Property
Entrepreneur's All Risks Insurance
Object of insurance:
Under " Entrepreneur's All Risks" insurance, we offer insurance cover for construction and installation work on sites under construction or renovation and is intended to provide protection for buildings and facilities while they are under construction for the time from the start of construction work until it is completed and handed over to the owner. Under the insurance, construction sites of all kinds are insured, such as residential, commercial and industrial buildings, railway and highway roads and facilities, airports, bridges, tunnels, canals, ports, etc. The insurance may also include temporary buildings and facilities on the construction site, as well as all construction and installation works that are not included in the value of the subject of the construction contract.
The risks we cover under this insurance are:
The risks we cover under this insurance are:
Section A "Material damages": we will indemnify any unforeseen or sudden damage or loss of the insured property for any reason, as a result of the manifestation of all risks related to the execution of the construction and installation, except those expressly excluded in the General and special provisions/clauses of the insurance.
Section B "Liability to third parties”: we will indemnify the Insured up to the limits specified in the policy for amounts that the Insured is obliged to pay in connection with property and non-property damages caused to third parties that occurred during the insurance period on the territory of the construction site or in the immediate vicinity of it, during or on the occasion of the performance of the insured construction and assembly works.
Method of determining the sum insured:
Please note that the insured sum for the construction and installation works is equal to the price of the construction contract, i.e. the full recovery value of the construction works towards the completion of the site, including the values of construction materials, labor costs, machine hours, depreciation, transport and customs fees and charges, liabilities, including profit, as well as materials and equipment supplied by the contracting authority.
Benefits of insurance
This insurance will provide you with the following benefits:
We provide comprehensive insurance protection against all possible sudden and unpredictable events during the period of execution of construction and installation activities;
All persons who have an insurable interest in the object of the insurance can be insured: investors, entrepreneurs, contractors, subcontractors or owners of a construction and installation site;
Fast and correct service when concluding the insurance and occurrence of an insured event and timely payment of damages in full;
Option to pay the amount due in up to 4 installments;
Option for issuance of the insurance policy in favor of a bank (if you will use a bank loan);
We provide a reinsurance program with top class reinsurers and this allows us to maintain the level of service even with catastrophic risks.
Where can you take out the insurance?
You can take out "Entrepreneur's All Risks" insurance at all our offices, as well as at insurance intermediaries who are our partners.
