AXA XL’s North American marine insurance business is expanding its offering with a new contractor’s equipment product.
The company says the move is a representation of the way in which industries are constantly adopting new technologies to help with their work, like drones.
Mike Perrotti, inland marine practice leader for marine in North America, explained: “Contractor’s need a wider variety of equipment to get the job done than before, drones are now commonplace.”
He added: “Equipment is increasingly specialized, requiring warranties. Computers are used for project management, even though job site plans might still be on paper. Viruses that can corrupt valuable computer data are seemingly lurking around every corner. Equipment is constantly being updated or improved. Even a small covered loss means downtime a contractor cannot afford.”
AXA XL’s contractor’s equipment product includes 33 additional coverages, one of which includes drones for $1,500.
Anne Marie Elder, AXA XL’s chief underwriting officer for Marine in North America, said: “Our new product represents the expansion of our risk appetite and underwriting expertise.”
She concluded: “The construction industry continues to develop new solutions for the challenges it faces, and so too must the insurance industry.”