18 February 2021 – Global insurance company Chubb has launched its Civil Engineering Completed Risks (CECR) insurance offering to the South African market. CECR is aimed at medium to larger organisations operating in all areas of infrastructure.
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.
Tirelo Tsheoga, Head of Tech Lines & Distribution at Chubb South Africa, said: “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 rollout of CECR to the South African market, we are making available local capacity to assist with the placement of these complex exposures.”
Standard CECR insurance includes cover for fire and allied perils, flood, earthquake, theft, accidental damage, storm, and other catastrophic events with the capacity to write significant risks.
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.
“The fact that Chubb can provide CECR means we are now able to offer coverage through the construction period to the fully operational risk – ensuring no gaps for the client. Additional cover includes accidental damage, riots, strikes, civil commotion and malicious damage. With a dedicated specialist unit that understands the complexities of the industry, including local and international exposures, plus a global network of employees and partners, Chubb is well placed to service and deliver multinational programme solutions for South African businesses,” says Tsheoga.