In commercial property insurance, facilities that incorporate added safety and risk avoidance measures, such as sprinkler systems, are considered a ‘Highly Protected Risk’ and can earn more favorable insurance rates and terms. With a greater adoption of technology on construction jobsites, the opportunity exists to extend more competitive insurance coverage and capacity for projects that are taking action to reduce risks.

AXA XL‘s North America Construction insurance business is building tailored insurance programs and services for construction projects that qualify as a HPP (highly protected project) because of their implementation of technologies designed to reduce project risk. Projects eligible to attain HPP status and specialized insurance include Healthcare, commercial office, higher education, and manufacturing/processing construction projects valued at $200 million or more. The project must show implementation of technology that mitigate risks on the site and throughout the project.

Some applications are:

• Mitigate water damage: Sensors are available to quickly identify leaks and wastes in realtime, send alerts, and automatically shut off the source of identified leaks.
• Detect unhealthy or unsafe environmental conditions: Sensors are helping contractors monitor jobsite conditions and provide realtime alerts when conditions go outside normal range such as temperature, humidity, or dust/airborne particulate.
• Monitor onsite safety: Wearable technology is helping contractors detect falls, report injuries and sound alarms in case of emergency
• Aid in subcontractor prequalification: Available software helps contractors review and benchmark subs while providing risk mitigation recommendations
• Support project scheduling: Perform analysis on the quality of a project schedule

To help clients achieve HPP status, AXA XL’s Construction Risk Engineers have curated a variety of construction technologies to help contractors find solutions that fit their business needs. Through AXA XL’s Construction Ecosystem, contractors and project owners can also access an online platform that connects in-use technology solutions to provide a comprehensive project risk snapshot.

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