Products/schemes: Bovis rolls out Subguard in EU
Bovis Lend Lease UK has signed up to Subguard, a risk management product from Zurich Global Corporate UK and JLT Specialty, which it is now rolling out in the EU and UK construction market.
Subguard has been designed to protect clients against major subcontractor default, which could lead to a delay or extra cost on projects.
Subguard protected over US$40bn (£23bn) of subcontract works in the US in 2009. JLT said Subguard acted as an alternative to subcontractor bonds and payouts could also be triggered by other forms of subcontract default such as design problems or workmanship.
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