AXA XL launches custom-built insurance for new class of construction business — Highly Protected Projects
NEW YORK, Sept. 23, 2020 /PRNewswire/ — AXA XL’s North AmericaConstruction insurance business is building tailored insurance programs and services for construction projects that qualify as a “Highly Protected Project” (HPP) because of their implementation of technologies designed to reduce project risk.
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 USD 200 million or more. The project