Global insurance and reinsurance company,
XL Group Plc
) 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
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
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
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
Among others, the ACE Group, a leading multiline property and
casualty insurer under
), launched an agriculture property and casualty insurance
business- ACE Agribusiness in Apr 2013.
XL currently carries a Zacks Rank #1 (Strong Buy). Other
AXIS Capital Holdings Limited
Homeowners Choice Inc.
) carry the same Zacks Rank and are worth noting.
ACE LIMITED (ACE): Free Stock Analysis Report
AXIS CAP HLDGS (AXS): Free Stock Analysis
HOMEOWNERS CHCE (HCI): Free Stock Analysis
XL GROUP PLC (XL): Free Stock Analysis Report
To read this article on Zacks.com click here.