XL Catlin has introduced a new logistics services insurance policy that, it said in a statement, provides a logistics company with tailored inland marine insurance for virtually any commodity, helping address risks associated with order processing, packaging, consolidation, inventory control, transportation, warehousing, and data management.
“An accident on the road, a theft of a cargo trailer, or the crash of a computer system – these are among the operational and potentially very disruptive risks that logistics companies contend with every day,” said Anne Marie Elder, XL Catlin's chief underwriting officer for marine insurance in the Americas. “We've developed insurance coverage to address the broad range of logistics exposures whether in route or onsite.”
According to Alexander McGinley, vice president of XL Catlin's marine business in the Americas, “Supply chains are complex but insurance coverage to manage those risks does not have to be. To help, we've taken an extensive look at the potential exposures any one logistics company can face and created a comprehensive coverage portfolio. We also cover goods transported on a wide variety of conveyances, including by drone.”
“Logistics companies have expanded their product offerings and no longer offer just one phase of product distribution, such as transportation, but now can manage the entire supply chain from assembly line to the consumer,” said Mike Perrotti, senior vice president of inland marine. “XL Catlin's new logistics product is designed for sophisticated and complex logistics companies that provide all phases of supply chain management to their clients.”
The company said that the insuring agreement includes right and duty to defend as well as supplemental payments. Altogether, there are 26 additional coverages available to create a tailored insurance product to meet an individual company's insurance needs. These additional coverages include contract penalty, cyber protection, FDA Food Safety Modernization Act Coverage, employee theft, extra expenses, expediting expenses, freight storage and logistics service charges, lien sale, property that supports a business, rust or corrosion, and temperature control system breakdown.
XL Catlin said that it also can provide a limit for trailers under an interchange agreement or bailment when requested by the insured.
Learn more: xlcatlin.com.