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The North America marine insurance business of Axa XL, a division of Axa SA, has introduced a new contractor's equipment product, the company said in a statement Monday.
The policy spans 33 coverages including the following new additional coverages for which listed limits are per occurrence:
Drones for $1,500; extra expense - $10,000 for contractor's equipment and $5,000 for property that supports your business; improvements, betterments, attachments and upgrades for $25,000; necessary repairs for $1,000; newly acquired covered property - $10,000 for property that supports your business; property while underwater for $10,000; replacement keys and locks for $1,000; rigger's legal liability for $25,000; and void service contract of warranty for $2,500.
The product also automatically includes property that supports businesses for $25,000: computer equipment, media, data, valuable papers, tenant's improvements and betterments, office furniture and supplies and other business personal property, Alexander McGinley, head of underwriting operations, product and strategy, said in the statement.
"Recognizing specialized exposures, AXA XL developed several endorsements that include, but are not limited to, inflation protection, equipment rental and sales, and equipment breakdown," Mike Perrotti, inland practice leader for marine in North America, said in the statement. "We feel equipment breakdown coverage for contractor's equipment is an underserved need in the market."
Coverage is not available in all jurisdictions as of April 2019, the statement said.
Bermuda-based insurer and reinsurer Axa XL is using artificial intelligence to evaluate property risks and reduce time spent in risk assessment, improve underwriting and provide quick quotes, The Royal Gazette reported. AXA XL Risk Consulting has partnered with Italian software company Expert System S.p.A. to automate its risk review procedure.