Construction and engineering work insurance is a comprehensive type of insurance that protects against the risks of loss or damage to an object under construction, construction equipment and machinery, other objects at a construction site, as well as third party liability for damage to third parties as a result of accidents during the construction process.
Contractors' All Risks Insurance (CAR) provides effective protection against potential losses, covering risks that may arise during the construction, reconstruction or major repairs of buildings and structures.
Under this type, any construction objects can be insured.
During the construction of objects, the following are subject to insurance:
The sum insured is the agreed (contractual, project) construction cost, the cost of materials used and works performed.
Contractors' All Risk Insurance (CAR) provides extensive insurance coverage under the “All Risk” principle, which covers damage resulting from any event other than those indicated as exclusions.
In international practice, such exclusions are:
This type of insurance covers risks in the period from the start of construction work to the moment the object is commissioned. The liability of the insurance company is terminated for those objects that are taken into operation.
Insurance coverage can be extended further for the period of warranty (maintenance) service.
Engineering all risks insurance provides coverage against all risks that arise during the installation of machines, mechanisms, as well as during works that are associated with the erection of any structures.
Insureds under this type of insurance can be all parties bearing risks in connection with the installation of objects:
According to the engineering risks insurance policy, the following may be insured:
Engineering all risks insurance offers extensive insurance coverage. All losses incurred during the period of insurance against sudden and unexpected incidents are compensated if the cause of occurrence is not included in the list of exclusions:
Due to the fact that this type of insurance coverage is related to highly technological risks, we can provide you with tailored insurance conditions, as well as insurance rates, after filling out the questionnaires.
We will be happy to answer any questions or help you to choose insurance program you need.Free consultation