XL Catlin, through its Americas Marine business, has introduced an enhanced insurance policy to offer more comprehensive cargo insurance coverage on a domestic, foreign or worldwide basis – as its first new marine product.
The new policy offering includes coverage extensions for land conveyance and warehouse/storage facilities, updated trade sanctions, enhanced terms for shipments made under a Letter of Credit, multinational coverage endorsements and new coverage extensions that address control of damaged goods, pairs and sets, brands and trademarks, recoopering and repacking, expediting expenses, exhibitions and special property floaters.
XL Catlin’s Global Marine business provides insurance for clients with special coverage needs for their marine or offshore energy exposures, including Cargo, Blue Water and Brown Water Hull, P&I, as well as Excess and Primary Marine Liability.
The new policy form is a market response to the complexity of managing cargo risks. According to the International Union of Marine Insurance (IUMI) – 2015 Cargo Statistics – Analysis, a number of factors are contributing to the increase in size and complexity of these risks. For instance, cargo theft is becoming more severe; there are larger accumulations of value on vessels and in ports, and companies must contend with more global compliance requirements.
Anne Marie Elder the 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.”
“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,” said Andrew D’Alessio, XL Catlin’s Americas cargo product leader in New York.