XL Insurance, the insurance operations of XL Group, and Falvey Yacht Insurance, a yacht insurance provider, have entered into a new joint underwriting agreement to provide a comprehensive, global insurance program offering marine coverage for yachts and yacht charter companies.

Falvey Yachts provides physical damage coverage for yachts ranging in value from $100,000 to $1.5m and is available across US 50 states and around the world. Coverage will be provided via XL Specialty Insurance.

Falvey Yacht Insurance specializes in yacht and charter insurance solutions, providing yacht owners with customized, global insurance coverage and local service along whatever course they are charted to sail.

The Falvey ‘MyYacht’ online tool provides yacht owners with 24-hour access from anywhere in the world to their policy information, ability to produce certificates and obtain up-to-date claim’s status.

The yacht insurance provider’s dedicated claims specialists assist owners through the entire claims process, from securing the vessel to quickly repairing any damage, anywhere in the world.

Falvey Yacht Insurance president Shawn Kucharski said, this new agreement puts XL Insurance’s solid financial ratings and marine industry experience to work with Falvey’s marine underwriting expertise and specialized claims management experience.