jet skis to yachts. We have a dedicated Marine Team who are experts in the Marine insurance industry. PIC’s Marine Team has an in-depth understanding of the products and the types of cover available to you. PIC has formed strong relationships with all major insurers to provide a more comprehensive cover than is often available elsewhere.
PIC Marine Insurance
The ocean is a treasured part of who we are as New Zealanders. PIC’s specialist marine brokers will help you navigate your marine insurance needs and manage risk.
Whether you’re looking to insure a boat for fishing with the family, or a yacht to sail the seven seas – the right cover means you can be confident while you’re on the water.
We also have Marine Brokers specialising in the logistics of industry shipping, providing accurate and independent advice.
At claim time our experienced team is there for you to get the best possible results.
Marine Trade Covers
Cargo & Logistics Insurance
Ship Repairers & Construction Insurance