XL Group is extending its underwriting expertise and insurance capacity to more recreational marine businesses, introducing three new tailored marine insurance programs to protect boaters, marinas and vessels.
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.
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