Insurance of construction and installation risks for legal entities
Insurance of construction and installation risks allows to secure interests of parties, participating in the process of construction (customer, contractor, subcontractors, designers, etc.). Policy of construction and installation works insurance covers different risks, connected with execution of the following work:
- construction, repair, reconstruction of buildings and constructions;
- assembling, installation, modernization, starting-up and adjustment, putting into operation of various equipment.
What can be insured:
- objects of construction, installation and other works in accordance with contractor\'s agreements and contracts (objects of contract works) concluded with the Insured, including building materials and constructions, mountable equipment and units;
- materials and equipment, provided by a customer above the contract with a contractor, subject to their cost is separately and additionally included in the total sum insured under the policy;
- by agreement of the parties and by fixation of special sums insured equipment of building yard, building equipment and machinery, other objects can be insured as well;
- post-launch guarantee liabilities of Constructor.
Sums insured are fixed:
- for objects of contractual works – based on their full contractual (estimate) cost, including cost of building materials and constructions, mountable equipment and units, design efforts, payroll expenditures, transportation costs, customs duties and fees;
- for materials and equipment, provided by customer of works, as well as for existent property – based on actual cost of these materials, equipment and property;
- for equipment of building yard, building technique and mechanisms – based on purchase cost of objects of such type and capacity as insured ones.
insurance is valid during the whole period of contractual works execution, bare and work testings of equipment, starting with fulfilment of preparatory works or from unloading of the first lot of insured property on the building yard and finishing by the moment of turning over for operation;
validity of the policy can be prolonged for a guarantee period stipulated by the contractor's agreement with respect to objects of contractual works accepted to operation.