MGU Victor has launched a contractors all risks product aimed at contractors and subcontractors with up to £20m in annual revenue.

Developed in collaboration with specialist engineering and technology insurer, HSB, Victor’s CAR insurance offers policy maximums up to £10m per construction project. The policy, which is designed primarily to be a contract works insurance offering for contractors, also includes defined coverage for defective design, BIM licensing and BREEAM certification, technology-based monitoring and modelling tools, remote-controlled equipment, and additive manufacturing solidification loss or damage.

Rob Aston, head of construction at Victor Insurance UK, said: “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. With this Victor CAR solution, brokers have access to specialised underwriting and industry expertise along with a comprehensive solution that specifically addresses these risks for their SME clients in the construction industry.”

Simon Parrish, Victor’s chief underwriting officer, added: “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, we look forward to delivering innovative underwriting solutions for brokers and their construction clients.”