NEW YORK, Nov. 17, 2016 /PRNewswire/ -- Given
businesses' heightened concerns about potential terrorism or
political violence risks, XL Catlin has enhanced its Platinum
Property insurance program making available a new terrorism and
political violence insurance option.
According to Michele Sansone,
President of XL Catlin's North America Property business, "Recent
terrorism and political violence events outside the United States have prompted businesses
worldwide to consider their exposure and the potential
repercussions to their property and operations. Our new
terrorism and political violence endorsements for international
locations allows them at their option to address their concerns
simply, but thoroughly under one comprehensive property insurance
program."
XL Catlin's Platinum Property program allows businesses to
address 100 percent of their commercial property risks under one
policy form, with one carrier. The new terrorism and political
violence endorsements enhance XL Catlin's property clients'
protection; helping address gaps in insurance coverage provided by
the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA)
which does not cover locations outside the United States.
"The nature of political violence and terrorism events are ever
changing," said Ms. Sansone. "As we've seen recently in a
country such as Turkey, events can
quickly deteriorate and require specific coverage to address the
full breadth of risks which companies face when operating overseas.
Our endorsement addresses perils which are typically excluded
by other property insurers and we're making available insurance
protection that is relevant to the evolving risk
environment."
With liability limits up to $100
million, XL Catlin's Terrorism and political violence
endorsement:
- Includes a broad definition of terrorism including coverage for
acts perpetrated for political, religious and/or ideological
purposes;
- Provides an option for political violence peril coverage –
addressing the perils of War, Civil War, Coup D'Etat, Insurrection,
Revolution, Rebellion, and Mutiny.
- Provides insurance coverage often limited or excluded by other
property markets.
- Coverage is provided by endorsement to the Property Platinum
policy to provide a seamless solution addressing these additional
perils under one policy.
XL Catlin's property coverage is delivered by a dedicated team
of underwriters, risk engineers and property claims managers who
specialize in addressing large, complex property risks.
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 ltd.'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