XL Catlin, the Official Insurance Partner of the America's Cup, Extends Yacht Insurance Risk Appetite
FORT LAUDERDALE, Fla., Nov. 6, 2015 /PRNewswire/ -- XL Catlin, the official insurance partner of the America's Cup, has an expanded appetite to insure yachts of all sizes. XL Catlin unveiled its increased appetite for the marine industry at the 56th Annual Fort Lauderdale International Boat Show.
According to Richard DeSimone, Chief Underwriting Officer of Marine in XL Catlin's Americas region, "The result of bringing together the Catlin and XL Group marine teams is a larger, more experienced underwriting and claims team with more capacity to cover a broader range of yachts. We're excited about the additional opportunities that our extended appetite will offer us, especially as we continue to build strong working relationships in the yachting community."
Recently, the America's Cup Event Authority (ACEA) named XL Catlin the Official Insurance Partner of the 35th America's Cup, sailing's most prestigious yacht race. XL Catlin also partnered with ACEA as the Presenting Partner of the America's Cup Volunteer Program.
"No other yacht insurance carrier in the market has invested in the wide range of resources and capacity that XL Catlin now has," said Rick Salway, Vice President and Recreational Marine Manager. "Given our new underwriting and claims capabilities, we are able to address the insurance needs of yachts valued from $50,000 to $50 million. No matter what the vessel's value, XL Catlin can offer our clients strong capacity and the global reach and experience of a truly global marine insurer."
"We're looking forward to introducing yacht owners to the newly combined recreational marine operations of XL Catlin and putting our collective 100+ years of marine underwriting and claims experience forward to offer attentive service to address their recreational marine insurance needs," noted Mr. Salway.
With liability limits that range from $100,000 to $50 million, XL Catlin's yacht coverage, ShipShape and ShipShape Plus, provides a variety of recreational marine coverages, among them:
- Liability Coverage that extends to paid crew and includes Jones Act, General Maritime Law, and Death on the High Seas Act
- Defense Costs outside Liability Limit
- Medical Payments extended to paid crew members
- Broad Navigational Limits
- Veterinary service for pets
XL Catlin's yacht insurance coverage is provided by the XL Catlin insurance companies.
About the XL Catlin Insurance Operations
The 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 plc'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.
SOURCE XL Catlin
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