AXA XL Expands Construction Offering to ‘Highly Protected Projects’

AXA XL’s North America Construction insurance business has expanded its insurance programs and services for construction projects to include customized coverage for risks that qualify as a “Highly Protected Project” (HPP) because of their implementation of technologies designed to reduce project risk.

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 $200 million or more.

The projects 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 that helps 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.

“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,” said 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.”

To help clients achieve HPP status, AXA XL’s Construction Risk Engineers have curated a variety of construction technologies to help contractors find options 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 platforms 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 and risk engineering services to support clients’ loss prevention and safety efforts.

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.