What is this type of insurance?
Construction and installation risks insurance is a property insurance of all risks, covering losses or damages, incurred during the performance of construction and installation works, caused by an unforeseen and sudden occurrence of an insurance event. It is intended for investors, contractors, contractors or subcontractors, suppliers and other persons who have an interest in the insured works in the construction of any residential buildings, business centers, industrial buildings, hospitals, schools, railway and road facilities, airports, bridges, tunnels, canals, ports and others.
What does the insurance cover?
The insurance coverage is grouped in three separate sections:
- material damages (basic coverage) - provides coverage against all risks of loss or damage of construction and installation works, construction machinery, construction facilities and equipment, costs for clearing the remains after an insurance event;
- civil liability to third parties - provides coverage for the liability for property damages and / or bodily injuries to third parties, which occurred in direct connection with construction and installation works on Material Damages (basic coverage);
- project delay - compensates the Investor for loss of gross profit and increase in operating costs if the insured construction and installation works suffer loss or damage covered by material damage (basic coverage) and as a result there is a delay in the completion of the site and the introduction its in operation.
Coatings such as:
- loss or damage due to strike, riot and civil unrest;
- loss or damage as a result of an act of terrorism;
- warranty service of the construction works (12/24 months);
- additional costs for overtime, night work, work on holidays, express delivery;
- warehouse property outside the construction site and existing property;
- damage to underground cables, pipes and other equipment;
- designer risk;
- other clauses.
The insurance is concluded on the basis of a detailed questionnaire filled in by the insurance applicant.