XL Group Enhances Recreational Marine Insurance with ShipShape Plus
New York - May 14, 2013
XL Group’s Recreational Marine team in North America introduced great limits of protection for luxury and mega yachts with ShipShape Plus, part of suite of recreational marine coverages tailored to the needs of luxury yacht owners.
“Risks are constantly changing; so are our clients’ insurance needs,” said Rick Salway, Vice President of XL Group’s Recreational Marine Team, “To get at the heart of those needs, we listen carefully and act on our clients and brokers’ feedback. Their recommendations keep our policies more relevant for them with comprehensive protection for one of their more prized possessions, their yacht.”
“Last month, we introduced ShipShape, our yacht coverage,” said Sue Cacoilo, Senior Recreational Marine Underwriter. “Now, for yacht owners who seek even more refined protection, our premiere ShipShape Plus policy has been created to enhance our ShipShape product line, all the while offering more innovative, comprehensive protection that had been lacking in the marketplace.”
“For instance, ShipShape Plus does not depreciate machinery on yachts, And, if an owner needs to take precautionary measures -- either voluntarily or as required by a government -- and move their yacht out of harm’s way of a storm or man-made danger, their expenses are covered,” explained Ms. Cacoilo. “We are also very proud to offer coverage for medical escort and airline companion expenses and veterinary services expenses.”
Other ShipShape Plus coverage benefits available include: • Dockage reservations expenses for any pre-paid deposits and/or fees • Dock box coverage • Fishing tackle stored ashore • Reducing deductible for two consecutive renewals if the client is loss free. • Crew wage continuation for 30-days • Broad Navigational Limits • Substitute Yacht Coverage More than 30 different yacht coverage are available with XL Group’s ShipShape or ShipShape Plus protection to meet the insurance needs of luxury yacht owners, including protection against: • Fine Art loss • Latent Defect and Provable Manufacturer’s Defect • Marine Environmental Damage up to Liability Limit and resulting Governmental Fines • Pollution Coverage up to OPA 90 Statutory Limit (minimum) • Defense Costs outside Liability Limit • Navigational Electronics
ShipShape and ShipShape Plus is provided by the XL Group insurance company, XL Specialty 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. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.
Christine WeirskyCommunication Director, North America