Recently, the North America Marine insurance business of XL Group Plc (XL - Analyst Report) launched a marine coverage product named “ShipShape.” The new product will insure the yacht owners from sudden weather shocks and foul seas.
ShipShape will provide insurance coverage, up to $50 million, to the owners of mega yachts and other high-value custom watercrafts. ShipShape can be customized according to the needs of the clients.
In order to meet clients’ requirements, XL offers over 30 different coverage programs under the ShipShape suite. These will provide insurance coverage for additional living expenses, valuable personal articles on the vessel, marine environmental damage, and emergency towing and wreck removal.
The new product will be offered by XL Specialty Insurance Company, an operating entity of XL Group insurance. It will provide liability coverage to paid crew and include Jones Act, General Maritime Law, and death on the High Seas Act. Moreover, ShipShape will offer defense costs outside liability limit, medical payments to paid crewmembers, broad navigational limits and veterinary service for pets.
The new range of products will facilitate the yacht owners by providing them with the best in class protection. XL being a global player in the insurance industry will utilize its scale, expertise and coverage network to protect yachts and other recreational watercrafts worldwide.
The new product will likely fortify XL’s existing portfolio by enhancing its customer base.
Among other industry majors offering marine yacht coverage are The Travelers Companies, Inc. (TRV - Analyst Report), ACE Limited (ACE - Analyst Report), Geico of Berkshire Hathaway Inc. .
XL is continuously enhancing existing products and developing new insurance solutions and services to address customers’ needs.
XL currently carries a Zacks Rank #1 (Strong Buy).