Axa XL’s North America marine insurance business is expanding its inland marine business with a new contractor’s equipment product with a number of new coverages.
“Contractor’s need a wider variety of equipment to get the job done than before,” according to Mike Perrotti, Inland Marine practice leader 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,” said 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.”
McGinley said the offering includes sublimits for many coverages that would traditionally require a separate policy form and also automatically includes property that supports a 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 is the the property/casualty and specialty risk division of AXA.
Axa XL’s contractor’s equipment product includes the following additional coverages:
- Drones for $1,500
- Extra Expense- $10,000 for Contractor’s Equipment; $5,000 for Property That Supports Business
- Improvements, Betterments, Attachments & Upgrades for $25,000
- Necessary Repairs for $1,000
- Newly Acquired Covered Property – $10,000 for Property That Supports 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
Axa XL has also developed several endorsements that include inflation protection, equipment rental and sales, and equipment breakdown. “We feel equipment breakdown coverage for contractor’s equipment is an underserved need in the market,” said Perrotti.
Coverage is not available in all jurisdictions as of April 2019.
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