What is engineering insurance?
What is engineering insurance?
Times have changed, businesses are evolving more rapidly and industries are becoming more responsive to market dynamics including global forces, risks and opportunities. South Africa’s construction and engineering sector is certainly not exempt and it would seem that history has taught stakeholders to be increasingly astute when it comes to risk management. Nowadays it’s no longer only a question of, “What is engineering insurance?” The more relevant questions being asked are, “What type of insurance coveris ideal in specific circumstances or for a specific project?” And, “Which service provider has the knowledge and expertise to ensure sound, quality underwriting?”
Defining Engineering Insurance
The engineering industry is significant for several reasons. Apart from being a highly specialised sector, it remains a significant economic contributor despite fluctuations, challenges and slowdowns that have impacted it in recent years. From a risk mitigation point of view, it is important to note that there are various risk and liability concerns that are specific to it. It therefore follows that an effective engineering insurance solution (and the engineering insurance cost) will hinge on tailored products that are business or project and industry specific.
In a nutshell, engineering insurance refers to essential cover which affords economic safeguard against risks encountered during contract implementation and execution. This includes different types of risk exposure in the course of construction project rollouts, installation projects as well as that affecting machines and equipment.
Consort Technical Underwriters
Consort Technical Underwriting Managers (Pty) Ltd was founded in 1999 and has earned a coveted reputation in the marketplace through ongoing ethical business practice and a commitment to cutting-edge underwriting services. It is a family business established on the backdrop of three generations of specialised expertise in engineering insurance. The niche` focus of the organisation stems from a sincere passion for the services provided in the knowledge that various construction and engineering projects ultimately contribute towards the development of our rainbow nation.
The company is therefore strategically poised to service brokers and intermediaries both locally and internationally in respect of specific insurance services. The client-centric approach and acute services, targeted at engineering and construction end-users of tailored insurance products, allow insurers to confidently and synergistically align with Consort.
Consort is able to provide robust underwriting services in its field and has fine tuned central administrative systems to service various insurance partners in SA and abroad. This in turn enables them to meet the evolving and ever-pressing needs of their clientele. Various projects where the insurance underwriting facet is managed and supported by Consort’s qualified and dedicated personnel (Technical and Administrative) have distinctive developmental and socio-economic threads. These include projects relating to stadia construction, such as the Moses Mabida in KZN, various mining operations countrywide, other forms of industrial development initiatives as well as commercial buildings to mention a few.
Consort underwrites for a variety of engineering and construction related insurance types and risks associated with the following products:
- Contractors All Risks Insurance
- Public Liability Insurance
- Plant All Risks Insurance
- Electronic Equipment Insurance
- Machinery Breakdown Insurance
- Deterioration of Stock Insurance
- Business Interruption Insurance
Unpacking CAR | EAR – Contractors All Risks | Erection All Risks Insurance
The success of construction projects hinge on effective planning and meticulous execution. This is a factor of variables such as budgets, limited or agreed resources and other specified parameters such as project completion milestones and deadlines. From day one there are a range of risks, dangers and potential impediments that have to be considered in terms of industry best practices as well as full H&S compliance. Failure to effectively mitigate these risks can severely prejudice contractors, engineers and their projects. This is turn can be a costly affair in time and financial resources. This is why it is crucial to clearly understand the needs of each client, their projects and markets in order to make the best recommendations of cover and therefore avert avoidable losses.
CAR / EAR insurance comprehensively cover all forms of building and civil engineering construction. This includes, to name a few:
- Residential housing developments – from standalone homes to expansive estates
- Commercial developments, including office blocks, warehouses and shopping centres
- Civil infrastructure, from roads, to dams, sewerage reticulation and pipelines
CAR / EAR cover indemnifies the insured against dangers that may threaten the afore-mentioned types of projects while under construction. All risk polices cater for the following threats or potential hazards:
- Flood, Rain Storm, Water
- Subsidence, Landslip
- Accidental Damage
Partner with the Best | Contact Us
If you are wondering what engineering insurance underwriting from a specialist like us is going to do for your business and project, then find out more on the benefits here. Brokers, intermediaries, or organisations looking for tailor-made insurance solutions can simply contact us. We partner with some of the leading insurers in the field and our knowledge on underwriting for the engineering and construction sectors, make us a specialist you can truly depend on.