Recently, the North America Marine insurance business of
XL Group Plc
) 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.
), Geico of
Berkshire Hathaway Inc.
XL is continuously enhancing existing products and developing
new insurance solutions and services to address customers' needs.
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XL currently carries a Zacks Rank #1 (Strong Buy).