AXA XL Launches Standalone Insurance for Workboat Risks

AXA XL’s North America marine insurance business has expanded its coverage options for the marine insurance market with a new policy specifically designed and delivered to address workboat risks.

AXA XL’s Workboat policy offers owners workboats standalone hull and liability insurance coverage, in a simplified policy form, and includes:

• Hull Coverage
• Protection and Indemnity (P&I)
• Physical loss or damage to equipment, trailers, sails, machinery, etc.
• Crew Coverage, available on request

According to Anne Marie Elder, AXA XL chief underwriting officer for Marine in the North America, workboats represent many different types and sizes of vessels that are used for a wide range of tasks, from waterway maintenance work, to assisting with launches at a marina to performing dock inspections and a host of other duties.

The new policy is available in a standalone policy or as part of an integrated marine insurance offering.

AXA XL’s Global Marine business provides insurance for clients with special coverage needs for their marine exposures, including inland marine, ocean cargo, blue and brown water hull, P&I, as well as excess and primary marine liabilities. AXA XL provides marine insurance to cover vessels, ports and ship repair yards throughout the world. Risks are written on both a primary and an excess of loss basis.

AXA XL, a division of AXA Group, provides insurance and risk management products and services for mid-sized companies to large multinationals, and reinsurance options to insurance companies globally.