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 All Risks upon Performance of Construction & Assembly Works  Property Insurance

All Risks upon Performance of Construction & Assembly Works Property Insurance

You have built a successful business? To make it sustainable, take care of its protection.

Advantages

  • All Risks upon Performance of Construction & Assembly Works Insurance provides insurance protection against sudden and unforeseeable events during performance of construction-and-assembly works
  • This insurance covers any loss or damage resulting from risk, which is not explicitly excluded from the General Terms and Conditions of the Product and from the Insurance Policy
  • Subject of insurance can be all parties, having insurable interest in the subject of insurance: investors, entrepreneurs, contractors, sub-contractors or owners of construction-and-assembly sites
  • You may supplement the insurance coverage with protection upon financial loss in case of delay in the planned delivery of the construction-and-assembly site and a subsequent protraction of its commissioning as a result of occurred direct material damage on it due to a risk, covered by the Insurance Policy

Application

All Risks upon Performance of Construction & Assembly Works Insurance is intended for investors, entrepreneurs, contractors, sub-contractors or owners of construction-and-assembly sites, exercising activities in the medium-sized or corporate business.

Insurables:

Under the terms and conditions of All Risks upon Performance of Construction & Assembly Works Insurance, subject of insurance are construction and assembly activities at sites of any type in the area of high-rise and low-rise buildings, such as:

    • residential buildings
    • commercial centres
    • hospitals
    • schools
    • industrial buildings
    • railway and road facilities, etc.

What are the risks covered by the insurance policy

 

Property Damage Section

Тhe insurance coverage under Property Damage Section includes total loss or partial damage on the insured property, having arisen as a result of a sudden and unforeseeable manifestation of all risks, related to the performance of the construction and assembly works, except for those explicitly excluded as per the General Terms and Conditions under General Exclusions and Special Exclusions sections.

The coverage also automatically includes costs of up to 5% of the total sum insured for the property under Property Damage Section, incurred by the Insuree for damage containment purposes and for elimination of the consequences from the occurred insured event.

Depending on the specific needs, the main coverage may be expanded with additional clauses, such as:

  • Coverage of damage, arisen during the warranty period of up to 12/24 months
  • Special terms for coverage of damage on underground cables, pipelines and other facilities
  • Other, offered under the product
Loss of Profit Section

Loss of Profit Section provides insurance coverage against actually sustained financial loss in case of delay in the planned delivery of the construction and assembly site and subsequent protraction of its commissioning as a result of damage, occurred on it and covered under Property Damage Section.

The insurance coverage provides insurance protection upon:

  • loss of an insurable gross profit
  • increase in operational costs
Civil Liability Section

To the main coverage under Property Damage section you may add Civil Liability of the Insuree or material and non-material damage caused by the Insuree to third persons, having arisen in direct relation with the carried out construction-and-assembly activities.

The indemnity is based on a liability limit, negotiated in advance and written down in the Insurance Policy.

Additional Info

What is the contract period? This insurance is being concluded for the period of construction-and assembly works as per the agreement for performance of the respective works and the implementation schedule, appended to it.
The insurance coverage will enter into force as from the time of works initiation or after unloading the machinery and materials, listed in the Insurance Policy at the construction site.
How is the sum insured being determined?

You may conclude the insurance policy in one of the following ways:

  • at replacement cost – the value needed to restore or replace the property with a new one of the same type and quality, without applying impairmentor
  • at actual cost – the value against which instead of the insured property, a new one of the same quality, type and condition may be provided while taking into account the degree of amortization/depreciation .

The sum insured for machines, equipment and construction machinery can be determined by you using expert evaluation of a licensed appraiser or their book/balance sheet value.

How is the insurance premium being determined?

The insurance premium is determined depending on:

  • construction site type or assembly works type, and the degree of risk, associated with them
  • equipment and machinery, insured as part of the construction-and-assembly site
  • negotiated sum insured
  • selected combination of insurance coverage options
Where can you conclude an insurance policy? At DZI offices, as well as with our professional partners (agents and brokers)
Premium payment An option to pay in installments, as each consecutive installment may be easily and quickly paid on-line here.

Documents

  • A filled-in and signed Proposal-Questionnaire, accompanied with a Client Needs Analysis
  • Contract for execution of construction / assembly activities
  • Bill of quantities
  • Line schedule for construction / assembly activities