XL Group's North America Marine insurance business has introduced ShipShape, a suite of recreational marine coverages to meet yacht owner’s needs.
XL Group North America Marine business president Richard DeSimone said that the new coverage and a team of recreational marine industry experienced underwriters will serve the needs of experienced owners of mega yachts and other high-value custom watercraft.
"Yacht owners and other recreational watercrafts will benefit from this team's industry knowledge and experience and can tap into XL's global expertise and coverage network, helping protect their vessels wherever their global voyages take them," DeSimone added.
XL Group's recreational marine insurance team comprise Recreational Marine vice president Rick Salway, senior marine underwriter Sue Cacoilo, marine claims manager Paul Keane as well as underwriters Kristen Roensch and Allison Jolls.
With limits up to $50m, ShipShape's recreational marine coverage suite includes defense costs outside liability limit, medical payments extended to paid crew members, broad navigational limits and veterinary service for pets.
Additionally, the yacht owner can customize the coverage to the needs form more than 30 different coverages including protection for additional living expenses, personal articles of significant value on the vessel, marine environmental damage, and emergency towing and wreck removal.
