AXA XL's North America Construction insurance business is building tailored insurance programmes and services for construction projects it classifies as Highly Protected Projects (HPP).
HPPs incorporate technologies to reduce project risk, such as sprinkler systems or sensors that detect water damage or analyse onsite safety conditions.
Construction projects eligible to attain AXA XL's HPP status and specialised insurance include healthcare, commercial office, higher education and manufacturing/ processing construction projects valued at $200 million or more. The project must show implementation of technology that can as an example:
AXA XL's construction risk engineers have curated a variety of construction technologies to help contractors find solutions that fit their business needs and achieve HPP status.
Gary Kaplan, president of AXA XL's North America construction insurance business, said: "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."
AXA XL, Gary Kaplan, Construction