AXA XL's North America marine insurance business has launched a new policy designed and delivered specifically to address workboat risks.
Image: AXA’s Italian headquarters in Milan. Photo: courtesy of Kokky92/Wikipedia.org.
AXA XL marine chief underwriting officer Anne Marie Elder said: “Our new workboat policy represents the continued extension of our risk appetite and underwriting expertise to address a wider array of marine risks.
“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.”
AXA XL marine hull and liabilities practice leader Steve Clark said: “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.
“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.”
AXA XL marine underwriter in North America Allison Jolls said: “Our new policy offers owners a means to protect these assets as a standalone policy or as part of an integrated marine insurance offering.
“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.
Source: Company Press Release