NEW YORK, April 7, 2016 /PRNewswire/ -- To help businesses
manage the complicated risks of transporting goods, XL
Catlin's Americas Marine business has introduced its first new
marine product, an enhanced insurance policy to offer more
comprehensive cargo insurance coverage on a domestic, foreign or
worldwide basis.
According to Anne Marie Elder,
Chief Underwriting Officer of XL Catlin's Americas Marine business,
"To move assets, goods and products from point A to point B,
businesses are contending with complex logistics, compliance issues
and increasing threats of theft – to name a few. This
enhanced policy extends coverage to address cargo exposures that
continue to grow in size and complexity."
"Cargo risks are complex enough. In redesigning our cargo policy
form, we've taken the complexity out of the policy language and
terms, clearly outlining critical policy information on an easy to
read declarations page, key definitions and service level
agreements," said Andrew D'Alessio, XL Catlin's Americas
cargo product leader in New
York.
According to the International Union of Marine Insurance (IUMI)
2015 Cargo Statistics – Analysis, a number of factors are
contributing to the complexity of managing cargo risks. Cargo theft
is growing more severe; there are larger accumulations of value on
vessels and in ports; and, companies must contend with more global
compliance requirements.
"The policy can take into consideration valuation options that
allow for the insured company to recover a loss at the selling
price of the goods," explained Ms. Elder. "Plus, in addition to XL
Catlin's extensive industry knowledge, attention to service and our
ability to offer insurance coverage in more than 200 countries
through our global network, our policies are delivered by one of
the most knowledgeable and attentive teams in our
market."
Highlights of XL Catlin's new cargo insurance form include:
- Land conveyance coverage extensions are available on a solely
domestic, foreign, or worldwide basis
- Warehouse / Storage coverage extensions are available
worldwide
- Updated Trade sanctions, including US and EU conditions to
protect clients and brokers' interests
- Special Policy or Certificates: enhanced terms for shipments
made under a Letter of Credit stipulating London Institute Clauses
and reimbursable deductible provisions
- Multinational Coverage endorsement allowing for a Financial
Interest Coverage solution
- New insurance coverage extensions address:
- Control of Damaged Goods
- Pairs & Sets
- Brands and Trademarks
- Recoopering and Repacking
- Expediting Expenses
- Exhibitions
- Special property floaters
With liability limits greater than USD 50
million available, the enhanced cargo coverage is provided
by XL Catlin insurance company XL Specialty Insurance
Company. A product sheet with more detailed coverage
information is available at xlcatlin.com.
XL Catlin's Global Marine business provides insurance for
clients with special coverage needs for their marine or offshore
energy exposures, including Cargo, Blue Water and Brown Water Hull,
P&I, as well as Excess and Primary Marine
Liability.
About the XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group
plc's (NYSE:XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin