AXA XL Contractors All Risks Target Market Statement

This document is a Target Market Statement for the AXA XL Contractors All Risks insurance product. It outlines the identified target market and distribution strategy for this commercial lines general insurance product, which is suitable for contractors and small to medium-sized enterprises. The product is designed for private individuals undertaking home renovations, self-builders, homeowners extending their properties, small developers, and small-medium sized building contractors. It is not appropriate for large corporations or individuals not undertaking works on their homes. The document details the customer needs met by this product, including coverage for material damage, third-party liability, and structural warranties, while also listing notable exclusions. Additionally, it describes the distribution methods and emphasizes the importance of ensuring fair value for customers. The governance process for product design and review is also mentioned, ensuring compliance with FCA regulations and addressing the needs of vulnerable customers.