Victor has launched a contractors all risks (CAR) insurance product in the UK market, targeting contractors and subcontractors with annual revenues of up to £20 million.
The new offering, developed in partnership with specialist insurer HSB, provides coverage of up to £10 million per construction project. HSB is an A-rated provider with a focus on engineering and technology-based risk solutions.
The product is primarily intended as a contract works insurance solution. It includes cover for specific exposures such as defective design, BIM licensing and BREEAM certification.
Additional protections are built in for risks arising from technology-enabled construction methods, including remote monitoring tools, remote-controlled machinery, and additive manufacturing processes such as solidification loss or damage.
Victor said the product responds to shifting risk dynamics in the construction sector, particularly those linked to modern building standards and the increasing use of digital tools and automation.
The launch also comes at a time when premiums for construction all risks policies in the UK have shown signs of softening. According to a mid-2025 market update by Aon, standard four-walls CAR premiums have declined by around 20%, a shift attributed to growing underwriting capacity entering the market.
While this has increased competition among insurers, it has also encouraged product innovation and customisation, particularly in segments such as SME construction where tailored cover is increasingly expected.
The new product may also find relevance in the growing renewables construction segment. As the UK expands its infrastructure for wind, solar and other renewable energy sources, CAR insurers are being called on to address specific project risks – such as design errors, installation failures, and environmental exposure.
Rob Aston (pictured above), head of construction at Victor Insurance UK, said contractors are exposed to new categories of risk through the use of AI and drones, among other innovations in construction.
“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,” Aston said.
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