XL Group is adding a Kidnap, Ransom & Extortion Crisis (KRE) endorsement to its existing ShipShape and ShipShape Plus recreational marine insurance coverages, with limits up to $50 million.
Under the new endorsement, yachts insured by ShipShape can choose liability limits of either $250,000 or $500,000 to address costs incurred as a result of a kidnapping, extortion situation, hijacking, wrongful detention or express kidnapping. Such clients also receive response assistance and crisis management guidance from XL’s risk consultancy partner Terra Firma Risk Management LLP, which specializes in preventing and resolving kidnap situations.
ShipShape and ShipShape Plus provide a variety of recreational marine coverages including:
- Liability Coverage that extends to paid crew and includes Jones Act, General Maritime Law, and Death on the High Seas Act;
- Defense Costs outside Liability Limit;
- Medical Payments extended to paid crew members; and
- Broad Navigational Limits
XL Group’s yacht insurance coverage with KRE Crisis endorsement is provided by XL Group plc’s insurance subsidiaries, which include XL Specialty Insurance Co., Greenwich Insurance Co., Indian Harbor Insurance Co. and XL Insurance America Inc.
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