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XL Group Expands Inland Marine Offerings With New Motor Cargo Truck Coverage Solutions

Stocks in this article: XL

HARTFORD, Connecticut, May 21, 2013 /PRNewswire/ -- XL Group is boosting its inland marine business with the addition of its Motor Truck Cargo Coverage Solutions, customizable coverage for mid-to-large size trucking operations in North America.

According to Anne Marie Elder, Chief Inland Marine Underwriting Officer of XL Group's North America Marine group, "When we set out to profitably build an inland marine book of business, we did not intend to do it like every other market.  We are expanding our inland marine product offerings with market-leading policies like our new motor truck cargo coverage.  As a result of investigating available policies and listening to what our brokers and insureds suggested, the result is a comprehensive form to help deliver a customized solution for our clients' specific needs". 

"Motor Truck Cargo Coverage Solutions is an extremely flexible and easy-to-understand product.  We can easily tailor our coverage to meet individual insured needs, including flexible limits for 23 additional coverages, 22 optional endorsements, multiple reporting options and payment plans," said Alexander McGinley, XL Group's Vice President for Inland Marine.  "Coverage is available on a full policy limit, primary, excess and participation using either admitted or non-admitted paper. 

Among the 23 coverages included are:

  • Contract Penalty
  • Employee Tools and Work Clothing
  • Expediting Expense
  • Extra Expense
  • Fire Protection Systems
  • Freight Charges
  • Loss Adjustment Expenses
  • Property That Supports Your Business, including accounts receivable; equipment used to service Covered Property; computer equipment, media, data, including while on-board and off-board a vehicle; valuable papers and records; tenants, improvements and betterments; office furniture and supplies; moving equipment, including barrels, binders, burlap, cartons, chains, covers, dollies, forklifts, hand trucks, lift trucks, pads, pallets, reusable packing containers, skids, and tarpaulins; expendable supplies that support Covered Property; other business personal property; and other scheduled property
  • Public Emergency Service Charges
  • Right and Duty to Defend
  • Reimbursement for Returning Stolen Property
  • Shippers Control of Damaged Goods
  • Unintentional Erros and Omissions
  • Virus, Harmful or Similar Instructions

Among the 22 optional endorsements are:

  • Contingent Coverage for Freight Forwarders and Brokers
  • Destination Market Value
  • Employee Theft
  • Single Deductible Across Multiple Coverage Forms
  • Cargo Rust or Corrosion Protection
  • Temperature Control System Breakdown Coverage

XL Group's Motor Truck Cargo Coverage is provided by XL Specialty Insurance Company (admitted) and Indian Harbor Insurance Company (nonadmitted).

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