XL Catlin, the official insurance partner of the America’s Cup, has expanded its appetite to insure yachts of all sizes.
According to Richard DeSimone, chief underwriting officer of Marine in XL Catlin’s Americas region, the bringing together of the Catlin and XL Group marine teams has created a larger underwriting and claims team with more capacity to cover a broader range of yachts.
Recently, the America’s Cup Event Authority (ACEA) named XL Catlin the Official Insurance Partner of the 35th America’s Cup, sailing’s biggest yacht race.
Rick Salway, vice president and Recreational Marine manager, the new underwriting and claims capabilities allows XL Catlin to address the insurance needs of yachts valued from $50,000 to $50 million.
Liability limits range from $100,000 to $50 million.
XL Catlin’s yacht coverage, ShipShape and ShipShape Plus, provides a variety of recreational marine coverages, including:
• 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.
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. XL Catlin is the global brand used by XL Group plc’s 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.
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