To help U.S. businesses manage the risks of storing, handling and transporting goods from here to there, XL Catlin has introduced a new logistics services insurance policy. XL Catlin’s Logistics Services Coverage Solutions provides a logistics company with tailored inland marine insurance for virtually any commodity, helping address risks associated with order processing, packaging, consolidation, inventory control, transportation, warehousing and data management.
“An accident on the road, a theft of a cargo trailer or the crash of a computer system – these are among the operational and potentially very disruptive risks that logistics companies contend with every day,” said Anne Marie Elder, XL Catlin’s Chief Underwriting Officer for Marine insurance in the Americas, “We’ve developed insurance coverage to address the broad range of logistics exposures whether in route or onsite.”
According to Alexander McGinley, vice president of XL Catlin’s Marine business in the Americas the coverage covers goods transported on a wide variety of conveyances, including by drone.
The Insuring Agreement includes right and duty to defend as well as supplemental payments. Altogether there are 26 additional coverages available to create a tailored insurance product to meet an individual company’s insurance needs. These additional coverages include contract penalty, cyber protection, FDA Food Safety Modernization Act coverage, employee theft, extra expenses, expediting expenses, freight storage and logistics service charges, lien sale, property that supports a business, rust or corrosion, and temperature control system breakdown.
A limit for trailers under an interchange agreement or bailment is also available when requested by the insured.
XL Catlin’s Marine team in the Americas offers a portfolio of bluewater and brownwater hull, cargo, primary and excess marine liability, and recreational marine coverages, as well as a full suite of inland marine insurance products.
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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