NEWSLETTER ISSUE 5 OCTOBER 2023

NEWSLETTER
OCTOBER 2023
Issue 5

EDITORIAL
Dear valued customers and business partners, It
is with great pleasure that we present you with
the fifth edition of our newsletter.
In this edition, which marks the close of a fruitful
financial year, we not only reflect upon our
accomplishments in an economy still impacted
by the after-effects of the COVID-19 pandemic
and the war in Ukraine, but also shed light on the
mindset that propelled these achievements.
Regardless of your sector of activities, we
believe that the insights shared will prove of value
to you.
Our gaze however, isn’t solely on what’s behind
us. In the pages of this edition, we are also eagerly
looking ahead, by outlining our ambitions for the
future. In this edition, we also put the spotlight on
risk mitigation for an industry that’s foundational to
a nation’s growth: the construction industry.
Whether you are a construction professional,
or starting a project, true safety in construction
begins even before a project hits the drawing
board and we help present the multiple options
which can help you start with security at the
forefront.
The Editorial Team

MITIGATING
RISKS IN THE
CONSTRUCTION
INDUSTRY:
The Vital Role of Insurance
and Bonds
From the homes we live in, to the places we work, and the infrastructure
which helps us connect and grow, the impact of the construction sector
is instrumental in shaping a country. However, with its inherent complexities
and challenges, the industry is not without risks.
To help construction professionals
mitigate these risks, insurers offer
two essential tools: insurance and
bonds. In this edition of our newsletter,
we delve into the critical role these
mechanisms play in mitigating risks
within the construction industry.
Insurance: A Safety Net for
Uncertainties
Right from the blueprint to the last
brick, construction projects are subject
to a myriad of uncertainties, from design
flaws to adverse weather conditions,
accidents, and delays.
Insurance serves as a protective barrier,
offering risk transfer solutions which
allow construction professionals to
focus on their work without the constant
worry of potential setbacks.
For example, Contractors’ All Risks
insurance provides coverage for damages
to the construction site, materials
and equipment. Beyond providing a
safety net for all financial risks, having
Contractors’ All Risks often signals
professionalism and responsibility. It
assures clients that you’re prepared
to handle unexpected challenges and
that their investment is protected.
Construction mishaps, whether they result in property damage or physical injury, can lead
to substantial legal claims. The liability section of the Contractors’ All Risks insurance covers
the expenses related to these claims, including legal defence costs, ensuring professionals
aren’t drained financially. In addition to this, many clients, especially in commercial or public
sectors, mandate liability insurance as a prerequisite for bidding or taking on a project.
Hence, being insured not only safeguards against risks but also unlocks a wider array of
opportunities.

Surety Bonds: Establishing Trust and Compliance
Surety bonds play a pivotal role in the world of construction, acting as a safeguard
and a symbol of trustworthiness. For construction professionals, navigating projects
filled with multifaceted responsibilities and potential uncertainties, surety bonds
provide a layer of security that bridges trust between parties involved. They ensure
that contractual obligations are met, protecting clients against potential losses or
defaults. Additionally, by offering this assurance, professionals demonstrate their
credibility and financial stability, often making them more competitive in the bidding
process. Below, is a brief description of the four types of surety bonds:
Types of Surety Bonds
Bid Bonds
Performance Bonds
These are submitted with
a bid to demonstrate the
contractor’s commitment
and financial stability. For
project owners, Bid Bonds
act as a layer of protection
against non-committal or
underprepared bidders.
For contractors, it’s a way
to underscore seriousness
and readiness.
Payment Bonds
Guarantee payments to
subcontractors, labourers,
and suppliers. For project
owners, it reduces the risk
of liens being placed on
the property. For subcontractors
and suppliers, it’s
a reassurance that they
will be paid, fostering a
more trusting and collaborative
working environment.
Ensure that the project
is completed as per the
contract’s terms and specifications.
If the contractor
defaults or underperforms,
the performance bond
comes into play, compensating
the project owner.
Maintenance Bonds
Provides coverage for
defects and faults after
project completion. For
contractors, offering a
maintenance bond can be
a valuable selling point,
showcasing their commitment
to long-term quality and
client satisfaction.
Benefits of Insurance and Bonds
Risk Mitigation
Insurance and bonds reduce financial
risks associated with unforeseen
events, ensuring project continuity.
Client Confidence
Surety bonds reassure clients that the
project will be completed as promised,
fostering trust.
Compliance and Legal Protection
Bonds ensure compliance with project
requirements and regulations, safeguarding
against legal issues.
Conclusion
In the ever-evolving construction industry,
managing risks is paramount. Insurance
and bonds stand as indispensable
pillars, providing a safety net against
uncertainties and fostering trust
among stakeholders. By embracing
these mechanisms, construction
professionals ensure the successful
execution of projects, promote industry
growth, and pave the way for a more
secure and reliable built environment.
As the industry continues to innovate,
the role of insurance and bonds remains
constant – as protectors, enablers,
and builders of a resilient future.
Stakeholder Protection
Insurance safeguards contractors and
stakeholders from potential liabilities,
promoting a secure working environment.

OUR FINANCIAL
YEAR IN
REVIEW
Resilience, Innovation and
Connections
In an economy still recovering from the impact of the COVID-19 pandemic,
and under strain from the war in Ukraine, adhering to these three values
helped us thrive and deliver on our expectations, and that of our
customers during the past financial year. Together, dear reader, let’s explore
the steps we’ve taken, the hurdles we faced, and the changes we implemented,
always prioritising our commitment to you.
It is no secret that the global economy
is under pressure. Three years down
the track, companies are still recovering
from the effects of two lockdowns and
severe restrictions. Adding to the pressure,
are the reverberations of the war
in Ukraine currently impacting global
trade and business.
With inflation on the rise, businesses face
increased costs, resulting in a challenging
operating climate. Individuals as well
are feeling the pressure, with large
segments of the population trimming
down on luxuries, even essentials at
times, a testament to the domino effect
of inflation on everyday lives.
However, amidst this, the silver linings
are evident in Mauritius.
The tourism sector is showing signs of
rejuvenation, and the construction industry
is on an upward trajectory aided by
government policies focused on improving
the country’s infrastructure.
However, despite these positives the
nature of a pressured economy, leads
to an even more competitive business
climate.

Companies across the world are going
back to the drawing board to find
novel ideas to bring to market. Given
these global and local challenges,
we too, have had to adapt, reassess,
and innovate. It’s not just about keeping
pace, but setting the pace. Let’s
dive deeper into the strategies we’ve
employed to navigate this intricate
landscape, ensuring that we not only
weather the storm but emerge stronger,
more agile, and better equipped to
serve our valued clients.
Niching down, Reaching Out, and
Fine Tuning
In our role as an insurance broker,
we’re acutely aware of how our offerings
shape the lives of our customers. Be
it businesses safeguarding their investments
or families securing their
futures, our bespoke packages are
crafted to instil confidence and tranquillity.
Yet, as we went back to the drawing
board, we recognized there were
niches we hadn’t fully addressed, and
communities previously overlooked
by our sector. And so, continuing our
tradition of bringing new services to
market, we launched NOMAD, a specialised
brokerage service tailored for
expatriates in Mauritius. Our goal?
To help them feel settled and at ease
in our island haven, armed with the
assurance we provide which includes
covers for their motor vehicles, health,
home and more. Doubling down on
our commitment to this small, but
high-value market segment, we took
the decision to open up a new office
in Tamarin to be closer to our customers
and offer them the premium
service they expect. We also added
to our suite of services, a brokerage
service dedicated to the brave men
and women operating in our nation’s
fire rescue services
We also refined our marketing
approaches, leveraging both digital
and traditional channels, to engage
new clientele. Strengthening our
alliances was also a priority, and we’ve
forged valuable connections with a
leading South African Risk Management
firm in view of offering bespoke Risk
Management Services to local companies.
We have also partnered with
anacturial firm in order to provide
Pension Services to our clients and to
the business community at large. We
have developped partnerships with,
the Mauritius Golf Federation, and
multiple travel and estate agencies to enhance
our network. Our commitment
to expanding our reach was further
demonstrated by our consistent and
prominent participation in networking
events, ranging from industry fairs to
exclusive salons, all reinforced by our
esteemed memberships with MBN
and The South African Chamber of
Commerce.
Parallel to these external efforts,
internally, we underwent a transformation.
We bolstered our team dynamics to
achieve optimised performance, inaugurated
focused teams, and adopted
a strategic approach to outsourcing, all in
a bid to drive efficiency and meet our
clients’ needs with unparalleled precision.
These initiatives, and numerous others
which would be too lengthy to list
here, helped us achieve our financial
targets across all departments, showing
our grit, resilience, and out of the box
thinking.
‘‘Our journey doesn’t end here.
The upcoming year is about
cementing our successes and forging
new paths. We’ll be relentless
in market engagement, diving into
niche segments, and enhancing
our product portfolio. A sharpened
focus on service, a more targeted
approach in our initiatives, and a
commitment to serve our existing
clientele even better remain at the
heart of our mission.
In closing, the road ahead is full of potential. With shared goals and
a collective spirit of resilience, innovation, and networking, we are
confident that we’ll traverse it successfully, hand in hand with you,
our esteemed partners.’’

EMPLOYEE
SPOTLIGHT
>
Nafissa Durgahee
Acting Team Leader
Corporate Division
Chartered Brokers Ltd
After two decades working in the
Insurance Sector, Nafissa now uses
her rich experience and knowledge
of the industry in her role as Acting
Team Leader of our Corporate Division.
In this Employee Spotlight, we discuss
her rich career so far, leadership,
and her role at Chartered
Brokers Ltd.
Nafissa’s favourite motto is “Never force
anything, just let it be. If it’s meant to
be, it will be,” and if it’s anything to go
by, her career in insurance must have
come to her quite naturally indeed.
She started her career in 2001 in the
Marine Department of La Prudence
Mauricienne Assurances Ltée, before
moving to the General Insurance
department and later, transitioning
to the field of insurance broking
at Britam Ltd. She joined Chartered
Brokers Ltd in 2018 and went from
strength to strength, and is now the
Acting Team Leader of our Corporate
Division.
That’s over 20 years of experience
that she puts to the service of our
clients, but also, to the benefit of her
team. “My favourite part of my job, is
being able to mentor and share what
I know, especially to new recruits, so
that they can grow in their career,
become more independent and feel
more confident in their jobs. It’s a
great feeling to see someone develop
their skills while supporting them.”
Every day, Nafissa leads and mentors
her team to support our corporate clients
by helping them understand the client’s
needs and finding the most cost-effective
insurance solutions.
When asked about Chartered Broker’s
performance in the past financial
year, her answer displays the team
player spirit within her, “One of our
greatest achievements in the past
year is being able to retain 99% of our
portfolio at renewal and exceeding
overall targets. That’s a great achievement
given the fierce competition in
the insurance market and it would
not have been possible without the
contribution of the skilled and motivated
team I work with everyday.”
Moving into the next financial year,
Nafissa looks forward to consolidating
Chartered Broker’s outreach in target
markets and fine-tuning the strategies
needed to achieve that goal.
When she’s not being an incredible
team-leader and client-focused
champion at work, you’re likely to
find Nafissa among her pots and
pans cooking up something tasty, or
out tending to her garden. “Cooking
and baking are my favourite hobbies.
Not only is it a great way to de-stress,
but it has also taught me to be patient
as sometimes the recipes don’t quite
turn out the way you expect them to.
I also like gardening as it’s really satisfying
to see something you’ve grown yourself
blooming. It’s also a way to spend
time outside and enjoy the fresh air
after spending a lot of time indoors.”

GRILL & CHILL
CELEBRATION OF THE
COMING OF SUMMER
Every year we await impatiently the arrival of Summer. We celebrate the respite
from the colder winter days and bask in the anticipation of the soon to come festive
season. On the 13th October 2023, our entire team of Chartered Brokers Group
gathered to toast to its arrival.
Our Welfare Committee doubled in effort to plan an ideal celebration and capture
the essence of summer. The occasion was themed florally, with decorations finely
done, using vibrant flowers which contributed to a lovely and joyful atmosphere.
Our team also dressed in floral attire to match the theme. We began with a welcome
cocktail and familiar treats such as ‘samousa’, ‘cheese croquettes’, among others.
The highlight of the event was the popular summertime tradition of a live barbecue
dinner, along with different salads which everyone enjoyed. The soft music added a
delightful touch to the occasion.

This event also served to mark the end of the first
quarter of the financial year. Significantly, it reflected
an opportunity for the company to provide
its team members with a moment of levity
from the hustle and bustle of the work routine.
Team building is encouraged within the company’s
culture and this event has helped with that
endeavor. We got the chance to bond with each
other and it was an especially good opportunity
for our newest team members to socialize. This
was undoubtedly a time to reminisce fondly.

CONTACT US
Head Office
15D Royal Road, Belle Rose,
MAURITIUS
Regional Office
London Way, Black River
MAURITIUS
T +230 4035900 / +230 4035915
F +230 4035901
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