Chubb Technical lines
Companies today are looking for an insurer who can cater for their whole range of technical or engineering insurance requirements. These broad and varied needs include everything from: The construction or erection of commercial, private or industrial properties Civil construction projects or machinery installation contracts Traditional boiler and machinery breakdown All risks covers for operational power risks, including renewable and alternative energy, contractors plant equipment and computer all risk covers Chubb s underwriters work with companies across the many sectors of industry and business, and help design bespoke insurance products for brokers and their clients. We have a team of specialist engineers who provide invaluable risk advice to clients and brokers and dedicated claims team who are widely recognised as being the best in the business.
Construction All Risks & Erection All Risks cover We can provide full seamless cover from the construction phase through to a fully operational power plant At Chubb we recognise the often complex contractual nature of the construction business. We provide tailored construction insurance products, drawing on our long-standing expertise, to assist our clients and their brokers in meeting their specific needs. In adopting this flexible approach, we provide wide protection to the construction parties contractually involved on both an annual and a single project basis. Whether the construction parties are principal owners; managing or main contractors; sub-contractors; manufacturers and/or suppliers; banks and/or other financial institutions, they can all be protected. We combine the incidental primary third party liability cover available on a Construction or Erection All Risks policy with our wealth of expertise in the construction field, and our marketleading capabilities in property and casualty insurance. We are also able to provide seamless cover from the construction phase through to, and including, the fully operational risk in respect of power generation construction. This helps to avoid gaps in cover and is a concept that appeals to clients and investors alike as it aligns with project finance thinking. As a global insurance company, we not only offer award-winning services to clients and brokers within the UK and Ireland but also to annual covers and projects overseas. 1
As a global insurance company, we offer our market leading construction services to clients and brokers within the UK and Ireland as well as annual covers and projects overseas. 2
Construction All Risks (CAR) This being on either an annual or specific project basis for principal owners or contractors alike, where the greatest exposures lie during the course of build and construction activities. Our construction abilities are geared for building work all risks insurance protection for both commercial and domestic construction as well as heavy civil engineering works. Erection All Risks (EAR) This being on either an annual or specific project basis during the course of erection or construction. Often the the greatest exposures lie with plant, machinery and equipment and its explosion or mechanical breakdown during testing and commissioning of plant. Our Erection All Risks strategy is to insure all the major industry segments, especially power generation, whether it is in respect of traditional thermal energy, from onshore renewable or alternative energy sources. In addition, we insure the installation of general manufacturing machinery and production lines such as print works, food processing and bottling plants. Advance Loss of Profits - Project specific The growth of build and operate schemes, and private financing or funding, has also increased the requirement to insure Advanced Loss of Profits (ALOP) or Delay in Start Up (DSU) for principal owners and finance parties such a banks or other lenders. Chubb provides indemnity against loss of anticipated revenue through delay in completion of the project due to an indemnifiable claim under the project CAR or EAR section of the policy. Third Party Liability (TPL) In addition to our Construction and Erection All Risks offering, Chubb Technical Lines policies can also offer primary Third Party Liability cover (TPL) or up to 1,000,000 for each and every occurrence in connection with our clients construction activities. Excess of loss Third Party Liability is also available at Chubb via our Casualty Department. This is also true for heavy industries such as iron and steel production and processing plants, mining/ mineral processing and large onshore oil, gas and petrochemical installations.
Overseas risks The ever expanding global construction and engineering market provides a wide range of opportunities for UK based contractors to work in overseas territories. Chubb has operations in 29 countries across Europe, the Middle East and Africa. Our strong global presence, helps clients manage strong presence, helping clients manage their risks anywhere in the world. We are able to offer seamless solutions to our customers which includes agreeing coverage, issuing policies and adjusting claims around the world, all in accordance with legislative conditions and agreed service standards. The Chubb Group is rated consistently amongst the highest for financial strength: AA from Standard & Poor s and A++ from A.M. Best.
All risks operational power including renewable and alternative energy & business interruption All Risks of operational material damage insurance can be provided on a stand-alone basis or in connection with other package policies from Chubb. This includes boiler and machinery breakdown and associated business interruption insurance for operational power generation plants and facilities. Our policy covers all risks of physical loss or damage to all material property insured. This includes fire and perils, and machinery breakdown for electrical and mechanical plant, boiler and pressure plant and all associated integral parts and buildings comprising a power generation plant. Our policy can cover single location power plants and stations or under a utility programme. Cover can be extended to include business interruption following an indemnifiable material damage loss and can be written on either our boiler and machinery policy or our package insurance policy including our biogas and solar product, as appropriate. As a global insurance company, we offer our market leading services both to clients and brokers within the UK and Ireland, and to clients overseas. Types of plants covered can include Traditional Thermal Power plants Oil and coal fired stations Combined or single cycle gas fired power plants Geothermal power plants Diesel powered plants Renewable and Alternative Energy plants Anaerobic and aerobic digestion (AD) / Biogas Waste to energy (WtE) / Energy from waste (EfW) Biomass Onshore wind Solar Hydro 5
Our policy can be tailored to meet the risk exposure of most businesses Renewable and alternative energy We offer All Risks cover including fire and perils on renewable and alternative energy risks. This cover includes machinery breakdown on both the material damage and business interruption covers. 6
Boiler and machinery breakdown & business interruption Machinery breakdown/business interruption insurance can be provided on a stand-alone basis or in connection with other package policies Our policy covers electrical and mechanical plant, boiler and pressure plant and all integral parts for physical damage against a variety of perils, detailed below. Cover can be extended to include business interruption following these perils and can be written on either our engineering package insurance policy or our renewable energy policy wording, as appropriate. Our policy can be tailored to meet the risk exposure of most businesses and the cover can be categorised into three main areas: Machinery breakdown covers The actual failure, breaking, distortion or burning out of any part of the machinery Damage following failure or fluctuation of the electricity supply The fracturing of any part of the machinery by frost which makes that part of the machinery inoperative Operator error or omission Pressure explosion and collapse covers Explosion due to the sudden and violent rending of boiler and pressure plant by force of internal steam or other fluid pressure, which causes the bodily displacement of any part of the property Collapse due to the sudden and dangerous distortion of any part of the boiler and pressure plant caused by the crushing stress by force of steam or other fluid pressure Sudden and unforeseen damage covers Damage to the property by pressure explosion, collapse or any other sudden and unforeseen cause not excluded Our cover offers reinstatement as new for boiler and pressure plant up to ten years old, and electrical and mechanical plant up to three years old. Our standard business interruption indemnity period is 12 months.
Contractors plant and equipment All risks of physical loss or damage to contractors or hirers owned plant and equipment Our policy covers all risks of physical loss or damage to contractor and hirers owned and hired-in plant and equipment. The Chubb approach is to understand the business and insurance needs of our customers, therefore our policy is warranty free with no onerous plant security conditions. We understand how dependent our customers are on their specialist plant and machinery. Our policy provides blanket cover for owned plant as well as cover for the insured s legal liability under the terms of their hire agreement, to pay compensation for damage to plant occurring during the hire period. Cover is provided during transit (excluding sea or air) and also while plant is hired out to a third party. Computer Insurance Computer Insurance As online trading, e-marketing, social media and proprietary websites have become paramount, organisations are more dependent than ever on their IT systems. These systems have become their number one business critical asset, and loss or damage to them could be disastrous. Chubb offers a bespoke product in the name of ComputerGuard to protect computer hardware and ancillary risks. This is available via our on-line platform U-Writer as well as on a direct basis. In addition a number of Chubb package policies also have ComputerGuard as a section of cover. ComputerGuard This is a specialist policy designed to insure computer hardware including servers, PCs, laptops, tablet computers and and similar, as well as items such as dedicated air conditioning plant and cabling. Cover includes additional expenditure, distortion of data and can be extended to incorporate loss of revenue. The cover is wider than most property insurance covers and is designed to support the modern business. It offers worldwide cover on portable computers and also has full theft cover. Cyber cover is also available to our client base via our Cyber department at Chubb. 8
Our extensive experience, covering major annual and project engineering risks around the world, supports our underwriting expertise to deliver solutions for even the largest and most complex construction risks.
Chubb engineering services On Chubb guidance documents for the prevention of fire to waste, energy and biomass plants are reconised as industry and insurance leading guidance documents. Chubb Technical Lines Engineering has a dedicated resource of risk engineers within the underwriting team who not only provide technical support to the underwriters but also support and advice to our policyholders. The experience within our team covers many areas from general construction and operational activities through to heavy industrial risks, civil engineering, traditional power plants, waste-toenergy process plants and other renewable and alternative energy. Our teams of engineers are market leading experts with both insurance and industry experience and offer an array of services. The types of services provided include: Pre- or post-inception construction and /or operational surveys Client technical engineering guidance via market leading Chubb guidance documents Technical fire predictive and preventative control support guidance Post loss survey Crisis management systems For more information on Chubb Technical Lines and engineering capabilities contact your local Chubb office or visit new.chubb.com 10
Global reach, local presence Service Working with Chubb gives you access to our global servicing network. We have local experts and local facilities for policy issuance and proof of cover, claims handling and risk management services. We also offer a range of support tools to help manage and monitor your insurance programme and duty of care obligations. Worldview Worldview is an award-winning technology that helps you to more effectively and seamlessly manage and track all aspects of your global insurance programmes, from an intuitive, easy-to-navigate home screen. This innovative and customisable tool enhances the overall customer experience and offers you greater control over your programme. Multinational Research Tool Working with Chubb Chubb offers insurance solutions to a diverse array of clients. We have successfully blended the knowledge of our local markets with the worldwide perspective of a global organisation. We trade through a select group of brokers, and work hard to achieve close relationships with each, offering a prompt and valued service. Our underwriters are highly rated for their knowledge and expertise. Flexibility combined with high levels of underwriting authority at branch level allow our underwriters to find solutions to underwriting challenges. Brokers have direct access to the underwriters making the decisions and can ensure a full understanding of the risk and the issues faced by the client. We are proud of our people, their integrity and their professionalism. Our claims teams settle non-complex losses quickly with a minimum of paperwork, whilst with larger, more severe or complex losses, we seek to work closely with the insured or the broker to provide a consistent, prompt and equitable settlement within agreed service standards and time frames. Significant investment in the latest technology has enabled us to harness market-leading electronic document handling, creating significant efficiencies in quotations, swift and accurate policy issuance and claims handling. With a nationwide network of offices in all the main financial centres of the UK and Ireland, Chubb is ideally placed to serve all sizes of company in all areas. Chubb s Multinational Research Tool (MRT) is an interactive platform available for multinational clients and brokers that enables users to research, monitor, evaluate and report on the changing compliance and market environment for insurance around the world. Through the system, the users can conduct discussions with Chubb experts as well as set alerts to receive notifications when critical information becomes available or changes occur. It also gives you access to Chubb s news, articles & whitepapers. Chubb Travel Smart Chubb Travel Smart has been developed to help employers better fulfil their duty of care obligations to employees and to mitigate the risks they may face when travelling on business.
About Chubb Chubb is the world s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. We combine the precision of craftsmanship with decades of experience to conceive, craft and deliver the very best insurance coverage and service to individuals and families, and businesses of all sizes. Chubb is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. The company serves multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage. Chubb s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor s and A++ from A.M. Best. Chubb Limited, the parent company of Chubb, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Contact us Chubb The Chubb Building, 100 Leadenhall St, London, EC3A 3BP T +44 20 7173 7000 chubb.com/uk All content in this material is for general information purposes only. It does not constitute personal advice or a recommendation to any individual or business of any product or service. Please refer to the policy documentation issued for full terms and conditions of coverage. Chubb European Group Limited registered number 1112892 registered in England & Wales with registered office at 100 Leadenhall Street, London EC3A 3BP. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Full details can be found online at https://register.fca.org.uk IMPORTANT NOTICE: In order to prepare for the UK s exit from the European Union, Chubb is making certain changes. It is currently anticipated that during 2018 Chubb European Group Limited will convert to a public limited company, when it will be known as Chubb European Group Plc. It is then proposed that the company converts into the legal form of a European Company (Societas Europaea), when it will be known as Chubb European Group SE. The company will still be domiciled and have its registered office at the same address in England and will remain authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. To stay up to date with our Brexit preparations and for more information about what it means for you, refer to our website at chubb.com/brexit 05/17 UK-3985L