Construction, erection and installation of equipment are all activities that, on par with cargo transportation, bear high risks of incidents. Apparently, this has led to the development of so many lines of insurance of both property and liability offered to enterprises of the sector. On the one hand, this is obviously beneficial, on the other hand, it may be problematic to sort out this diversity. If this is your case, please call on the expertise of our Company’s specialists who have arranged insurance of many facilities constructed in our country.
Construction and installation risk insurance is one of the most sophisticated insurance lines, both during contract negotiation and when handling any actual losses. Despite the variety of offerings, assistance of an expert in this line of insurance will be very helpful.
A saying goes: “any construction project starts with a nail”. Construction insurance, then, starts with project insurance. This stage is often willingly or unwittingly neglected. We strongly advise against leaving it to chance.
Stages of construction and installation insurance may include:
- Project developer liability insurance;
- Construction and installation risk insurance;
- Cargo insurance (either as an addendum or a separate insurance contract);
- Construction and installation work liability insurance (either as an addendum or a separate insurance contract).
The core construction and installation risk insurance contract is developed in fine detail, with consideration of the particularities of the constructed/erected/installed facility and the role the client plays in the project.
It should be borne in mind that timely and properly arranged insurance coverage will minimize financial losses related to any incident occurrences.