AXA XL has announced that it’s US Mid-Market insurance business is extending its general liability coverage for mid-size businesses by rolling out its new XL Plus broadening endorsement, which offers more than two dozen expanded protections.
According to the company, the XL Plus endorsement expands the scope and depth of coverage.
AXA XL also noted that the endorsement expands the range of different types of protections as it covers additional risks that are not included in the base policy.
The expanded protections include coverage for damage to premises rented to the mid-size business across a range of perils, as well as automatic additional insured status when required in a written contract or agreement.
In addition, the expanded protections also includes coverage for blanket additional insured agreements for managers or lessors of premises, lessor of leased equipment, mortgagee, assignee or receiver, vendors, state or governmental agency, among others.
Moreover, the protection also includes coverage for extension of bodily injury coverage to include mental anguish.
Chris Fallon, Head of U.S. Mid-Market Product & Analytics, commented: “Unexpected events –an on-site injury, a contract dispute, a costly lawsuit – impact businesses of all sizes. That’s why we are continuously reviewing our coverage to ensure it adequately addresses the constantly evolving risks our mid-size clients are facing.
“By including a broadening endorsement, our mid-size clients can enjoy a more comprehensive insurance package, reducing potential gaps in coverage and enhancing their financial protection against a wider range of risks.”
Meanwhile, AXA XL posted a 4.2 percentage point improvement in its combined ratio in 2023 to 93.2%, as gross written premiums and other revenues rose 7% year-on-year to €53 billion, despite a reduction in the reinsurance arm.
