AXA XL launches custom-built insurance for new class of construction business -- Highly Protected Projects
NEW YORK, Sept. 23, 2020 /PRNewswire/ -- AXA XL's North America Construction insurance business is building tailored insurance programs and services for construction projects that qualify as a "Highly Protected Project" (HPP) because of their implementation of technologies designed to reduce project risk.
According to Gary Kaplan, president of AXA XL's North America Construction insurance business, "In commercial property insurance, facilities that incorporate added risk and safety measures, such as sprinkler systems, are considered 'Highly Protected Risk' and can earn more favorable insurance rates and terms. With greater adoption of technology on construction jobsites, we're seeing the same opportunity to extend more competitive insurance coverage and capacity for projects that are taking action to reduce risks."
Construction projects eligible to attain AXA XL's HPP status and specialized insurance include Health Care, Commercial Office, Higher Education and Manufacturing/Processing construction projects valued at USD 200 million or more. The project must show implementation of technology that can as an example:
-- Mitigate water damage: Sensors are available to quickly identify leaks
and wastes in real time, send alerts and automatically shut off the
source of identified leaks.
-- Detect unhealthy or unsafe environmental conditions: Sensors are helping
contractors monitor jobsite conditions and provide real time alerts when
conditions go outside normal range such as temperature, humidity, or
dust/airborne particulate.
-- Monitor onsite safety: Wearable technology is helping contractors
detect falls, report injuries and sound alarms in case of emergency
-- Aid in subcontractor prequalification: Available software helps
contractors review and benchmark subs while providing risk mitigation
recommendations
-- Support project scheduling: Perform analysis on the quality of a project
schedule
To help clients achieve HPP status, AXA XL's Construction Risk Engineers have curated a variety of construction technologies to help contractors find solutions that fit their business needs. Through AXA XL's Construction Ecosystem, contractors and project owners can also access an online platform that connects in-use technology solutions to provide a comprehensive project risk snapshot.
AXA XL's North America Construction insurance business includes dedicated construction underwriters providing primary and excess casualty, professional liability, builders risk, wrap ups, subcontractor default, and pollution insurance. Additionally, AXA XL's North America Construction team provides claims expertise as well as risk engineering services to support our clients' loss prevention and safety efforts.
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ABOUT AXA XL
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. We partner with
those who move the world forward. To
learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property,
casualty, professional, financial
lines and specialty insurance
solutions to mid-sized companies
through to large multinationals
globally. We partner with those who
move the world forward. To learn
more, visit www.axaxl.com
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SOURCE AXA XL
