Whole Account XL Treaty, Underwriting Year 2017/18
CHARLESTOWN, NEVIS, June 27, 2017
SELECTA Insurance and Reinsurance Company (Caribbean) Limited announced today that the XL reinsurance treaty structure with a total net capacity worth of € 7,000,000.- per risk has been secured. GLINSO Insurance Brokers, Moscow, Russia (www.glinso.eu) who has been nominated as the broker of record, successfully secured the deal. As per its website, GLINSO Insurance Brokers “… are pleased to offer their partners the support when they need additional capacity.”
The entire program is Section and Layer structured, whereas Sections are class of business based and Layers are capacities provided:
- Section 1: Corporate Property, Casualty and Engineering
(ALOP, DSU inclusive)
- Section 2: Marine & Energy
(Offshore/onshore drilling, P&I, Blue Card, CLC and MLC inclusive)
- Section 3: Private Property & Personal Accident
- Section 4: Aviation (Liability inclusive)
- Section 5: Terrorism & Political Risks
- Layer 1: € 600,000 XS € 400,000
- Layer 2: € 3,000,000 XS € 1,000,000
- Layer 3: € 3,000,000 XS € 4,000,000
Therefore SELECTA Insurance & Reinsurance Company (Caribbean) Limited has immediate working capacity ready to deploy on demand and secure the risks up to:
Head of Underwriting team comments on the deal.
Kirill Patyrykin, SELECTA's Managing Director noted that, “The major portion of exposure is covered by very trustworthy reinsurers ratings ranging between A and B on the international scale, with A - dominant portion covering 77.5% of the treaty limit.”
Property, Casualty, Engineering, Terrorism and Political Risks: Losses Occurring on risks situated Worldwide, excluding United States of America and Canada.
Marine, Energy, Personal Accident and Aviation: Losses Occurring on risks situated Worldwide.
Section 1: Non-Private Property, Casualty and Engineering
Commercial and Industrial risks classified as Property covering FLEXA and Extended Coverage including Natural Perils and Business Interruption resulting from the perils covered, if written in conjunction with property.
Commercial and Industrial All risks property policies and Business Interruption following hereon. Burglary and Robbery, Malicious Act if written in conjunction with property.
Electronic Equipment Insurance and Business Interruption following hereon.
Machinery Breakdown and Business Interruption following hereon.
General Third Party Liability. Product Liability for loss or damage to the property or bodily injury arising from defects of the goods, works and services. Professional Indemnity written on claims made basis only, including: appraisers/evaluators, customs broker, notaries, lawyers/advocates, auditors, real estate agents, bankruptcy commissioners, architects, engineering prospectors, designers, registrars, builders/contractors, including liability for maintenance or repair of buildings/constructions and liability arising from damage due to defects affecting safety of the objects of capital construction (as per the insurer’s wordings). Employers’ liability. CAR/EAR Third Party Liability written on stand-alone-basis. Civil liability insurance of operators or owners of hydrotechnical facilities.
Construction All Risks (CAR) and Erection All Risks (EAR) insurances including Third Party Liability section written by the Reinsured on the terms and conditions not wider than Swiss Re Engineering Property Insurance (EPI) standard wording and Munich Re Comprehensive Project Insurance (CPI) standard wording as well as Advance Loss of Profit (ALOP) and Delay in Start Up (DSU) following hereon. Debris removal expenses up to the maximum of 30% of total Sum Insured.
Construction Plant and Machinery, Construction Plant and Equipment, Special Purpose Machinery written on standalone basis.
Section 2: Marine & Energy
Marine hull including but not limited to the Blue Water or Grey Water vessels of all types; small-size vessels and yachts of any kind. Loss of freight, P&I liability of any kind including all types of internationally recognized Maritime conventions, including, but not limited to International Convention on Civil Liability for Oil Pollution Damage (often referred as “CLC Convention”), International Convention on Liability for Bunker Oil Pollution Damage (often referred to as “Bunker Convention”, or “Blue Cards”), Maritime Labour Convention (often referred to as “MLC Convention”). Building risks, including submarines and military vessels in construction, renovation, repair or in trial, passive and active war risk including test of weapons. Cargo, including cash in transit, fine art, specie and exhibition risks or armed weapons cargo. Carriers, forwarders and expeditors liability. Containers Coverage. Floating production, storage and offloading (F.P.S.O.) installations, fixed and non-fixed offshore energy risk including where in operation or in construction (WELCAR). Rolling stock of any kind.
Oil & Petrochemical Risks. Control of Well risks, drilling risks, Operator's Extra Expense, including Third Party Liability section, oil/gas well drilling/workover equipment, tools, while at locations and in transit within the limits of the field being explored and/or developed written by the Reinsured on the terms and conditions not wider than Energy Exploration and Development (EED 8/86) standard wording.
Section 3: Private Property & Personal Accident
Private Property covering FLEXA and Extended Coverage including Natural Perils and All risks property policies. Burglary and Robbery, Malicious Act except when written as such.
Personal accident (PA) risks: death as a result of a PA (Accidental death), permanent total & partial disability as a result of a PA, permanent total professional disability as a result of a PA, temporary disability as a result of a PA, accidental injury, hospitalization as a result of a PA. Personal accident & Diseases (PA&D) risks: death as a result of a PA&D, permanent total & partial disability as a result of a PA&D, permanent total professional disability as a result of a PA&D, temporary disability as a result of a PA&D, hospitalization as a result of a PA&D, critical illness.
Section 4: Aviation
Aviation Hull All Risks in respect of any type of fixed or rotor wing aircraft including transit thereof by any means. This section also provides cover if required for other incidental coverages and total loss only cover.
Spares and Equipment coverage on aircraft engines, spare parts and equipment, ground support equipment, spare kits, engineers/mechanics tools either owned by the Insured or the property of others for which they are responsible including transit by any means.
Aviation Hull, Spares and Equipment War and Allied Perils covers the Insureds aircraft and spares against the risk of war and allied perils including extortion and other expenses as per LSW555D wording (amended to include Spares & Equipment).
Aviation Liability covers the following: Aircraft Third Party Legal Liability, Passenger Legal Liability including Baggage, Cargo, Mail Legal Liability Personal Injury, General Third Party Legal Liability including Premises, Hangarkeepers (including ‘In flight) and Products and Grounding Liabilities, and other Liabilities. Personal Accident and Medical Expenses for passengers and/or flight crew and/or cabin crew and/or engineers and mechanics.
Section 5: Terrorism & Political Risks
Loss or damage directly caused by an Act of Terrorism or Sabotage, Expropriation, Riots, Strikes, Civil Commotions, Insurrection, Revolution or Rebellion, Mutiny and/or Coup d’Etat, War, Civil War and Civil Disturbance: Revolution, Rebellion, Insurrection, or Civil Strife arising therefrom or any hostile act by or against a belligerent power, Transfer Restriction, Breach of contract and Non-honouring of sovereign obligation as per AFB, T3 LMA3030, 01/97 LSW667, LPO437, MIGA, Berne Union members or any other wordings as original or amended as the Reinsured will think fit as his sole discretion.
Business Interruption relating only to the premises affected by the Act of Terrorism, caused by direct physical loss or damage by an Act of Terrorism (as per T3A wording). Fire damage and loss by looting following Riots and/or Strikes and/or Civil Commotions and/or Malicious Damage.
You can download the treaty presentation file here.
SELECTA Insurance and Reinsurance Company (Caribbean) Limited
+1 786 3758103