XL Catlin’s North American marine insurance business has introduced an insurance product specifically designed for marine contractors.
“As our ports and waterways look to expand to accommodate growing traffic and shipping demands, marine contractors are in high demand,” said 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.”
The new marine contractor insurance includes coverage for:
- Hull and protection and indemnity
- Marine general liability, including contractor’s legal liability
- Primary and excess liability including bumbershoot/umbrella
- Owners and contractors protective
- Builder’s risk and installations
- Contractor’s equipment
- Domestic and international transportation (inland marine and ocean marine cargo)
- Property
- Commercial automobile
The product also includes coverage features and limits that can be adjusted to meet specific needs, including:
- Per-project aggregate limits
- Contractual legal liability, including action over
- Automatic additional insureds
- Coverage for waterborne equipment
- Contractor’s equipment coverage with 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
- Automatic sub-limits 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
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