Construction and assembly risks

Who is it intended for?

FOR INVESTORS, ENTREPRENEURS, CONTRACTORS AND SUBCONTRACTORS of all types of social/residential, industrial, engineering and individual sites, which are in the process of construction or repairs.

Which are the subjects of the insurance?

The entire building site, including in the process of construction of residential and commercial buildings, hospitals, schools, industrial buildings, railway and roadway facilities, airports, bridges, dykes, dams, tunnels, irrigation and drainage equipment, sewers, seaports etc.Concluding a contract for construction and assembly works: digging and leveling, constructing temporary sewers and defense dykes, storing materials on the construction site, assembling machinery, equipment and steel constructions.Temporary structures and equipment on the construction site – residential facilities, sheds for storing materials, scaffolding, electricity and water supply equipment etc.Construction and transportation machinery.Materials.Liability of the investor or contractor towards third parties for financial or non-financial damages.Insured parties could be all the participants in the construction process – investors, entrepreneurs, contractors or subcontractors of the sites.

What does the insurance cover?

FINANCIAL DAMAGES as a result of “all risks”.
THE INSURED PARTY’S LIABILITY for financial damages and physical harm caused to third parties.

Compensation in section “Financial damages” THE INSURANCE COVERAGE INCLUDES full loss or partial damage to the insured property, as pointed out in the insurance policy, due to an unpredictable event which occurred at the construction site or within its immediate proximity, and all risks related to the completion of the construction and assembly works, including:
Failures in the construction process caused by mistakes and lack of skills of the ensured party’s employee team, unintentional omission in the technology or performance of separate construction works; Fire as well as damages caused by water, foam or compounds upon extinguishing it  Explosion; Implosion; Lightning strike; Earthquake; Impact by an aircraft, parts of it or its load; Hurricane, storm, hail, heavy rains, flood; Weight from the natural accumulation of snow or ice; Freezing; Raising of the sea level; Impact by a vehicle or animal; Malicious actions of third parties.

Compensation in section “Liability towards third parties”
THE AMOUNTS COMPENSATABLE are those which the insured party is obligated to indemnify by law on the grounds of tort for damages inflicted to third parties (including physical harm to third parties and direct financial damage to the property of third parties). The policy is valid under the condition that the damaging event occurred at the construction site or within its immediate proximity.THIRD PARTIES ARE NOT CONSIDERED BEING the insured party’s workers and employees. Third parties are not considered being the insured party’s subcontractor, the construction investor, their workers and employees, as well as any individual or entity related to the performance of the insured construction and assembly works in any way, or to whichever part of them, or an employee or worker of any of the above mentioned.

What is the insured party responsible for?
For death, physical harm or illness due to an accident. Full loss or partial damage to movable and immovable property belonging to third parties, as far as their occurrence is directly related to the construction.

In case the event, compensatable as per the policy’s conditions in this section, the insurer will also compensate the insured party for:
All legal court expenses which the insured party is obligated to pay to any claimant except for attorney fees. All expenses and costs approved by the insurer in writing.

What are the coverage’s exceptions?
THESE ARE THE DIRECT AND/OR INDIRECT DAMAGES, caused by:
War, hostile invasion, enemy actions, war actions, strikes, lockout, rebels, mutiny, etc.; Nuclear reaction, nuclear radiation, radioactive pollution; Intent or gross negligence by the insured party or his representatives; Incorrect planning.

What is the term of the insurance?
THE INSURANCE PROTECTION STARTS at beginning of the construction works and ends after the handover or exploitation release of the construction site for legal use.