Boston, MA 10/07/2014 (wallstreetpr) – XL Group plc (NYSE:XL) disclosed that it was adding more protection to its yacht insurance to help owners of the yacht to navigate the increasingly risky waters. As a result, it would add kidnap, ransom and extortion or KRE to its ShipShape and ShipShape Plus recreational marine insurance coverages.
Real Threats Increasing
XL Group plc (NYSE:XL) stated that crisis incidents like disappearance, kidnapping and hijack were increasing the real threats, particularly on open seas. It said that this was the first tailor-made insurance coverage for yacht owners. For this, it collaborated with its recreational marine team to provide a convenient KRE coverage.
XL Group plc (NYSE:XL) said that due to its KRE approval, insured yacht owners can have the option of choosing $250,000 or $500,000 liability limits to take care of the expenses spent due to such unexpected events. The unexpected events included kidnapping, wrongful detention, hijacking and extortion. This is applicable under its ShipShape insurance policy. Moreover, they would also be provided with response assistance and guidance on crisis management by Terra Firma Risk Management LLP.
XL Group plc (NYSE:XL) said that the insurance amount has a cap of maximum of $50 million and offers a plenty of recreational marine coverages. This included liability coverage extending to paid crew, defense expenses outside the purview of liability limit, broad navigational limits and medical payments to paid crew members.
Management Speaks
XL Group’s VP for recreational margin business, Rick Salway, said that its ShipShape insurance was the most comprehensive and relevant insurance package for yacht owners and other watercraft-associated recreation under one policy. He said that XL Group plc (NYSE:XL) could offer the yacht owners with one of a kind coverage fulfilling their requirements. The policy was particularly effective for seasoned risk management to help yacht owners.
An important aspect of the latest addition was that the new approval lifts the available liability limits backed up by famous security advisors besides crisis response experts. In the previous policy, it provided for reimbursement of kidnap/hijack response arranged by the customer.
