AXA XL, a division of AXA Group, has announced that its Global Risk Management (GRM) and the North America Excess Casualty business units have collaborated to launch Multipass, a new global admitted commercial program.
The new product brings together a global controlled master program with an umbrella liability solution to create a global admitted commercial umbrella program. According to AXA XL, the Multipass solution extends the international primary General Liability policy limit to meet a client’s requirements in a specific region(s).
“Businesses are often required to evidence admitted local General Liability coverage above the primary liability limits. Multipass™ allows organizations to comply with these excess requirements under the global admitted commercial umbrella program,” said Stefan Homberger, GRM Head of Multinational Casualty.
The new program will provide customers with a seamless global solution by offering higher limits under the same local policy where AXA XL is licenced to provide admitted cover. The company explains that the product is written on local admitted paper for the requested country, which results in a more efficient end-to-end process for the customer.
In addition, AXA XL notes that the Multinational Casualty team will offer claims handling services and will also make local payments up to the limit for covered losses.
Nicoletta George, Senior Product Line Manager for AXA XL’s North America Excess Casualty, said: “This combined product offering will enhance efficiencies for multinational clients, streamlining administrative operations and ensuring compliance with local jurisdictional requirements.
“Simply evidencing available capacity under a U.S. umbrella policy is no longer an acceptable solution for some of our global clients. By leveraging local expertise and the comprehensive resources at AXA XL, we are now able to provide a truly global solution for the client.”
