August 8, 2024, 9:00 AM
August 8, 2024, 9:00 AM
La Boliviana Ciacruz (LBC) celebrates the inauguration of Green Tower. The company was part of the project which validates its excellence in risk management and underlines its commitment to innovation in the construction sector, providing specialized and effective coverage for large projects.
Furthermore, for LBC, collaborating on a project of this magnitude that contributes to the urban and economic development of Santa Cruz and Bolivia reaffirms its role in the growth and modernization of the country.
“This success inspires us to continue offering high-quality insurance solutions and to continue driving progress in our community. The service we provide to Green Tower consists of granting comprehensive 360° insurance coverage, which covers all phases of the project, from construction to operation. This includes all-risk construction insurance, civil liability insurance, and insurance for different types of equipment and machinery. The coverage is designed to protect the project from risks such as physical damage, delays in construction, and other unforeseen events that may affect its development. The coverage period of these insurance policies varies depending on the specific needs of the project and the agreements established,” explained Juan Pablo Camacho, national manager of corporate accounts at LBC.
The insurer’s support extended throughout the construction phase and also included an additional period during the initial operation phase. In addition, the company offered expert advice on risk management and the implementation of preventive measures to minimize potential losses. It also provided ongoing monitoring and evaluation services, adapting coverage to any changes in risk during the life of the project.
LBC faced significant challenges in securing the Green Tower buildings in La Paz and Santa Cruz, characterized by advanced technologies and sustainable practices.
According to Camacho, a meticulous risk engineering assessment was crucial, considering diverse risks such as earthquakes, winds and landslides, in addition to operational challenges during the construction and initial operation phase. The company responded with solid financial capacity and a proactive approach to risk management, ensuring complete protection and a rapid response to any eventuality.
“Our commitment to a fast and efficient response allowed us to offer an insurance service that not only meets the needs of the project, but also provides peace of mind to all parties involved,” said Camacho.
Juan Pablo Camacho, LBC National Corporate Account Manager
For sustainable construction projects such as Green Tower, LBC offers a variety of insurances designed to cover all aspects of the project, ensuring that every phase and component is protected. The types of insurance available include comprehensive construction and assembly insurance, third-party liability insurance, comprehensive property damage insurance, and personal accident insurance, among others.
These insurance policies are designed to provide comprehensive coverage that addresses the specific needs of sustainable projects, ensuring that both traditional and innovative construction elements are adequately protected.
“In these projects we have several risks that have been identified, among which may be construction design risks, which would cover design errors, problems in the construction phase, especially when non-conventional construction techniques are implemented. This may include defects in the structure, problems with the quality of materials, among others,” explains Camacho.
Future trends in insurance point towards a greater capacity to insure large-scale projects, strengthened by improvements in financial solvency and advanced techniques in risk assessment.
LBC is proud to have contributed to the success of Green Tower, an emblematic project that stands out not only for its impact on construction, but also for its innovation and sustainability in Bolivia.
“Our track record as a market leader has allowed us to offer tailored insurance solutions to address the complexity and risks of cutting-edge projects such as this one. We deeply appreciate the opportunity to have generated this strategic alliance with Comis about this transformative project and we look forward to continuing to work together to face future challenges with the same confidence and success,” Camacho said.
