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Global insurance and reinsurance company, XL Group Plc (XL - Analyst Report) introduced the Motor Truck Cargo Coverage Solutions to enhance its inland marine business, under its Property and Casualty segment. The new coverage caters to the mid-to-large sized trucking business in North America.
The motor truck cargo coverage is provided by XL Specialty Insurance Company (admitted) and Indian Harbor Insurance Company (non-admitted).
The Motor Truck Cargo Coverage Solutions offers a customized solution to the customers’ needs as it has been designed as per the suggestions and requirements of the brokers and the insureds. It provides flexible limits for 23 additional coverages, 22 optional endorsements, multiple reporting options and payment plans. Insureds can avail the coverage on a full policy limit, primary, excess and participation through either admitted or non-admitted paper.
The 23 coverages include contract penalty, employee tools and work clothing, expediting expense, extra expense, fire protection systems, freight charges, loss adjustment expenses, business property, public emergency service charges, right and duty to defend, reimbursement for returning stolen property, shippers control of damaged goods, unintentional errors and omissions, and virus, harmful or similar instructions.
The 22 optional endorsements include contingent coverage for freight forwarders and brokers, destination market value, employee theft, single deductible across multiple coverage forms, cargo rust or corrosion protection and temperature control system breakdown coverage.
In order to expand its Property and Casualty business, earlier this month, XL Group launched a marine coverage option named ShipShape Plus that insures luxury and mega yachts. This coverage is an enhancement to the ShipShape launched in Mar 2013 and offers more refined protection to its customers.
Net premiums written by the Property and Casualty operations of XL Group in the first quarter of 2013 was approximately $1.5 billion, up 7.8% year over year. We expect the launch of the motor truck cargo coverage solutions to improve the client base of XL Group, thereby helping the company to write more business.
Among others, the ACE Group, a leading multiline property and casualty insurer under ACE Limited (ACE - Analyst Report), launched an agriculture property and casualty insurance business— ACE Agribusiness in Apr 2013.
XL currently carries a Zacks Rank #1 (Strong Buy). Other stocks like AXIS Capital Holdings Limited (AXS - Analyst Report) and Homeowners Choice Inc. (HCI - Snapshot Report) carry the same Zacks Rank and are worth noting.