Property Development and Engineering Insurance Solutions
We give advice and facilitate the placement of Construction and Engineering Insurance and Construction related Guarantees.
Contractors All Risk & Public Liability
- Covers building, civil and mechanical engineering projects against risks during constructions or erection e.g. flooding, fire or explosion and theft
- This cover also included Third Party Liability risks
- Loss of profits as a consequence of a delay in projects start-up
- This cover also included Third Party Liability risks
- Loss of profits as a consequence of a delay in projects start-up
Erection All Risk
- Covers mechanical engineering projects against risks during erection e.g. flooding, fire, impact, theft
Plant All Risk
- Covers primary mobile construction plant and machinery against risk of external damage. E.g. accidents on site and theft
Machinery Breakdown
- Machinery breakdown insurance provides cover for sudden and unforeseen physical damage to machinery at the insured’s premises whilst in operation, at rest, or during maintenance
- Loss Profits as a consequence of machine’s downtime can also be covered
- Loss Profits as a consequence of machine’s downtime can also be covered
Electronic Equipment Insurance
- Cover Electronic/computer equipment against risks of external damage (e.g. dropping, impact, breakdown and theft.)
- Loss of Profits as a consequence of machinery’s downtime can be covered
- Loss of Profits as a consequence of machinery’s downtime can be covered
Civil Engineering Completed Risks
- Covers civil engineering projects against natural hazards after construction is completed
- Loss of Profits as a consequence of the damage can be covered
- Loss of Profits as a consequence of the damage can be covered
Construction Related Guarantees
Bid Bonds/Securities
A written guarantee submitted to the principal (Employer by a contractor with his bid. A bid ensures that on acceptance of a bid by the Employer, the Contractor will proceed with the contract and will replace the bid bond with a performance bond
Advanced Payment Guarantees
Are issued on behalf of the Contractor to the Employer where a percentage of the contract value (generally up to 50% of the total contract value) is actually paid upfront by the Employer to the Contractor to assist with start-up costs and site occupation and once again provides the Employer with cover should there be a default on the part of the Contractor and funds cannot be recovered. These can only be issued providing that the Performance Guarantee has already been issued for the particular project and cannot be issued as a stand-alone guarantee
Performance Guarantees
Are issued on behalf of the Contractor to the Employer in Lieu of the Employer withholding any funds from the Contractor’s payments and thus provides Contractor with additional cash flow and working capital.
Retention Guarantees
Are issued on behalf of the Contractor to the Employer in Lieu of the Employer withholding any funds from the Contractor’s payments and thus provides Contractor with additional cash flow and working capital.
Material On/Off Site Guarantees
Are issued to the Employer where the Employer has advanced funds to the Contractor for the purchase of materials required for a specific project, again giving the Employer comfortGuarantees ownership to the employer where the contractor fails to build the materials into the contract works
Customs and Excise Bonds
Guarantee that the contractor shall re-import plant and equipment used for neighbor state contract.