More coverage for Search & Rescue, stolen boat reward, ship's cash and continued coverage for crew during a covered loss are among the new luxury yacht insurance enhancements that XL Group's Recreational Marine insurance business unveiled at the 55th Annual Fort Lauderdale International Boat show.
"We pay a lot of attention to what’s happening in the recreational marine insurance marketplace and what’s concerning yacht owners," said Rick Salway, Vice President of XL Group’s Recreational Marine insurance business in North America, "Our new coverage additions are the result of these observations and the feedback that we receive from our valued brokers and clients."
Among the latest additions to ShipShape, and ShipShape Plus, a suite of recreational marine coverages tailored to the needs of luxury yacht owners, are:
Coverage to provide a $5,000 stolen boat reward when vessel and/or its equipment are stolen;
Expanded coverage under Search & Rescue to rescue the yacht and persons aboard;
Coverage for Food, Wine & Bait spoilage;
Protection for ship’s cash.
Extended protection for employed crew should the owner require a substitute yacht due to a covered loss.
According to Mr. Salway, "We are the only company to cover food, wine and bait. We know that our customers carry these types of perishable goods and we wanted to help them protect it. No insurer provides coverage for dock boxes, a reward when a yacht is stolen, vessel recovery as part of a Search & Rescue or extends insurance protection to the crew under yacht coverage’s existing substitute yacht clause. These enhancements are absolutely unique to XL Group’s ShipShape coverages and demonstrate our commitment to providing industry leading and innovative coverage that our customers not only need, but deserve."
Additionally, XL Group has increased the precautionary measure allowance offered by its ShipShape policy, and adding coverage for stolen boat reward, dock boxes, equipment stored ashore, tournament fee reimbursement and automatic coverage for occasional charter.
ShipShape and ShipShape Plus’ other available coverages include protection for additional living expenses, fine art loss, emergency towing, marine environmental damage and wreck removal coverage, among others.