This is probably one of the most important products to consider when involved in a new construction and/or erection project. The indemnity under either one of these policies provides for protection to the Principal/Employer against potential financial loss following indemnifiable loss or damage under the corresponding Contract Works / Erection All Risks policy. It is a very specialised class of risk that needs attention to detail especially in mega projects with strict timelines for completion and operational dates. In recent times there has been a surge in this class of risk, especially when it comes to shopping malls, Renewable Energy (Solar and Wind projects), production lines/factories, warehousing storage and the like.
Consort has developed fully integrated insurance products to accommodate the rapidly advancing Renewable Energy sector.
Our Comprehensive Energy Insurance facility is designed and focused around commercial and industrial installations, but we are also proud to offer Lloyd's-accredited Utility Scale installations and projects to comply with lenders' requirements (S&P A-rated status).
Both facilities provide the “Cradle to Grave” concept. Our team of highly experienced underwriters have a wealth of knowledge and skills in this specialised field of technology and have “re-positioned” themselves among the leaders in this highly complex field of insurance.
DOS Insurance provides for various exposures ranging from fresh or frozen meat and poultry products through to the fishing and citrus industries. As a result of a rise or fall in temperature in the refrigeration or cold chambers, the stock may need to be condemned. Losses in this area of foodstuffs / consumables can run into several million rand. Losses in production lines (goods in process) can also be affected following a breakdown of the insured machinery.
Business Interruption is probably one of the most important considerations following an indemnifiable Machinery Breakdown loss. It could be rather catastrophic to be in a position whereby a critical item of insured machinery is the subject matter of a Breakdown loss. The potential consequential loss following such an event could leave your operations without any turnover of income. The Business Interruption policy will provide for a reduction in turnover and increase in cost of working. Added to this loss, you can include Additional Increase in Cost of Working to help mitigate the down time and loss of gross profit and or revenue. We can offer sound advice on how to structure your Machinery Breakdown policy in conjunction with the Business Interruption policy.
Machinery Breakdown insurance is designed to provide indemnity for sudden and unforeseen physical loss or damage to the property insured. The indemnity commences on completion of successful commissioning and testing of the machinery at the Insured’s premises. It is a prerequisite and warranty of the insurance policy that all insured machinery be properly maintained and kept in sound working order. It is important to note that a Machinery Breakdown policy is not a maintenance policy.
Electronic Equipment insurance is intended to cover all types of electronic equipment from large processing installations to specialised installations such as medical scanners, airport radar systems, electronic simulators.
Our EEI product is among the finest in the market. It is designed for today’s advanced technology, ranging from desktop computer hardware through to hand-held devices, PABX equipment, sophisticated medical equipment and hi-tech scanners, printers, laptop and notebook computers. We even can offer cover on certain Computer Numerically Controlled (CNCs) and Pro Logic Controllers (PLCs) equipment.
A large part of any contractor's risk is to those around them and the threat of loss or damage to property and life of a third party in the continuation of projects. To this end, we offer the relevant Public Liability insurance cover attaching to both our CAR and PAR insurance as and when required by our clients in order to ensure they have the best protection possible.
Plant All Risks insurance is intended to cover all types of construction plant i.e. mobile yellow metal plant such as Graders, TLBs, Excavators and / or non-mobile construction equipment such as scaffolding, generators, small tools used for the purpose of building and civil engineering construction projects from residential (housing) to commercial (shopping centres and office blocks) to infrastructure (roads, bridges, dams, water and sewage reticulation pipelines) etc.
Our PAR insurance covers the insured on an all risks basis for the loss of or damage to the insured plant and / or equipment while it is in use on site, in transit or being stored.
Consort Technical Underwriting Managers (Pty) Ltd (Reg No 1999/003909/07) is an Authorised Financial Services Provider (FSP No 2273), is FAIS compliant and is underwritten by Lombard Insurance Company Limited (FSP No 1596).
Our CAR / EAR insurance covers all types of building and civil engineering construction including, among others, residential housing (both individual homes and large estates), commercial development (such as office blocks, warehouses and shopping centres) and civil infrastructure (such as roads, dams, sewerage reticulation and pipelines) etc.
The cover will indemnify the insured against the hazards that may threaten works while under construction or during the course of installation.
In addition, the cover can also be provided for electrical / mechanical installations and processing plants (sometimes called Erection All Risks).