CIB introduces bespoke insurance for engineering sector

CIB Insurance Solutions is expanding their commercial product line of specialized industry insurance with a product designed to suit the specific needs of businesses operating in the fields of civil engineering, building, mechanical engineering, electronics, chemical engineering, and power generation projects.

"CIB believes in offering brokers and clients products of substance with service to match" says Jonjon Smit, General Sales Manager for CIB, "to do this, CIB distribute products that reflect the needs of the business, which are often specific to the industry within which the business operates". The CIB Engineering policy is divided into three divisions, with each division developed to cover the requirements of different engineering sectors; Contract All Risk, Plant All Risk and Electronic Equipment Insurance. 

Contract All Risk Insurance (CAR) covers insured parties during times of construction and equipment erection. Building projects, civil engineering projects and mechanical engineering projects are covered against theft, unforeseen physical loss and damage caused on the site of the project.  CAR also offers additional cover for Third Party Liability Risks.

Plant All Risk Insurance (PAR) covers the insured against theft and external damage caused to mobile construction plants and machinery while on site. The insured can be underwritten for new replacement value and market value compensation. Compensation from PAR cover in the case of total loss of equipment reimburses the insured for the market value of the equipment lost and in the case of partial equipment damage, will compensate the insured with replacement parts.

Electronic Equipment Insurance (EEI) covers the insured in situations of theft and external damage and breakdown of electronic and computer equipment. EEI also covers the insured for loss of profits as a consequence of non-operational electronic and computer equipment.

CIB's commercial line of insurance products caters for the specific needs of specialised industries. The CIB Engineering product is just one example of how CIB is identifying the needs of specialized industries and delivering products that will be tailored to those needs.