XL Group has launched enhancements to its yacht insurance program, providing increased coverage for Search & Rescue, stolen boat reward, ship’s cash and continued coverage for crew, which the company unveiled at the 55th Annual Fort Lauderdale International Boat Show.
The additions to the company’s ShipShape and ShipShape Plus suite of recreational marine coverages for luxury yacht owners include:
- 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
The enhancements are in response to customer feedback and XL’s observations of both the recreational marine insurance marketplace and the concerns of yacht owners, the company said in a statement.
XL has also increased the precautionary measure allowance offered by its ShipShape policy, and added 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. XL Group had recently added a kidnap, ransom & extortion (KRE) endorsement to its yacht insurance.
XL Group’s luxury yacht insurance coverages are provided by the XL Group insurance company, XL Specialty Insurance Co.
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