The new policy was unveiled at the American Association of Museums' annual conference held in Boston, MA this week.
Neil Robertson, Chief Underwriter of the XL Insurance Fine Art and Specie team said: "Fine art coverage requires distinctive underwriting treatment because of the unique characteristic of what we insure. This exciting new product gives cultural institutions the opportunity to combine their fine art coverage with their all-risk property insurance program."
According to Jamie Miller, XL Insurance Chief Property Underwriter - Americas: "The XL Insurance Companies have long been respected partners and leaders on some of the largest and most complex property insurance programs for many industries. Our ability to tap into various industry experts across our product lines allows us to deliver tailored risk management solutions. We are pleased to develop a product providing insurance protection at some of the highest limits available on the market and covering both the treasured buildings and structures of universities, libraries, museums and other U.S. cultural institutions as well as their valuable content."
Mr. Robertson added: "With an ArtWorks policy, cultural institutions gain access to risk control and claims administration services from property risk engineers as well as dedicated fine art specialists. This is particularly important when responding to a loss where the right expertise and timely response can make a world of difference in preserving a collection's worth or properly restoring an original work of art."
Artworks - the XL Insurance collection of art coverages is provided by the XL Insurance Companies whose members include XL Insurance America, Inc., XL Select Insurance Company and XL Specialty Insurance Company, which carry an A.M. Best rating of A+. The XL Insurance Companies provide property coverage with limits up to $600 million for those institutions seeking coverage from one insurance company, up to $300 million in cases where the XL Insurance companies are a co- insurer, and fine art coverage up to $150 million in liability limits.
For more information, visit http://www.xlinsurance.com/fas
"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd group of Companies. XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance, reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of March 31, 2006, XL Capital Ltd had consolidated assets of approximately $58.8 billion and consolidated shareholders' equity of approximately $8.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.