AXA XL's North America marine insurance business has launched a new contractor's equipment product.
“Our new product represents the expansion of our risk appetite and underwriting expertise,” Anne Marie Elder, AXA XL's chief underwriting officer for marine in North America, said in a statement. “The construction industry continues to develop new solutions for the challenges it faces, and so too must the insurance industry.”
“Contractors 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 for 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 said that its contractor's equipment product includes 33 additional coverages, such as:
• Drones for $1,500; • Extra expense ($10,000 for contractor's equipment; $5,000 for property that supports the business); • Improvements, betterments, attachments, and upgrades for $25,000 • Necessary repairs for $1,000; • Newly acquired covered property – $10,000 for property that supports the business; • Property while underwater for $10,000; • Replacement keys and locks for $1,000; • Rigger's legal liability for $25,000; and • 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 Mr. Perrotti. “We feel equipment breakdown coverage for contractor's equipment is an underserved need in the market.”
Learn more: www.axaxl.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].