Financial institutions VHV, Alte Leipziger, and Zurich are broadening the range of services in their BHV divisions.
Upgraded Insurance Offerings for the Construction Industry
The construction industry is witnessing a significant evolution in its insurance landscape, as two prominent players – VHV and Alte Leipziger – have recently announced updates to their respective offerings.
- VHV BauProtect Tariff
VHV has unveiled a revamped version of its BauProtect tariff, tailored to the evolving needs of the construction sector. This new tariff aims to provide enhanced protection for construction companies, with a focus on greater clarity in terms and expanded coverage scopes. The updated version offers improved flexibility and risk management solutions suitable for modern construction projects.
Some key features of the new VHV BauProtect tariff include:
- A follow-up liability period of up to 30 years for various insurance modules.
- Coverage for follow-up improvement accompanying damages for all operating modes (except manufacturing and trading risks).
- Individual supplementary services such as planning coverage for foreign construction projects.
- A possession guarantee that protects customers from worse terms.
- The inclusion of 19 additional features, enhancing the overall protection offered by the tariff.
- Alte Leipziger Commercial Liability Insurance
Alte Leipziger has also updated its commercial liability insurance product for the construction industry. The new version provides broader coverage for liability claims, including enhanced protection against emerging risks such as subcontractor liabilities and damage during construction works.
Key improvements to Alte Leipziger's offering include:
- A tripling of the maximum insurance sum, allowing for up to 5 million euros for up to three damages per year.
- Coverage for product recall costs, including corresponding advice.
- A significant reduction in deductibles.
- The ability to pay up to 15 million euros in a year, providing a safety net for the most severe incidents.
In summary, both VHV and Alte Leipziger have upgraded their construction-related insurance offerings to better meet the industry's current risk landscape. VHV focuses on flexible construction project coverage, while Alte Leipziger enhances commercial liability protections, ensuring that construction companies are better equipped to navigate the complexities of the modern construction industry.
Financing these upgraded insurance offerings could provide businesses in the construction industry with more capital for managing projects and mitigating risks, making their operations more efficient and secure.
VHV's revamped BauProtect tariff, with its expanded coverage scopes and improved flexibility, could attract finance from institutional investors looking for low-risk opportunities in the growing construction sector.
Alternatively, Alte Leipziger's updated commercial liability insurance product, with its broader coverage for emerging risks and increased insurance sums, could offer a more comprehensive financial safety net for construction companies, making them more attractive to investors.
