As technology continues to evolve in the construction industry, coupled with rising demand for complex construction projects and the increasing value of those projects, the industry faces higher technical and economic risk exposures. At the same time, the industry is confronting tremendous pressure to reduce costs, which is cutting profit margins, leaving organizations exposed should they experience an unexpected and costly event. 

The AXIS Global Engineering Reinsurance team provides treaty capacity offered on proportional and non-proportional, on both RAD and LOD basis. AXIS Contractors' All Risks (CAR) Reinsurance along with AXIS Erection All Risks (EAR) Reinsurance engineering coverages are designed to protect many classes of works in construction. Comprehensive coverage is offered against loss or damage, including the works on site, equipment and/or construction machinery, as well as for third-party claims relating to property damage or bodily injury arising from, or in connection with, the project. Our coverages are offered both for project and annual risks.

Projects:

• Erection all risk
• Contractors all risk

CAR and EAR coverages may each be accompanied by maintenance period insurance, delay in start-up insurance or advanced loss of profit insurance and primary liability insurance for onsite activities. Inherent defect insurance following the completion of a construction project (often 10 years liability) is mandatory in some jurisdictions and popular in others.

Annual coverages include:

• Machinery breakdown
• Boiler pressure vessels
• Contractors plant and equipment
• Electronic equipment insurance
• Civil engineering completed risk
• Deterioration of stock
• Rolling stock

Above classes may be each accompanied by business interruption (BI) insurance following material damage.

Our highly experienced engineering underwriting collaborates closely with brokers and clients, gaining a deep understanding of each of our cedent's portfolios. Our teams are based in Zurich and Singapore and offer a broad array of services, including consultative quoting, special acceptance reviews and high-quality actuarial supports. Should a claim be reported, AXIS  Engineering Reinsurance claims specialists work diligently to ensure claims are resolved efficiently and fairly.