Construction Insurance Cover in South Africa

The Construction industry accounts for a major part of the South African economy and as with all industries, things do tend to go wrong sometimes. 

Construction Insurance 
Contractors Insurance: Know what is excluded and what covered
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•  Cover for collapsed crane excluded by a contractor’s equipment exclusion (March 10, 2017)

Civil contractors need Construction Insurance, because they run the risk of building construction running late, or construction workers who lack skills, and many more.

Contractors also run a lot of risk, such as: Erection Risks, being liable for Third Party Contractors, Engineering mishaps, Construction Plant Theft and other Risks, Civil Engineering Completed Risks, Performance guarantee and Bond Loan insurance, to name a few.

It is just as important for the Contractor to consider what is 'excluded' from the Constractors Insurance policy, as it is to know what is indeed 'covered'.

Therefore, it is of great importance that Contractors manage their risks effectively, by partnering with a broker with vast construction experience.

There are a few Insurers offering cover within the specialised area of civil and construction services.

Consider all options and deploy those decisions and products that would offer greatest benefits and risk solutions. These options may be confusing...

In fact, the smartest thing you can do is -- Get a specialist broker to do it for you!
Also, note the following guidelines, tips and considerations applicable to Construction Insurance:
Typical products may include the following - Discuss your specific needs with your Broker:
  • Contractors All Risks (CAR);
  • Retention guarantees;
  • Advance payment surety guarantees;
  • Performance guarantees;
  • Concrete failure insurance;
  • Tool and motor insurance;
  • Ready mix fleet cover;
  • Professional indemnity;
  • Directors and Officers liability;
  • Performance bonds;
  • Loss of profit (if machinery breaks down, as an example).
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 Construction Insurance - Partner with Contractor with experience
Construction Insurance:
Partner with a Broker with vast experience