Xl Specialty Insurance Company News

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. 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.

In an unpublished opinion, the U.S. during the warranty period. lift boats. and replace defects discovered within 180 days of delivery. shipyard became legally obligated to pay under its contracts. discovered in the jack-up legs approximately three years after delivery. The cracks were found to have been caused by faulty welds by the shipyard. with the insurers, who then brought a declaratory judgment action. repair work. XL Specialty Insurance Company v. Lockport LLC , No. 02-30387 (5th Cir., September 10, 2003).