XL Group has added a kidnap, ransom and extortion (KRE) crisis endorsement to its recreational marine insurance coverages to help yacht owners navigate increasingly risky waters.
Yachts insured by ShipShape, one of XL’s coverages, 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, a risk consultancy specialising in preventing and resolving kidnap situations.
"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."
Rick Salway, vice president of XL Group's recreational marine business, added: "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 this one-of-a-kind coverage that fits 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.”
XL Group's yacht insurance coverage with KRE crisis endorsement is provided by XL Group’s insurance subsidiaries which include XL Specialty Insurance Company, Greenwich Insurance Company, Indian Harbor Insurance Company and XL Insurance America.
XL Group, Bermuda, North America, Denise Balan