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Construction projects may qualify as a highly protected project and improve their insurance rates and terms with Axa XL’s North America construction insurance business by using technologies to mitigate project risk, the insurer said in a statement Wednesday.
Commercial property insureds incorporating added risk and safety measures, such as sprinkler systems, are considered a highly protected risk and can earn more favorable insurance rates and terms, according to Gary Kaplan, president of Axa XL’s North America construction insurance business.
“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,” Mr. Kaplan said in the statement.
Examples of such technologies include those that might mitigate water damage; detect unhealthy or unsafe environmental conditions; monitor onsite safety; aid in subcontractor prequalification; and support project scheduling, the statement said.
Any improvements in insurance rates and terms are “done on a risk by risk basis,” according to a spokeswoman.
Construction projects eligible for Axa XL’s HPP status and specialized insurance include those in the health care, commercial office, higher education and manufacturing/processing sectors valued at $200 million or more, the statement said.
Axa XL’s construction risk engineers can assist contractors with sourcing technologies, the statement said.
Axa XL’s North America construction insurance business offers primary and excess casualty, professional liability, builders risk, wrapups, subcontractor default, pollution insurance, and risk engineering services, the statement said.
(Reuters) — The CEO of Axa on Thursday expressed confidence in the French insurer's company-focused XL Group after the business reported a loss in the first half following a spike in COVID-19-related claims.