AXA XL’s North America Construction business has launched builders risk insurance programs to address mass timber project risks for construction clients.
Mass timber building materials, which includes cross laminated timber (CLT), is a family of engineered wood products (EWPs) which use small wood members to produce large wood panels, beams and columns engineered to minimize the natural inconsistencies found in wood so that it can be used for structural building components.
According to Gary Kaplan, president of AXA XL’s North America Construction business, broker Arthur J. Gallagher came to the company on behalf of a major commercial contractor and the company developed coverage appropriate for the challenging risk.
“The construction industry is seeing significant benefits working with mass timber,” Kaplan said. “It’s a sustainable building material which can be prefabricated, requiring fewer workers and less safety concerns. It can speed up construction time. And, from a design perspective, mass timber construction has a lot of curb appeal.”
Kaplan added mass timber is environmentally friendly and as a renewable resource has a smaller carbon footprint.
AXA XL’s Builders Risk business in North America will provide coverage and capacity to experienced contractors that have successfully delivered mass timber projects, using proven materials supplied by experienced manufacturers. These projects will employ the monitoring technology and fire suppression systems to complement the contractors risk management programs.
The AXA XL insurance companies offer builders risk insurance to protect large and complex building projects against first party property damage during construction.
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.
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