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Sharia-compliant equine coverage launched at Lloyd's

Posted On: Apr. 14, 2015 12:00 AM CST

XL Group P.L.C. and London-based managing general agency Cobalt Underwriting Services Ltd. have launched a Sharia-compliant equine coverage, XL said in a statement.

The policy, which is sold through Lloyd's of London, covers named perils, mortality, theft, infertility and permanent disability, XL said.

A spokeswoman for the company had no further information on the policy limits or premiums.

“Until now, owners, especially those of Arabian horses, have not had the opportunity to insure their treasured animals in a Sharia-compliant manner,” Guy Morrison, chief underwriting officer of equine at XL, said in the statement. “We hope this coverage will give owners the reassurance that their horses are well covered when participating and supporting the vibrant equine industry at events around the world.”