We believe businesses deserve cover that connects. That’s why we have industry specialists in underwriting, risk engineering and claims who can see the big picture. They understand the risks across your sector and connect different types of cover and services together to match your businesses’ needs. It means less chance of policy gaps and overlap, because everything joins up – like it should. Chubb Industry Practices is all about providing tailored, specialist insurance solutions with capabilities and products that evolve to meet the changing risks of each industry.
MARINE INSURANCE
Specialist marine insurance protection for the Construction sector
Where a contractor is responsible for the transport of goods and materials the principal or lender will require sufficient protection to be in place for items critical to the project, including for delay. We can provide cover for Project Cargo and Delay in Start-up (referred to as DSU).
RISK SCENARIOS
Project Owners, Contractors, Builders, Manufacturers and Suppliers responsible for transporting equipment and materials to the project site.
PRODUCTS AND SERVICES
PRODUCTS AND SERVICES
Project Cargo
Insurance cover for loss or damage to items during transportation from the point of origin to the project site. We can provide up to £75m limit per conveyance.
Protection against loss of income, costs, and expenses due to a delay to the project caused by a Project Cargo loss. It can only be bought in conjunction with Project Cargo. We can provide up to GBP 150m limit for both Project Cargo and DSU combined.
Marine Risk Engineering
Our Marine Risk Engineers review and advise on critical items, survey requirements, method statements and technical documents as well as arrange load/stow and discharge surveys where needed.
Every project has a schedule commercial operation date (SCOD). In the event of loss or damage to project cargo it will need to be replaced, reshipped, installed, and tested in sufficient time to facilitate completion by the SCOD. In addition to the replacement cost, any delay beyond the SCOD will result in loss of income to the principal. As a result, where a contractor is responsible for the transport of goods and materials the principal or lender will require sufficient protection to be in place for items critical to the project, including for delay.
A description of goods and any project critical items, details of how it is being packed and shipped, origin location and destination, estimated lead time to replace goods, and the scheduled commercial operation date (SCOD). For project critical items a survey may be required.
WHY CHUBB?
WHY CHUBB?
We understand construction – and care about your company
Global reach, local expertise – for everyone Whether your business is big or small, takes you around the world or just around town, Chubb is here for you. Our breadth of experience in construction business insurance means we can provide the guidance and service you need, whenever you need it, wherever you may be.
Partnership that’s personal Insurance isn’t one-size-fits-all – and neither is our approach. Our playbook is always evolving because we’re always helping clients avoid risk in smarter ways. That means we bring the latest thinking and a fresh perspective to solving your challenges.
Creative problem-solving Insurance isn’t one-size-fits-all – and neither is our approach. Our playbook is always evolving because we’re always helping clients avoid risk in smarter ways. That means we bring the latest thinking and a fresh perspective to solving your challenges.
Expertise and financial strength We’ve served clients and partnered with leading organisations for more than 200 years. Our longevity, expertise, and financial strength are the bedrock of our business.
