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SOURCE XL Group
NEW YORK, April 28, 2014 /PRNewswire/ -- This spring, XL Group's Luxury Lines team is preparing clients to protect their valued possessions from the threat of spring showers and the flooding that may follow.
According to Jennifer Schipf, Senior Underwriter in XL Group's Fine Art business, "The insurance market is paying closer attention to their clients' flood exposures. In previous years, the market was providing broad coverage for the peril of flood with little to no deductibles. After seeing losses from Superstorm Sandy and other storms, flood coverage is much more restricted in fine art and other policies so homeowners and collectors have to be wary that their high-value items are adequately protected."
"According to FloodSmart.gov, the website of the National Flood Insurance Program, a one inch flood in a 2,000 square feet home can result in $20,000 of loss, a 6 inch flood in the same space $39,000. And that does not take into account if a $100,000 painting that may have been stored in the basement or if the level of flood is significant, on the wall," said Ms. Schipf. "Artwork is not the only valuable vulnerable to flood damage. We've seen losses from flooding because everything from currency and securities to gold bullion was stored in subterranean vaults."
To help avoid flood damage or a loss in value of luxury items, XL Group's Luxury Lines team suggests taking some flood precautions:
XL Group's Specialty insurance businesses in North America provides a variety of Luxury Lines insurance coverages including equine, aviation, yacht, fine art, and kidnap, ransom & extortion to protect high net worth private customers and their prized possessions.
About XL Group plc's Insurance Operations
XL Group plc's insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc's insurance and reinsurance subsidiaries.
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