Reinsurance News

AXA XL releases expanded contractor’s equipment insurance product

9th April 2019 - Author: Charlie Wood

AXA XL, the newly-formed division of French insurance and investment giant AXA, has announced the release of a new contractor’s equipment product in North America.

XL Group AXA acquisitionMike Perrotti, AXA XL’s Inland Marine Practice Leader for North America, explained that the new product is designed to meet the increasingly complex needs of a contractor.

“Drones are now commonplace. Equipment is increasingly specialized, requiring warranties,” said Perrotti.

“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.”

Alexander McGinley, Head of Underwriting Operations, Product and Strategy, added that 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,” he said.

“We include sublimits for many coverages that would traditionally require a separate policy form – 33 additional coverages, in fact.”

“Our product also automatically includes Property That Supports Your Business for $25,000: computer equipment, media, data, valuable papers, tenant’s improvements and betterments, office furniture and supplies and other business personal property.”

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