Engineering Insurance is a complex and highly specialized field, with unique problems and characteristics. Policies and cover range from building a domestic dwelling to multi million rand contracts such as the construction of Sandton City or a complex bridge interchange. These policies protect the client and / or contractor against loss or damage to the structure and any liabilities as a result of the work being carried out.
Over and above the insuring of the works and liability risks for such contracts, our Engineering Insurance Division also offers a very wide base of other related products as follows;
Contract and Liability Insurance – both specific and annual
Engineering Project Insurance
Advanced Loss of Profits
Contractors Plant and Equipment All Risks Insurance – covering both their own assets and Hired-In plant at risk
Machinery Breakdown Insurance – which can be extended to cover Loss of Profits and Deterioration of Stock following an insured breakdown
Transit and Erection All Risks Insurance
Performance, Retention and other Guarantees
Excess Buy Downs
We are also able to cover contracts and work outside our borders in countries such as Zambia, Mozambique, Angola, DRC and other states north. Working in these areas comes with additional risks and we can assist in protecting you against the following potential problems as well:
Medical and Evacuation cover
Kidnap and Ransom
Political Risks – including Confiscation and Seizure of Assets
We can arrange insurance for all of the above through our partners in the London and Lloyd’s markets.
At Compendium we offer a highly flexible insurance policy for businesses. Our mission is to provide specialised, innovative and affordable financial solutions to select market segments, including individuals and businesses ranging from small enterprises to large corporations.
If you’d like to find out more about us, visit our webpage at www.cig.co.za, or contact one of our brokers on: 031 242 6800