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Insurance policy coverage extends to the following objects:
- Civil construction, including administrative and residential buildings, etc.;
- Industrial construction — structures of industrial purpose and transportation infrastructure, including road structures, tunnels, components of railway transport, canals, gas pipelines, oil pipelines, dams, maritime ports, etc.;
- Objects owned by the contracting organization or the client located on the construction site or in close proximity to it.
In addition, insurance can be taken out for the duration of the work:
- Machinery, construction cranes and other construction equipment;
- Leased or owned equipment for the construction site.
Insurance risks
Insurance of construction and installation risks is carried out on the principle of "all risks," meaning compensation to the policyholder for damage from any unforeseen and sudden events, excluding specified exceptions.
Among other things, the insurance coverage includes the following risks:
- Explosion;
- Natural disasters or catastrophes: earthquakes, landslides, hurricanes, floods, collapses, etc.;
- Fire;
- Unlawful actions of third parties: intentional damage to the insured object or its destruction, theft, etc.;
- Accidents in engineering communications: heating networks, water supply and drainage, gas pipelines, etc.
Additionally, the insurance policy may include:
- Insurance of the assembled or constructed object during the period of post-warranty obligations;
- Liability insurance in case of claims from third parties during the construction and installation works.
Insurance Cost
Insurance rates are influenced by a combination of factors, including:
- Contractors' experience;
- Nature of the construction object;
- Location of the construction site;
- Materials and technologies used;
- Other factors.
