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Sunday, July 21, 2019

Maritime Logistics Professional

October 7, 2014

XL Offers KRE Cover to Yacht Owners

Denise Balan

Denise Balan

 

To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages.

"Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement. "In collaborating with our Recreational Marine team, we're able to conveniently offer KRE coverage, the first such offering tailored to yacht owners."

According to Rick Salway, Vice President of XL Group's Recreational Marine business, "Our ShipShape insurance pulls together the most relevant, comprehensive insurance coverages for yacht owners and other recreational watercrafts under one policy. By tapping into XL Group's global network and our other business lines' expertise, we're able to provide them access to the one-of-a-kind coverage that fit their needs along with seasoned risk management expertise to help them when they need it."

"While ShipShape previously offered reimbursement for hijack/kidnap response arranged by the customer, this new endorsement significantly boosts available liability limits and is accompanied by world-renowned security advisors and crisis response experts," said Mr. Salway.

With XL Group's KRE endorsement, yachts insured by ShipShape can choose liability limits of either $250,000 or $500,000 to address costs incurred as a result of a kidnapping, extortion situation, hijacking, wrongful detention or express kidnapping. 

Additionally, they receive response assistance and crisis management guidance from Terra Firma Risk Management LLP, one of world's top risk consultancies specializing in preventing and resolving kidnap situations. 

With limits up to $50 million, ShipShape and ShipShape Plus provides a variety of recreational marine coverages including:
*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
*XL Group's yacht insurance coverage with KRE Crisis endorsement is provided by XL Group plc's insurance subsidiaries which include XL Specialty Insurance Company, Greenwich Insurance Company, Indian Harbor Insurance Company and XL Insurance America, Inc.

 

General Maritime