The Travelers Companies, a property casualty insurer, has announced several substantial enhancements to its Shipwright policy which combines marine general liability, ship repairers' legal liability and miscellaneous property coverage in a single policy for this specialty market.
Travelers said that its Shipwright improvements include broadened eligibility along with options for increased property and liability limits, workboat coverage and lower deductibles.
According to Travelers, now available for boat repairers with revenues up to $500,000, the Shipwright policy offers new optional features not usually available to specialty boat repairers, such as: liability limits up to $5 million per occurrence and in the aggregate; miscellaneous property coverage limits up to $30,000 for tools and supplies; optional deductibles as low as $1,000 for marine general liability/ship repairer’s legal liability; and workboat coverage on broad ‘all risks’ terms.
Shipwright is available to employee-owned or owner-operated boat repairers and marine contractors that are primarily involved in marine repair work, have been loss-free for at least three years and have gross receipts up to $500,000.