AXA XL‘s North America marine insurance business has rolled out a new inland marine contractor’s equipment insurance coverage.
AXA XL Inland Marine North America practice leader Mike Perrotti said: “Contractor’s need a wider variety of equipment to get the job done than before.
“Drones are now commonplace. Equipment is increasingly specialised, 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.”
AXA XL’s contractor’s equipment product includes 33 additional coverages, including $1,500 for drones, $10,000 for contractor’s equipment, $5,000 for property that supports the business, $25,000 for improvements, betterments, attachments and upgrades.
Additional coverage includes $1,000 for necessary repairs; $10,000 for property that supports business; $10,000 for property while underwater; $1,000 for replacement of keys and locks; $25,000 for rigger’s legal liability; and $2,500 for void service contract of warranty.
AXA XL head of underwriting operations, product and strategy Alexander McGinley said: “Contractors are also taking on additional exposures to enhance their revenue stream and provide more value to their customers.
“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.”
AXA XL is the newly-formed division of French insurance major AXA. In September last year, AXA acquired Bermuda-based property and casualty commercial lines re/insurer XL Group for $15.3bn.
AXA XL offers insurance and risk management products and services for mid-sized companies and reinsurance solutions to insurance companies across the globe.