AXA Coronavirus update – 30th March 2020

Posted on: March 30th, 2020

AXA Coronavirus Update

The spread of the COVID-19 virus and its effects on the insurance sector has made it clear that there is a growing need for increased communication between insurers and brokers.

AXA XL have written a report addressing issues that have already been raised by brokers; here are some of their basic points:

Underwriting

Unoccupied premises, due to COVID-19 restrictions

The standard AXA policies would define a building as unoccupied if empty, or not being fully utilised for business purposes, for a period in excess of 30 days (please check policy wording for full details).

In response to the current situation we’ve extended this period to a minimum of 60 days for premises that have become unoccupied due to COVID-19 restrictions. This means a client will not have to inform us that the premises are unoccupied or be subject to any of the policy requirements in respect of unoccupied buildings.

At the end of that period the client must inform us if the premises are empty and we’ll work with them to manage the unoccupancy in the most suitable way.

These guidelines override any existing policy condition and apply to any premises that are temporarily closed or mothballed due to restrictions on business or working practices resulting from COVID-19 and will be in force until 30th June 2020.

Business Resilience

Non-Essential Retail Premises

All activities must only be taken in line with the current guidance issued by HM Government.

During the current crisis all non-essential retail premises are required to close for some weeks.

Hospitality Guidance

All activities must only be taken in line with the current guidance issued by HM Government.

It is likely that all Hotels/Hospitality/Restaurants/Leisure sites, if not already closed, will be shutting down due to changing restrictions. Please see the full document for guidance to follow in the event of a complete shutdown being implemented.

Construction Sites/Contracts Guidance

All activities must only be taken in line with the current guidance issued by HM Government.

It is likely that all Construction sites, if not already closed, will be shutting down due to changing restrictions on travel. Please see the full document for guidance to follow to make construction sites safe in the event of a complete shutdown being implemented.

Lone Working

All activities must only be taken in line with the current guidance issued by HM Government.

Lone working and checking of vacant premises must not currently be undertaken in accordance with current Government Policy and Emergency Guidance which prohibits travel to places of work for all but essential workers.

Premises still operating

If the premises are considered critical, and are still operational but with reduced employees with social distancing, it is important to consider the following points:

  • Unattended Processes
  • Hot Work
  • Maintenance
  • Adjustments to maintenance or servicing
  • Tenants

Warranties and Policy Conditions – Inability of clients to comply
due to COVID-19

Risk Management and Business Resilience Advice

AXA has an unrivalled team of 50 Business Resilience experts with a range of backgrounds including specialists in Sprinkler Installations, Health and Safety, Building Security and Motor Risk Management. This team continue to be available to AXA underwriters, brokers and customers to offer advice, support and potential solutions to many of the issues that are likely to arise as we all adapt our business models to cope with this highly unusual situation.

Claims

Service & supplier update

We have set up employees to work from home, with full claims system and telephone access and increased flexible working.

Supplier Management

We’re continuing to work working closely with all our suppliers, including Loss Adjusters to understand any impact on service.

Business Support

Legal guidance from rradar

As you will appreciate, the guidance from Government is constantly being updated. It’s therefore imperative that for COVID-19 business support we provide you with the latest information available. Working with rradar we have created a portal which is constantly refreshed by the rradar legal team.

Simply log in to register your details to access the latest information that is updated in real time by rradar’s expert legal teams as guidance and advice changes link.rradar.com/corona

Employment and HR guidance during the Coronavirus outbreak

On Thursday, rradar and AXA hosted a webinar for 500 brokers to discuss many of the legal and HR elements of keeping your business and your people safe.

This is essential viewing for business owners and directors who need to deal with a huge amount of uncertainty around newly encountered office and staff questions.

To view the webinar visit link.

AXA Insurance – Premium Payments & Credit Facilities – COVID-19

We understand that for our brokers and policyholders the ongoing impacts of COVID-19 will be generating questions on premium payments and credit facilities. The guidance on our position will help you provide the clarity you require to your team and your clients and outlines the support that AXA is providing. Please see the full document for more details.

Operations

Maintaining stability

We’ve responded to Government advice by introducing changes to protect our employees and maintain customer service across key UK locations. We’ve a resilient platform and operational structure that has been tested to capacity and allows us to receive and process broker requests and submissions as normal.

If you would like more information or to be sent the full document, please contact John Wakefield: jw@anthonywakefield.com or Andy Cole: ac@anthonywakefield.com