AXA XL launches standalone workboat insurance in North America

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Oct 11, 2018, 13:27 ET

NEW YORK, Oct. 11, 2018 /PRNewswire/ -- AXA XL's North America marine insurance business is expanding its reach in the marine insurance market with a new policy specifically designed and delivered to address workboat risks.

"Our new workboat policy represents the continued extension of our risk appetite and underwriting expertise to address a wider array of marine risks," said Anne Marie Elder, AXA XL Chief Underwriting Officer for Marine in the North America. "Workboats represent many different types and sizes of vessels that are used for a wide range of tasks, from waterway maintenance work, to assisting with launches at a marina to performing dock inspections and a host of other duties."

"While these boats may be smaller in stature than the larger vessels that we insure, they still carry many of the same exposures, including the risk of liability issues or hull damage from an accident or natural catastrophe," explained Steve Clark, Hull and Liabilities Practice Leader for Marine in North America. "Workboats are an essential part of marine operations. Marine businesses of all size can now leverage our in-house underwriting expertise to make sure their workboats are as protected as other aspects of their operations."

"Our new policy offers owners a means to protect these assets as a standalone policy or as part of an integrated marine insurance offering," stated Allison Jolls, Marine Underwriter in North America. "Plus we've crafted the new simplified policy form with easy-to-understand wording.

AXA XL's Workboat policy offers owners workboats standalone hull and liability insurance coverage, in a simplified policy form, and includes:

Hull Coverage
Protection and Indemnity (P&I)
Physical loss or damage to equipment, trailers, sails, machinery, etc.
Crew Coverage, available on request

AXA XL's Global Marine business provides insurance for clients with special coverage needs for their marine exposures, including Inland Marine, Ocean Cargo, Blue and Brown Water Hull, P&I, as well as Excess and Primary Marine Liabilities. AXA XL provides marine insurance to cover vessels, ports and ship repair yards throughout the world. Risks are written on both a primary and an excess of loss basis.

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About AXA XL^¹AXA XL¹provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

About AXA XL¹ Insurance
AXA XL¹ Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

¹AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting. The integration project related to the activities of AXA Corporate Solutions, AXA Matrix, AXA Art and XL Catlin will be subject to legal and social validations prior to its implementation.

SOURCE AXA XL