According to Rich DeSimone, President of XL Group’s North America Marine business, “Our marine team helps some of the world’s most complex commercial marine businesses manage risk. Our new, tailored recreational marine insurance extends that expertise, multiple product lines and strong capacity to more marine businesses. We’ve created a ‘one stop shop’ for the entire marine industry, including recreational marine businesses.”
XL Group’s three new recreational marine liability insurance coverages include:
• Boat Dealers Coverage Solutions: To provide property insurance coverage for dealer inventory as well as third party liability arising out of the sale, demonstration, exhibition, and transportation of a vessel.
• Marina Operators Legal Liability Coverage Solutions: To provide marina operators’ liability insurance protection from owners and boats in the care, custody and control of the marina operator for the purpose of repairs, maintenance, storage, moorage, fueling, hauling or launching.
• ShipShape for Workboats: To provide all risk hull and Protection & Indemnity (P&I) coverage for vessels owned by marinas and boat dealers.
“Our yacht insurance introduced last year has been well-received by owners and we’re pleased to bring the same quality coverage to benefit other vessels and marine businesses,” said Rick Salway, Vice President of XL Group’s Recreational Marine business. “The end result is very comprehensive insurance coverage designed for very specific recreational marine risks delivered by a dedicated team with more than 40 years of recreational marine underwriting experience. Marine industry knowledge and personalized attention are what really sets us apart in the market.”
Marine general liability combines marine liability with general liability, premises liability, products & completed operations, personal & advertising and damage to premises rented by the insured. Coverage can also be tailored to include contractual liability, sudden & accidental pollution, non-owned and hired auto, stop-gap, employee benefits liability and liquor liability.
XL Group’s recreational marine coverage is provided by XL Group plc’s insurance subsidiaries which include XL Specialty Insurance Company and Indian Harbor Insurance Company.
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.