AXA XL added a new benefit to its North American construction insurance to help general contractors make informed decisions about COVID-19. Hiscox partnered with an InsurTech to give short-term liability insurance coverage options to some of its clients.
AXA XL’s North America Construction insurance business added an enhanced risk evaluation resource to help general contractors assess the impact COVID-19 could have on subcontractor business and make informed, data-based selections for project teams.
The new benefit comes from TradeTapp, a preconstruction product from Autodesk Construction Cloud’s BuildingConnected.
Specifically, clients will gain access to TradeTapp’s COVID-19 Impact Questionnaire. It compiles subcontractor data into detailed, comprehensive profiles that include financial benchmarking, ratio calculations, and maximum exposure recommendations.
Hiscox, a Bermuda-based global specialist insurer, has partnered with Thimble, a short-term liability insurance provider for small businesses, to offer coverage available by the hour, day or month.
The partnership will allow Hiscox to give businesses flexibility, with customers having control of their policy via Thimble’s insurance app that allows them to modify their coverage based on a project’s needs, add additional insureds or pause coverage as necessary.
The Hiscox short-term general liability insurance coverage offers protection against claims by someone else that allege bodily injury or property damage. Short-term professional liability coverage (or E&O insurance) offers protection against claims alleging negligence.
The on-demand insurance coverage is available with an ACORD certificate online. Insureds can also change their limits, add an insured, and more.
Source: AXA XL, Hiscox