Axa XL launches commercial umbrella program

by Matthew Lerner

XL’s global risk management and North America excess casualty business units now offer Multipass, aimed at helping U.S.-domiciled multinational businesses efficiently address their tax/compliance regulations and contractual obligations, Axa XL, a division of Axa SA, said in a statement Thursday.

The coverage combines an international controlled master program with an umbrella liability policy to create a global admitted commercial umbrella program and extends the international primary general liability policy limit to meet a customer’s requirements in a specific country or countries.

The capacity for the umbrella policy is $10 million and the capacity for multinational exposures is typically $5 million, with higher limits available on a case-by-case basis, according to an email from a spokeswoman.

The policy is written on local admitted paper for the country where requested, the statement said.

Multipass allows organizations to comply with requirements to evidence admitted local general liability coverage above the primary liability limits under the global admitted commercial umbrella program, according to Stefan Homberger, global risk management head of multinational casualty.