The new broadening endorsement encompasses over two dozen expanded protections to provide comprehensive coverage.
The XL Plus endorsement significantly enhances coverage depth and breadth, extending protections beyond those included in the base policy. Some of the expanded protections include:
- Coverage for damage to premises rented to the mid-size business across various perils.
- Automatic Additional Insured status in compliance with written contracts or agreements.
- Blanket Additional Insured agreements for Managers or Lessors of Premises, Lessor of Leased Equipment, Mortgagee, Assignee or Receiver, vendors, state or governmental agencies, among others.
- Extension of bodily injury coverage to include mental anguish.
AXA XL’s Mid-Market team is actively expanding the company’s targeted offerings for mid-market clients in the US. Currently, the team underwrites private equity and general industry insurance business while also establishing a dedicated underwriting team to cater to the insurance needs of mid-size construction businesses.
Speaking about the launch, Chris Fallon, Head of U.S. Mid-Market Product & Analytics, said: “Unexpected events –an on-site injury, a contract dispute, a costly lawsuit – impact businesses of all sizes. That’s why we are continuously reviewing our coverage to ensure it adequately addresses the constantly evolving risks our mid-size clients are facing.”
He added: “By including a broadening endorsement, our mid-size clients can enjoy a more comprehensive insurance package, reducing potential gaps in coverage and enhancing their financial protection against a wider range of risks.”
