XL Catlin launches marine cargo insurance policy
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XL Catlin on Thursday said it has launched an enhanced marine insurance policy to offer comprehensive cargo coverage on a domestic, foreign or worldwide basis.
The product includes land conveyance coverage extensions on a solely domestic, foreign or worldwide basis, warehouse/storage coverage extensions worldwide, updated trade sanctions, and multinational coverage endorsement that allows for a financial interest coverage solution, XL Catlin said in a statement. In addition, new insurance coverage extensions address pairs and sets, brands and trademarks, repacking, expediting expenses, exhibitions, and special property floaters.
The cargo coverage is provided by XL Catlin’s XL Specialty Insurance Co. unit, with liability limits higher than $50 million available, according to the statement.
“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,” Hartford, Connecticut-based Anne Marie Elder, chief underwriting officer of XL Catlin's Americas marine business. said in the statement.
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