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.”

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.  As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: chubb.com/za