AXA XL adds tool to help general contractors assess subcontractor default risk post-COVID 19

NEW YORK, June 23, 2020 /PRNewswire/ -- AXA XL's North America Construction insurance business has added an enhanced risk evaluation resource from TradeTapp, a preconstruction solution from Autodesk Construction Cloud's BuildingConnected, to help general contractors assess the impact COVID-19 may have on subcontractor businesses and make informed, data-based selections for project teams.

According to Jason LaMonica, profit center head, Subcontractor Default Insurance business of AXA XL's North America Construction team, "To make informed hiring decisions and minimize the risk of their teams defaulting on a project, general contractors need to be aware of COVID-19's impact on their subcontractors' businesses. Giving our general contractor clients access to TradeTapp's new COVID-19 Impact Questionnaire will enable them to collect insight into a subcontractor's financial and organizational stability and resilience."     

The Covid-19 Impact Questionnaire is a resource from TradeTapp, a qualification tool that helps general contractors select the best teams for their projects by leveraging industry data to assess subcontractor risks.  The solution compiles subcontractor data into detailed, comprehensive profiles that include financial benchmarking, ratio calculations, and maximum exposure recommendations.

"Construction is a team sport and the success of the full team relies on the success of each contributor," said Dustin DeVan, vice president of construction industry strategy, Autodesk Construction Cloud. "Building successful teams and projects requires evaluating each contributor's risks upfront, and the TradeTapp questionnaire can help organizations conduct diligence to gather the insights needed to make informed decisions."

"COVID-19 related challenges such as project delays, supply chain disruptions, and material cost escalations can be consequential for an organization's bottom line and increase risk of defaults," said Cheri Hanes, SDI Risk Engineer on AXA XL's North America Construction business. "By providing access to this impact questionnaire, we're intent on helping our general contractor clients and their subcontractor teams avoid default risks and deliver projects as successfully as possible." 

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SOURCE AXA XL