AXA XL launches insurance for highly protected construction projects
According to Gary Kaplan, president of AXA XL’s North America Construction insurance business, “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. 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.”
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 project must show the 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 is helping 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
To help clients achieve HPP status, AXA XL’s Construction Risk Engineers have curated a variety of construction technologies to help contractors find solutions 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 solutions to provide a comprehensive project risk snapshot.
Bottom Line: Mini trend #1 and #5.