specialised risk management
for the construction industry
Master Builders Insurance is backed by RBS, one of South Africa’s largest independent black owned brokerages, our knowledgeable construction team is available to underwrite your business.
We specialise in providing unique products developed specifically for the industry.
Master Builders Insurance is endorsed by the Master Builders association, and a division of RBS.
We have the specialist expertise to provide you with the comprehensive risk protection you need.
MBI IS ENDORSED BY:
Construction Risk Sectors
Housing
Infrastructure
Commercial
Industrial
Construction risk can be divided into four sectors, housing, infrastructure, commercial and industrial construction. Within these sectors there is a wealth of different sized businesses from the self-employed contractors through to major infrastructure groups. each have individual risks associated with their business activities influencing the need for tailor made insurance.
In this challenging and ever-changing environment it is crucial that you protect your investments against loss or damage.
Top Challenges Faced In This Industry Sector:
- Rapid technology advances
- Scarce skills requirements
- Labour shortages
- Supply chain issues
- Environmental impact of projects
- Complicated legislation
- A decline in growth and investment
- Less investment by private sector industries
- Problems with government infrastructure
AT MBI WE HAVE THE SPECIALIST EXPERTISE TO PROVIDE YOU WITH THE COMPREHENSIVE FINANCIAL PROTECTION YOU NEED.
Financial Protection
Be Proactive
Many businesses only review their policies after they have suffered a loss. That’s too late. Early intervention benefits you in the following ways:
- Certainty about which risks are covered
- No risk of assets being underinsured
- Business continuity and compliance
- Balance sheet protection in the case of unforeseen events preventing service delivery
MBI customised insurance can bring you the solutions by preventing the financial fallout of some nasty surprises.
MBI will always take the time to understand your business and your exact insurance requirements. Only when we understand your needs do we go to our partners in the market on your behalf.
Various Insurance Solutions Offered By MBI
The cover below is dependent on the specific policy (such as the Machinery Breakdown policy) in force at the time sudden and unforeseen losses are sustained.
- Machinery breakdown insurance
- Loss of profits following machinery breakdown or
business interruption insurance - Deterioration of stock in cold storage
- Erection: all risks insurance
- Applied electronic equipment and consequential loss insurance
- Plant all risks policy
- Cyber insurance
Engineering Indemnity Insurance
Most professionals in the construction business are required to have professional indemnity insurance. However, the Indemnity Insurance (Design and Construct) policy provides further protection for businesses against financial losses arising from liability. This could include issues such as design failure, incorrect advice, errors or inadequate project
management. Many people don’t realise that their professional indemnity insurance does not provide sufficient cover for many of these risks.
The MBI Engineering and Construction Division can arrange cover for both these areas, as well as for project-specific professional indemnity.
- Four distinct activities should be covered by
- professional indemnity insurance:
- Claims made as a consequence of errors or omissions
- First-party costs incurred prior to handover to avoid a claim being made
- Cover for liabilities of a sub-contractor
- Defense costs
Insuring Construction Risks
A range of different types of cover is needed during the life cycle of a project. MBI advises that the risk manager engages an insurance professional in this regard to analyse the construction agreement (specifically schedule agreements and key dates), and that this person assist in drafting details of risks and perils (both insured and not insured) for the risk register formulation.
MBI can advise (starting from the point of design, then the start-up, the critical path, and the practical completion) on the most appropriate party to arrange bespoke insurance policies for the following core risks:
- Design and construction professional indemnity
- Contract works
- Public liability
- Third-party lateral support
- Sasria
- Project delay following works
- Marine imports (potential loss of profits)
- Ability To Influence Risk
- Construction Progress
Master Builders Insurance & RBS
Your Risk And Insurance Partner
Master Builders Insurance focuses on the following industry sectors providing leading expertise and short-term insurance.
Power Generation
Processing Facilities
Heavy & Light Industrial
Manufacturing
Mining
Medical Equipment
Contractors & Property Developers
Professional Consultants and Engineers
Plant Hire and Heavy Lifting Companies
Tailor-made insurance is needed for the following four sectors: housing, infrastructure, commercial and industrial projects. MBI has the expertise to provide comprehensive financial protection for all of the above. 
The Benefits Of
Employer-arranged Insurance
On large projects a specific policy can be arranged covering all the contractors. This gives the employer control over the insurance relating different aspects of a specific construction project, such as material damage and liability, and project delay insurance. The main benefits are as follows:
1
Complete protection for all concerned parties
2
Minimal delay and confusion, and better control over the claims process
3
No duplication of cover
4
Effective risk control on all fronts for the employer, as well as peace of mind with regard to the performance of various parties
5
Premiums are competitive and insurance contracts correct and binding
6
The employer controls the money of claims that have been paid out
Master Builders Insurance
Does Your Insurance Broker Have Your Best Interest At Heart?
At MBI we have a team of experienced professionals to help you assess your business risk, and recommend the essential products beneficial to your business insurance requirements.
Designing and constructing buildings, bridges and other structures requires engineers to balance many conflicting interests, such as the trade-off between cost and resilience. In engineering, good risk management does not operate in a silo, but is embedded in the day-to-day processes of every stage of the design and construction process – and that includes dealing effectively with unforeseen circumstances.
Few insurance brokers have the necessary expertise in the fields of engineering and construction to give valuable advice to their clients, but at MBI we do. We truly understand that risk management is embedded in the whole construction process and that is why we strive to develop a meaningful risk partnership with our clients.
This means we understand the required insurance portfolio and the claims process in real time, and this enables us to tailor-make policy terms, pricing and underwriting for each individual client.
RBS
RBS And What We Can Do For You
Risk Benefit Solutions, better known as RBS, was founded by an ambitious group of entrepreneurs in 1998, and has since evolved into one of the largest financial services advisory firms in Southern Africa.
By means of strategic acquisitions and a focus on driving growth, RBS has grown its market position substantially.
We understand that success can only be achieved with the commitment of our diverse workforce and by providing ongoing value, expertise and savings to our clients.
RBS offers insurance solutions to individuals, businesses and corporates, and it offers clients several niche specialist focuses.
Broad Based Black
Economic Empowerment
LEVEL 1
RBS is proud to be a level 1 BEE contributor and leading black-owned national brokerage. Our focus is developing skills and staff in South Africa to support the transformation of the financial services industry whilst offering our clients a strong BEE level 1 accredited partner.
