NEW YORK, Sept. 27, 2016 /PRNewswire/ -- To help US
businesses manage the risks of storing, handling and transporting
goods from here to there, XL Catlin today introduced a
comprehensive new logistics services insurance policy. XL
Catlin's Logistics Services Coverage Solutions provides a logistics
company with tailored inland marine insurance for virtually any
commodity, helping address risks associated with order processing,
packaging, consolidation, inventory control, transportation,
warehousing and data management.
"An accident on the road, a theft of a cargo trailer or the
crash of a computer system – these are among the operational and
potentially very disruptive risks that logistics companies contend
with every day," said Anne Marie
Elder, XL Catlin's Chief Underwriting Officer for Marine
insurance in the Americas, "We've developed insurance coverage to
address the broad range of logistics exposures whether in route or
onsite."
According to Alexander McGinley,
Vice President of XL Catlin's Marine business in the Americas,
"Supply chains are complex but insurance coverage to manage those
risks does not have to be. To help, we've taken an extensive
look at the potential exposures any one logistics company can face
and created a comprehensive coverage portfolio. We also cover goods
transported on a wide variety of conveyances, including by
drone."
"Logistics companies have expanded their product offerings and
no longer offer just one phase of product distribution, such as
transportation, but now can manage the entire supply chain from
assembly line to the consumer," said Mike
Perrotti, Senior Vice President, Inland Marine. "XL
Catlin's new logistics product is designed for sophisticated and
complex logistics companies that provide all phases of supply chain
management to their clients."
The Insuring Agreement includes Right and Duty to Defend as well
as Supplemental Payments. Altogether there
are 26 additional coverages available to create
a tailored insurance product to meet an individual company's
insurance needs. These
additional coverages include Contract
Penalty, Cyber Protection, FDA Food Safety Modernization
Act Coverage, Employee Theft, Extra Expenses, Expediting
Expenses, Freight Storage and Logistics Service Charges,
Lien Sale, Property that supports a
business, Rust or Corrosion, and Temperature Control System
Breakdown. We also can provide a limit for
Trailers under an Interchange Agreement or Bailment when
requested by the insured.
XL Catlin's Marine team in the Americas offers a comprehensive
portfolio of Bluewater and Brownwater Hull, Cargo, Primary and
Excess Marine Liability, and Recreational Marine coverages, as well
as a full suite of Inland Marine insurance solutions.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group
plc's (NYSE:XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin