Axa XL, a unit of Axa SA, Monday launched an endorsement to its cyber policies offering coverage to construction companies.
The construction industry’s “growing reliance on various digital tools and data, such as 3D models, project management platforms, AI, Internet of Things devices, and supply chain management software, exposes construction companies to increased cyber risks,” Michelle Chia, Axa XL’s chief underwriting officer, cyber in the Americas, said in a statement.
The endorsement includes coverage for income loss due to not being able to submit a bid because of a cyber breach or system failure, and for contingent bodily injury and property damage claims caused by a breach.
It also offers an expanded definition of network to include building information modeling and other construction-related software, providing coverage for claims or first-party costs resulting from a breach or system failure on such software.
Downstream contractual penalty coverage and drone coverage are also provided.
Limits will vary “depending on the risk,” an Axa XL spokeswoman said in an email.
Typically, a sublimit of $100,000 to $250,000 is available for contingent bodily injury…
