FANews
FANews
RELATED CATEGORIES

Chubb announces new annual Contractors All Risk cover for South Africa

29 April 2020 Chubb Insurance South Africa
Tirelo Tsheoga, Head of Tech Lines & Distribution in Sub-Saharan Africa at Chubb

Tirelo Tsheoga, Head of Tech Lines & Distribution in Sub-Saharan Africa at Chubb

Chubb Insurance South Africa today announced the release of its specialist annual Contractors All Risk (CAR) insurance product to the South African market.

Chubb's annual CAR product has been available for some time in other jurisdictions around the world and has now been launched in the South African market.

The annual CAR policy provides cover for all contractor contracts over a specified period, which usually spans 12 months. This differs from single project CAR insurance, which only covers one specific project from start to completion.

Tirelo Tsheoga, Head of Tech Lines & Distribution in sub-Saharan Africa, Chubb, said:

"Chubb's annual Contractors All Risk and Erection All Risk policies are designed to cover the material-damage risks associated with contractor activities across construction projects of all kinds, whether big or small. These insurance policies provide cover for contract works against all risks except where specifically excluded and can be extended to include additional cover for own plant, hired-in plant and employee tools.”

Contract works covered include permanent works, as well as unfixed materials and temporary works, such as scaffolding and access roads, that are located on-site anywhere in the territorial limit stated in the schedule.

The policy has been designed for businesses and individuals who work on various projects throughout the year, such as real estate investors that have a schedule of assets they need to maintain or expand, as well as contractors who specialise in specific fields of the segment, such as:

• General builders
• Housebuilders
• Civil engineering groundworks
• Mechanical and electrical contractors
• Shopfitters/fit-out contractors
• Specialist installation contractors
• Process engineers

Tsheoga said:

“The South African market is the primary focus for Chubb South Africa’s new annual CAR cover, but it is also available to the rest of Africa. Chubb is a global leader with regards to Multinational Capability and we aim to support our clients wherever possible and provide cover where contractors are expanding their operations outside of South Africa. With our international network of offices and affiliates, we can ensure that cover is placed efficiently and is legally compliant in local jurisdictions.”

 

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now