NEW YORK, Nov. 17, 2016 /PRNewswire/ -- Given businesses' heightened concerns about potential terrorism or political violence risks, XL Catlin has enhanced its Platinum Property insurance program making available a new terrorism and political violence insurance option.
According to Michele Sansone, President of XL Catlin's North America Property business, "Recent terrorism and political violence events outside the United States have prompted businesses worldwide to consider their exposure and the potential repercussions to their property and operations. Our new terrorism and political violence endorsements for international locations allows them at their option to address their concerns simply, but thoroughly under one comprehensive property insurance program."
XL Catlin's Platinum Property program allows businesses to address 100 percent of their commercial property risks under one policy form, with one carrier. The new terrorism and political violence endorsements enhance XL Catlin's property clients' protection; helping address gaps in insurance coverage provided by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) which does not cover locations outside the United States.
"The nature of political violence and terrorism events are ever changing," said Ms. Sansone. "As we've seen recently in a country such as Turkey, events can quickly deteriorate and require specific coverage to address the full breadth of risks which companies face when operating overseas. Our endorsement addresses perils which are typically excluded by other property insurers and we're making available insurance protection that is relevant to the evolving risk environment."
With liability limits up to $100 million, XL Catlin's Terrorism and political violence endorsement:
- Includes a broad definition of terrorism including coverage for acts perpetrated for political, religious and/or ideological purposes;
- Provides an option for political violence peril coverage – addressing the perils of War, Civil War, Coup D'Etat, Insurrection, Revolution, Rebellion, and Mutiny.
- Provides insurance coverage often limited or excluded by other property markets.
- Coverage is provided by endorsement to the Property Platinum policy to provide a seamless solution addressing these additional perils under one policy.
XL Catlin's property coverage is delivered by a dedicated team of underwriters, risk engineers and property claims managers who specialize in addressing large, complex property risks.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group ltd.'s (NYSE: XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xl-catlin-adds-terrorism--political-violence-coverage-options-to-platinum-property-insurance-program-300365150.html
SOURCE XL Catlin