XL Catlin Americas launches new marine product

XL Catlin's Americas marine business has introduced a new marine product to offer more comprehensive cargo insurance coverage on a domestic, foreign or worldwide basis.

The re/insurance company said the policy will help businesses manage the complicated risks of transporting goods.

Highlights of XL Catlin's new cargo insurance form include: land conveyance coverage extensions; warehouse/storage coverage extensions; updated Trade sanctions; and multinational coverage endorsement allowing for a Financial Interest Coverage solution.

XL Catlin said new insurance coverage extensions address: control of damaged goods; pairs and sets; brands and trademarks; recoopering and repacking; expediting expenses; exhibitions; and special property floaters.

With liability limits greater than $50 million available, the enhanced cargo coverage is provided by XL Catlin insurance company XL Specialty Insurance Company.

Xl Catlin cited International Union of Marine Insurance (IUMI) research that claimed a number of factors are contributing to the complexity of managing cargo risks. Cargo theft is growing more severe; there are larger accumulations of value on vessels and in ports; and, companies must contend with more global compliance requirements, said the firm.

Anne Marie Elder, chief underwriting officer of XL Catlin's Americas Marine business, said: "To move assets, goods and products from point A to point B, businesses are contending with complex logistics, compliance issues and increasing threats of theft – to name a few.  This enhanced policy extends coverage to address cargo exposures that continue to grow in size and complexity.”

Elder added: "The policy can take into consideration valuation options that allow for the insured company to recover a loss at the selling price of the goods. Plus, in addition to XL Catlin's extensive industry knowledge, attention to service and our ability to offer insurance coverage in more than 200 countries through our global network, our policies are delivered by one of the most knowledgeable and attentive teams in our market."

Andrew D'Alessio, XL Catlin's Americas cargo product leader in New York, commented: "Cargo risks are complex enough. In redesigning our cargo policy form, we've taken the complexity out of the policy language and terms, clearly outlining critical policy information on an easy to read declarations page, key definitions and service level agreements.”