Chairman Choi Young-mook of the Construction Guarantee Cooperative (CG).

Construction Guarantee (CG) has joined forces with Zurich to provide insurance coverage for construction companies entering overseas markets.

CG and Zurich signed an MOU on the issuance of ‘all risks’ insurance coverage for contractors, and ‘all erection risks’ insurance, CG said on Sept. 1.

Korean construction companies have been requested to participate in construction projects in several countries in recognition of their superb construction and site management capabilities.

Mid-size construction companies, except some large-sized contractors, say it is not easy to handle insurance compensations related to overseas projects.

Under the agreement, CG and Zurich agreed to collaborate on ‘all risk’ insurance coverage for contractors and duties related to management of local insurance contracts overseas.

Zurich is a leading multi-line insurer that serves its customers in 170 countries around the world.

It provides a wide range of property and casualty, and life insurance products.

Zurich not only offers competitive insurance premium rates to CG with a membership of about 12,000 Korean contractors, but also provides customers’ services on insured local accidents in foreign countries and their management.

The deal is expected to enable CG to swiftly respond to its member companies’ demand on insurance coverage and provide support to their smooth implementation of projects.

A CG official said, “With its signing of an MOU with Zurich, CG will offer full support to help mid-size contractors ramp up local networks and progress duties real-time with foreign insurance companies.”

A view of the headquarters in Gangnam District in Seoul. (Photos: CG)

CG Implements Project to Offer Consulting Services to Small- and Medium-Sized Companies

CG comes to the aid of small- and medium-sized companies by offering consulting services how to explore business opportunities.

CG said it plans to implement a project to offer consulting services to small- and medium-sized companies this year.

Under the project, experts will offer to small- and medium-sized company recommendations on how to fix problems closely related to growth – labor affairs, accounting, construction management and technology development.

The project made its debut in June 2019 to enhance benefits of CG’s member companies and help them tide over a crisis. Sixty-eight beneficiaries received consulting services on 89 tasks during last year.

A view of CG Construction Management Training Center in Chungju.