XL Catlin’s Americas Marine business has introduced its first new marine product, an enhanced insurance policy to offer more comprehensive cargo insurance coverage on a domestic, foreign or worldwide basis.
Andrew D’Alessio, XL Catlin’s Americas cargo product leader in New York, said the form was redesigned to clearly outline policy information and take out the complexity out of the policy language and terms. The policy can also take into consideration valuation options that allow for the insured company to recover a loss at the selling price of the goods.
According to the International Union of Marine Insurance (IUMI) 2015 Cargo Statistics – Analysis, a number of factors are contributing to the complexity of managing cargo risks. Cargo theft is growing more severe; there are larger accumulations of value on vessels and in ports; and, companies must contend with more global compliance requirements.
Highlights of XL Catlin’s new cargo insurance form include:
- Land conveyance coverage extensions are available on a solely domestic, foreign, or worldwide basis
- Warehouse/storage coverage extensions are available worldwide
- Updated trade sanctions, including US and EU conditions to protect clients and brokers’ interests
- Special policy or certificates: enhanced terms for shipments made under a Letter of Credit stipulating London Institute clauses and reimbursable deductible provisions
- Multinational Coverage endorsement allowing for a financial interest coverage solution
- New insurance coverage extensions address:
– Control of damaged goods
– Pairs & sets
– Brands and trademarks
– Recoopering and repacking
– Expediting expenses
– Special property floaters
With liability limits greater than $50 million available, the enhanced cargo coverage is provided by XL Catlin insurance company XL Specialty Insurance Company.
XL Catlin’s Global Marine business provides insurance for clients with special coverage needs for their marine or offshore energy exposures, including cargo, blue water and brown water, hull, P&I, as well as excess and primary marine liability.
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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