NIP Group and AXA XL Announce New Green Endorsements for its Contractors and Growers specialized insurance programs

WOODBRIDGE, N.J., June 1, 2023 /PRNewswire/ -- NIP Group, a specialized business insurance and risk management intermediary, and AXA XL's North America (NA) Programs today announced two new green endorsements available as part of their specialized insurance programs for contractors and growers.

As part of both companies' commitments to sustainability and incorporating ESG into their business models, the new endorsements will encourage customers to switch to hybrid or electric options in the event of a total loss.

Studies show that over the entire lifecycle of a vehicle, plug-in hybrid, and battery EV engines produce greenhouse gas emissions that are anywhere from 36-82% less than traditional gasoline engines.¹ With one endorsement for auto policies and one for inland marine, if there is a total loss on a work vehicle or covered piece of equipment, the policyholder will get a 20% increase in value for equipment or a 10% increase in value for vehicles if they replace with electric or hybrid options.

"We highly value our partnership with AXA XL and are thrilled to announce this initiative. Helping our customers transition to a safer and cleaner environment is a priority for both companies," explained Thomas Doherty, SVP of Specialty Programs for NIP Group. "This is especially valuable to businesses in California, where they're moving towards 100% of new cars and light trucks sold in the state being zero-emission vehicles."

Scott Young, Vice President/NA Programs with AXA XL, added, "The NA Programs Team is actively working to achieve AXA XL's climate goals. We are embedding climate and sustainability by participating in the execution of specific climate and 'green' business strategies as they are developed and rolled out throughout the year."

These endorsements are currently complimentary on eligible policies.

About NIP Group

NIP Group is a market-leading specialty insurance program manager offering unique commercial insurance solutions and risk services for niche industries for more than 30 years. Working with more than 5,500 broker partners, we help clients gain control over their costs, secure customized coverage, and create safer work environments. Learn more about our wide range of brokerage, underwriting, and risk management services at NIPGroup.com.

About AXA XL

AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit axaxl.com.

Source:

¹ https://electricautonomy.ca/2021/07/26/gas-vs-ev-lifetime-emissions-icct/

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SOURCE AXA XL