XL Catlin's North America marine insurance business has introduced an insurance solution specifically designed for marine contractors in the US.
"As our ports and waterways look to expand to accommodate growing traffic and shipping demands, marine contractors are in high demand," according to Anne Marie Elder, XL Catlin's Chief Underwriting Officer for Marine in the Americas.
"Marine contractors' operations encounter some very unique and challenging risks. This includes new construction and ongoing maintenance using special vessels and equipment."
"Given the hazardous nature of marine contracting work, it's essential to have comprehensive insurance protection that directly addresses their diverse, day-to-day exposures. We've designed our marine contractors' insurance solution with their unique operating environment in mind."
XL Catlin's marine contractor insurance includes a comprehensive collection of insurance coverage protection for:
Hull and Protection & Indemnity
Marine General Liability including Contractor's Legal Liability
Primary and Excess Liability including Bumbershoot/Umbrella
Owners and Contractors Protective (OCP)
Builder's Risk and Installations
Domestic and International Transportation (Inland Marine and Ocean Marine Cargo)
XL Catlin also offers a number of coverage features and limits that can be tailored to meet a marine contracting operation's specific needs including:
Per project aggregate limits
Contractual legal liability including action over
Automatic additional insureds
Coverage for waterborne equipment
Contractor's Equipment Coverage Solutions – automatic sublimits
Borrowed, leased or rented equipment, contract penalty, employee tools and work clothing
Rental expense, unscheduled equipment, property that supports your business and virus or harmful code
Builder's Risk and Installations Coverage Solutions
Automatic sublimits for fire department service charge, increase in construction costs, landscaping and signs, ordinance or law, and property in the open (rain, snow, ice or sleet)
Coverage within the limit of insurance includes sewer and drain backup, sinkhole collapse, specified types of testing, and site preparation