Travelers Introduces New Shipwright Enhancements for Boat Repairers Policy

ST. PAUL, Minn.--(BUSINESS WIRE)--Specialty boat repairers involved in woodworking, deck and hull repair, engine maintenance, canvas and sail repair and many other marine services face the challenge of obtaining affordable insurance that addresses both their marine and non-marine exposures in a seamless fashion. Travelers (NYSE:TRV) announced today several substantial enhancements to its Shipwright policy which combines marine general liability, ship repairers’ legal liability and miscellaneous property coverage in a single policy for this specialty market.

Travelers’ Shipwright improvements include broadened eligibility along with options for increased property and liability limits, workboat coverage and lower deductibles. Now available for boat repairers with revenues up to $500,000, the Shipwright policy offers new optional features not usually available to specialty boat repairers, such as:

• Liability limits up to $5 million per occurrence and in the aggregate;
• Miscellaneous property coverage limits up to $30,000 for tools and supplies;
• Optional deductibles as low as $1,000 for Marine General Liability/Ship Repairer’s Legal Liability (MGL/SRLL); and
• Workboat coverage on broad “All Risks” terms.

The higher liability limits are being offered in response to the changing work environment. “These boat repairers often have modest gross receipts and can have difficulty obtaining the higher liability limits that many boatyards and marinas now insist upon,” said Chris Cooke, marine liabilities practice leader at Travelers Ocean Marine. “Where a $1 million liability limit might have been adequate a few years ago, $2 million or more is now often required to start work. The new Shipwright policy makes getting these higher limits both simple and affordable.”

The availability of workboat coverage is another key enhancement. Depending on the type of work performed, boat repairers often need a boat themselves. “A small workboat can be an indispensable tool of the trade – but it is a tool that requires physical damage and liability coverage,” said George Butler, vice president of business development for Travelers Ocean Marine. “It can be difficult to find broad coverage for these boats on an affordable basis. As part of our commitment to providing a comprehensive insurance package for smaller boat repairers and marine contractors, Travelers is pleased to be able to meet this need by providing both liability (P&I) and ‘All Risks’ physical damage workboat coverage for a modest additional premium.”

Shipwright is available to employee-owned or owner-operated boat repairers and marine contractors that are primarily involved in marine repair work, have been loss-free for at least three years and have gross receipts up to $500,000. For more information about this product, contact your local independent agent or Travelers representative.

Travelers Ocean Marine is a leading provider of ocean marine insurance with an extensive product portfolio including cargo, hull, liabilities and luxury yacht. With in-house risk control, subrogation and claim expertise – and a P&C unit dedicated solely to customers’ non-marine exposures – Travelers provides a total account solution.

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. Travelers understands that life and business are inherently dynamic and that the best way to serve customers is to deliver insurance in-synch with evolving risks. The company’s diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. Travelers is a Fortune 100 company, with 2007 revenues of approximately $26 billion. The company has more than 33,000 employees. For more information on being in-synch, visit www.travelers.com.