Victor, a global managing general underwriter, has announced the launch of its new Contractors All Risks (CAR) Insurance in the UK. This product targets contractors and subcontractors with annual revenues up to £20 million.
The CAR insurance was developed in collaboration with HSB, an A-rated specialist engineering and technology insurer. It offers policy maximums up to £10 million per construction project. The policy is primarily designed as a contract works insurance for contractors and includes coverage for defective design, BIM licensing, BREEAM certification, technology-based monitoring and modeling tools, remote-controlled equipment, and additive manufacturing solidification loss or damage.
Rob Aston, Head of Construction at Victor Insurance UK stated: “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.” He added that the new solution provides brokers access to specialized underwriting and industry expertise tailored for SME clients in the construction industry.
Simon Parrish, Chief Underwriting Officer at Victor Insurance commented: “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.”
Victor Insurance operates globally with locations across several countries including the US, Canada, UK, Netherlands, Germany, Italy, and Australia. It manages over US$4 billion in premiums through a network of more than 20,000 active insurance agents and brokers.