Construction project insurance is a complex model of insurance, which can protect all participants in the process, i.e., the construction project, which includes investors, contractors and subcontractors.
There are numerous risks in construction projects, which can have a chain effect – uncertainty or disruption that occurs as a result of the materialisation of a risk can cause a series of disruptions in other segments of the project. Given the usually relatively high value of construction projects, potential damages are also generally insured for a high amount. This means that construction work insurance is necessary to protect the participants’ operations in the project.
What we provide
Construction insurance – risks and solutions
Construction insurance covers a wide range of risks that may arise during construction. Given that these projects are carried out outdoors and include numerous participants, the risks relate to natural circumstances, human factors and technical aspects. They include risks such as fire, flood, storm, theft, vandalism, and mechanical failure of equipment, as well as risks from construction defects, planning failures and other unforeseen events.
Contractor’s all-risk insurance
This type of insurance protects the contractor against damages or injuries resulting from errors, omissions or irregularities during construction work. This may include property damage, injuries to workers or third parties, and other unwanted incidents.
Building warranty insurance
The construction warranty period is the period after the completion of a project during which the contractor assumes responsibility for any defects or malfunctions in the constructed facility. This insurance reduces the investor’s risk of financial losses due to repairs or reconstructions after the completion of the project.
Tools and materials insurance
During construction, using construction materials and tools carries a certain level of risk, such as loss, damage or theft. Construction project insurance may also include damages and/or losses due to theft, fire, flood, technical malfunctions, damages and other unforeseen events that may affect construction materials, equipment or tools.
Insurance of equipment and ancillary facilities
Construction insurance also covers the risk of damage and/or loss of construction equipment and ancillary facilities. Construction equipment is essential for the project’s progress, but it is exposed to the risk of theft, mechanical breakdowns or natural disasters since devices are large, placed outdoors and exposed to natural and technical risks and human factors.
Considering all potential risks and the level of possible damage, which is relatively high compared to most other activities, construction site insurance is essential to ensure protection against various risks and uncertainties during construction. Contractor liability insurance, building warranty insurance, construction materials and equipment insurance, and coverage of various types of risks related to all aspects of construction provide investors and contractors with security and allow them to focus on the work they need to carry out.
Seeking advice or a proposal for construction insurance?
We are here to familiarise you in detail with the differences in the programs of insurance companies that offer products necessary for the risks related to construction projects and clarify the elements of coverage of each policy we can use as part of the comprehensive solution. We will analyse all needs and elements of coverage for the project and its specifics and create a unique solution that provides optimal protection against the risks you are exposed to.