XL Group's Global Brand Arms Professionals With Better Cover
Zacks Investment Research | Sep 18, 2017 10:26PM ET
XL Group Ltd’s (NYSE:XL) global brand XL Catlin recently added two optional coverages to its professional liability insurance services in a bid to provide better insurance facilities to professionals in Canada. These include Employment Practices Liability (EPL) Insurance and Cyber Insurance coverage.
Technological advancements at present have paved ways for service delivery by architectural and engineering firms. Hence, the design sector is prone to various emerging hazards. EPL litigations against design professionals are on the verge of rise and their drastic results are quite evident. The optional Employment Practices Liability coverage addresses risks, encountered by such architects, engineers and other design professionals. In addition, the coverage deals with the probable claims arising out of fraudulent employment practices.
Design professionals these days are hugely dependent on complex integrated design software for day-to-day project management and client relationship activities. Frequent cyber attacks too may leave an adverse impact on the design firms’ finances as well as reputation. This optional coverage has been devised to attend such financial and reputational perils.
XL Catlin’s Cyber Suite for Design Professionals also comprises a 24/7 data breach hotline and other cyber management resources. It also consists of a Privacy & Network Security Liability insurance protection to address a variety of tough scenarios like failure to protect personal and confidential business information, data breach as well as wrongful act by employees and transmission of malware to third parties. It also offers a Supplementary Payments Coverage to tackle crisis events as well as manage administrative and regulatory expenses. Plus, it contains a broad definition of Insured person, Employment Practice Wrongful Act, protection for written employee contract claims and third-party coverage for claims from non-employees.
The insurer has always remained committed to negotiating the various needs of its customers through product enhancements as well as new product launches. Recently, on Sep 8, the company had introduced a new online platform, VB-Bind Speed, to cater to the growing insurance needs of personal & business aviation industry. This policy is expected to add more capabilities to the company’s product and service portfolio, thereby enhancing its revenues at the same time.
Zacks Rank and Share Price Movement
XL Group Ltd carries a Zacks Rank #3 (Hold). Shares of the company have underperformed the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.