"Our new product represents the expansion of our risk appetite and underwriting expertise," said Anne Marie Elder, AXA XL Chief Underwriting Officer for Marine in the North America .
NEW YORK, April 8, 2019 /PRNewswire/ -- AXA XL's North America marine insurance business is continuing to push the frontiers of inland marine coverage with a new contractor's equipment product.
"Our new product represents the expansion of our risk appetite and underwriting expertise," said Anne Marie Elder, AXA XL Chief Underwriting Officer for Marine in the North America. "The construction industry continues to develop new solutions for the challenges it faces, and so too must the insurance industry."
"Contractor's need a wider variety of equipment to get the job done than before," explained Mike Perrotti, Inland Marine Practice Leader for Marine in North America. "Drones are now commonplace. Equipment is increasingly specialized, requiring warranties. Computers are used for project management, even though job site plans might still be on paper. Viruses that can corrupt valuable computer data are seemingly lurking around every corner. Equipment is constantly being updated or improved. Even a small covered loss means downtime a contractor cannot afford."
"Contractors are also taking on additional exposures to enhance their revenue stream and provide more value to their customers," stated Alexander McGinley, Head of Underwriting Operations, Product and Strategy. "This includes transporting equipment of others, leasing or renting equipment to others, and rigger's legal liability. We include sublimits for many coverages that would traditionally require a separate policy form – 33 additional coverages, in fact. Our product also automatically includes Property That Supports Your Business for $25,000: computer equipment, media, data, valuable papers, tenant's improvements and betterments, office furniture and supplies and other business personal property."
AXA XL's contractor's equipment product includes 33 Additional Coverages, which includes the following new additional coverages:
- Drones for $1,500
- Extra Expense
- $10,000 for Contractor's Equipmen
- $5,000 for Property That Supports Your Business
- Improvements, Betterments, Attachments & Upgrades for $25,000
- Necessary Repairs for $1,000
- Newly Acquired Covered Property - $10,000 for Property That Supports Your Business
- Property While Underwater for $10,000
- Replacement Keys and Locks for $1,000
- Rigger's Legal Liability for $25,000
- Void Service Contract of Warranty for $2,500
"Recognizing specialized exposures, AXA XL developed several endorsements that include, but are not limited to, inflation protection, equipment rental and sales, and equipment breakdown," explained Mike Perrotti. "We feel equipment breakdown coverage for contractor's equipment is an underserved need in the market."
Coverage is not available in all jurisdictions as of April 2019.
AXA XL's Global Marine business provides insurance for clients with special coverage needs for their marine exposures, including Inland Marine, Ocean Cargo, Blue and Brown Water Hull, P&I, as well as Excess and Primary Marine Liabilities.
ABOUT AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
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SOURCE AXA XL