Victor Insurance, a managing general underwriter in collaboration with HSB, a multi-line specialty insurer and part of the reinsurance giant Munich Re, have launched a new offering, Contractors All Risks (CAR) Insurance in the UK, targeting contractors and subcontractors with up to £20 million in annual revenue.
Victor’s CAR insurance offers policy maximums of up to £10 million per construction project.
The policy is designed primarily as a contract works insurance offering for contractors, and includes defined coverage for defective design, BIM licensing and BREEAM certification, technology-based monitoring and modelling tools, remote-controlled equipment, and additive manufacturing, solidification loss or damage, according to the pair.
Rob Aston, Head of Construction, Victor Insurance UK, commented, “Contractors today face a range of emerging risks related to sustainable building standards and advanced technology integration, such as the use of AI and drones in construction settings.
“With this Victor CAR solution, brokers have access to specialised underwriting and industry expertise along with a comprehensive solution that specifically addresses these risks for their SME clients in the construction industry.”
Simon Parrish, Chief Underwriting Officer, added, “Helping clients in highly specialised industries navigate increasingly complex risk environments is core to Victor’s mission.
“We’re excited about our new CAR proposition and, backed by HSB and their construction industry pedigree, we look forward to delivering innovative underwriting solutions for brokers and their construction clients.”
