Construction and Installation Risk Insurance
The object of this policy are: high or low construction sites of any kind, machinery and equipment on the construction site, construction machines and vehicles used on the site, civil liability of the contractor/subcontractors for material and non-material damages caused to third parties, expenses for reducing the damages and for clearing the site after the occurrence of an insured event.
The scope of coverage is against all risks except for the ones explicitly excluded under the General Terms and Conditions of the respective insurer, including:
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fire, explosion, lightening, crash or fall of a piloted aircraft, parts or load thereof, as well as damages caused by the action of water, foam or products used in fire extinguishing;
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storm (hurricane), heavy rain, flood;
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damage caused by load/weight resulting from natural accumulation of snow or ice and/or freezing, avalanches, raising of the sea level (sea waves);
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earthquake, landslide or collapse of earth and/or rock mass, ground subsidence, etc.
The insurance coverage can be expanded with additional coverage for: counter-(cross) liability between participants in construction, the liability of the contractor/subcontractors for damages during the warranty period, expenses for quick delivery and overtime, air transport and other expenses, depending on the specifics of the concrete site.
Insurance period – it is valid for the site construction term.
The sum insured/liability limits are determined as follows:
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for the construction and installation site – on the basis of its project value;
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for the equipment, construction machinery and vehicles – on the basis of reimbursable/actual value;
Liability limits are negotiated for the civil liability of the insured as well as for the expenses for reducing the damage and clearing the site.