XL launches bespoke yacht product

XL Group’s North America Marine insurance business has launched a new product that will cater for the particular needs of individual yacht owners. ShipShape, a suite of recreational marine coverages, will offer limits of up to $50 million to cover risks including liability coverage, defence costs outside the liability limit, medical payments for crew and a veterinary service for pets.

“XL Group provides insurance for large marine risks across the globe. Now, we’re excited to extend our marine underwriting expertise with this new coverage and a team of seasoned underwriters with experience in the recreational marine industry serving the needs of experienced owners of mega yachts and other high-value custom watercraft,” said Richard DeSimone, President of XL Group’s North America Marine business.

“Yacht owners and other recreational watercrafts will benefit from this team’s industry knowledge and experience and can tap into XL’s global expertise and coverage network, helping protect their vessels wherever their global voyages take them.”