This type of insurance is arranged for cases when loss or damage is incurred to any work under construction (construction or during technological unit assembly).
Insurance events arise in relation to a project or items insured in the process of construction or assembly works or in relation to these. The cover includes losses or damages to the items which require repair or replacement. This insurance is suitable for investors as well as for construction and assembly works contractors. Insurance can be arranged in relation to a specific program or as a frame policy covering all works implemented in the course of the relevant year. At the same time, the cover shall also include the liability of the person/entity insured for damages incurred by a third party which are directly related to the construction or assembly works at the construction site or at the assembly site.
The scope of insurance cover can be extended to include:
- Removal costs in the event of damage to the insured item overtime costs
- Night work and work during holidays
- Express supply of spare parts
- The removal period of faulty and unfinished products on completed projects construction equipment and machinery
- Insurance of investor’s lost profit and increased operational costs (AloP) resulting from the failure to adhere to the planned construction procedure following the insured event