Insurance multinational Chubb has launched its Civil Engineering Completed Risks (CECR) insurance offering in the South African market.
The CECR is aimed at medium-sized and large organisations operating in all areas of infrastructure.
“Given the nature of this type of risk and the higher insured values often amounting to billions of dollars, they tend to require substantial facultative reinsurance in international markets. With the roll-out of CECR to the South African market, we are making available local capacity to assist with the placement of these complex exposures,” says Chubb South Africa tech lines and distribution head Tirelo Tsheoga.
Chubb has a dedicated specialist unit that understands the complexities of the industry, including local and international exposures, and a global network of employees and partners, which means it is well placed to service and deliver multinational programme solutions for South African businesses.
The preferred risk classes under this cover include roads, motorways, railroads, tunnels, bridges and harbours, along with commuter rail systems and subways. Additional risks, such as rolling stock, earth and rock-fill dams, locks, piers, breakwaters and jetties are also included, while additional cover includes accidental damage, riots, strikes, civil commotion and malicious damage.
“The fact that Chubb can provide CECR in South Africa means we are able to offer coverage through the construction period to the fully operational risk – ensuring no gaps for the client."
Policy exclusions include damage or loss caused, or aggravated by, latent or inherent defect, wear and tear, corrosion and erosion, normal settlements, war and/or civil war, terrorism, willful acts or negligence, communicable disease, nuclear and cyber risks, concludes Tsheoga.