NIP Group, a business insurance and risk management intermediary, and AXA XL’s North America (NA) Programs have announced two new green endorsements available as part of their specialised insurance programs for contractors and growers.
The new endorsements, one for auto policies and one for inland marine, aim to encourage customers to switch to hybrid or electric options in the event of a total loss.
If there is a total loss on a work vehicle or covered piece of equipment, the policyholder will get a 20% increase in value for equipment or a 10% increase in value for vehicles if they replace with electric or hybrid options.
Studies show that over the entire lifecycle of a vehicle, plug-in hybrid, and battery EV engines produce greenhouse gas emissions that are anywhere from 36-82% less than traditional gasoline engines.
The new endorsements are part of both companies’ commitments to sustainability and incorporating ESG into their business models.
Thomas Doherty, SVP of Specialty Programs for NIP Group, said: “We highly value our partnership with AXA XL and are thrilled to announce this initiative. Helping our customers transition to a safer and cleaner environment is a priority for both companies.
“This is especially valuable to businesses in California, where they’re moving towards 100% of new cars and light trucks sold in the state being zero-emission vehicles.”
Scott Young, Vice President/NA Programs with AXA XL, added: “The NA Programs Team is actively working to achieve AXA XL’s climate goals. We are embedding climate and sustainability by participating in the execution of specific climate and ‘green’ business strategies as they are developed and rolled out throughout the year.”
