XL Group introduces coverage for yachts, recreational watercraft

Specialty insurer XL Group has announced a new product aimed at owners of yachts and other high-value and recreational vessels.

Dubbed ShipShape, the product includes recreational marine coverages tailored to yacht owners, XL said in a statement announcing the product.

“XL Group provides insurance for large marine risks across the globe.  Now, we’re excited to extend our marine underwriting expertise with this new coverage and a team of seasoned underwriters with experience in the recreational marine industry serving the needs of experienced owners of mega yachts and other high-value custom watercraft,” Richard DeSimone, president of XL Group’s North America Marine business explained in a statement.

The new recreational marine insurance team includes Rick Salway ,Vice President of Recreational Marine, Sue Cacoilo , Senior Marine Underwriter and underwriters Kristen Roensch and Allison Jolls and Marine Claims Manager Paul Keane, XL said.

The ShipShape product has limits up to $50 million and includes coverages such as:

• 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

Other coverages are available for clients to customize include protection for additional living expenses, personal articles of significant value on the vessel, marine environmental damage, and emergency towing and wreck removal.