Building insurance is to cover damages and losses that may happen on a construction site as a result of possible accidents.
Generally, the basics coverages of this type of insurance are fire, explosion, fall of ray, and force majeure risks. It coats risks which by their nature are not predictable in that place and that time. Refers mainly to the inherent risks in implementing the work.
Initially, it excludes all those claims arising from the work of design errors, unskilled labor, defects in materials, etc.).
In addition to these basic coverages, it depends on business we find different types of insurance offered as optional coverages may be:
- Theft of equipment.
- Theft of equipment.
- Theft of material in a building site.
Operation of Construction All Risk Policy:
- In this type of policy should be hired by determining the exact start and end in the same period. It is usually prerequisite recruitment before the beginning of the work, though not always exclusive. On completion, this policy will determine the term with the exact end date. After the time limit, the insurance policy will be finalized and will not cover any accident that happens later.
- In the case of delay occur on the date of delivery of the finished work, should ask how many extensions are necessary for the expansion of the policy until it is delivered.
The Policyholder owner of those insurance policy, can be either the manufacturer as the promoter of the same, may appear both as insured. Depending on the type of funding, it’s required to put both or just one for insured financial institutions often need the developer should apply for funding.
For the procurement of such insurance, please ask for advice and consider well what is the value that must ensure the work.
It is advisable to ensure at least the material value of construction for the same in case of an accident to repair the damage. Ensuring the correct completion of the work in the event of an accident and ensuring the investment in it’s very important.
On the other hand, some prefer to ensure the real value of selling it to cover also the effort and time spent on possible contingencies.
In construction cases, we recommend contracting Civil Liability coverage, as well as life or accident insurance under the existing collective agreement.
For any clarification, query, or quote request, don’t hesitate to contact us. We’ll find the best solution that fits your needs.