According
to the specifics of building, reconstruction and rehabilitation works it is
priority for the building companies to manage risk factors. In this respect,
engineering risks insurance is one of the most efficient ways to avoid
unforeseen financial losses, occurred in the aforementioned sphere.
According
to the specifics of construction sphere, engireering risks insurance “All Risks
Policy” implicates: Section I - Building process insurance Section II - Machine and equipment
insurance Section III - Third party liability insurance Section IV - Employee`s personal accident insurance
Section I – in case of building process
objects of insurance are:
Building object
Building material, located at building site
Auxiliary constructions, buildings
Store houses
Engineering systems
Networks and any kind of property, necessary for building
process at construction site
Insurance covers financial loss, caused by:
Destruction or partial damage of building objects
Damage or destruction of building material and property
necessary for building process
Expences caused by cleaning of construction site
Insurance
risks implicate:
Fire, explosion, thunder, fall of airplane or subjects inside it
Damage by water, injure of waste system operation
Element incidents: earthquake, storm, hail, landslide,
avalanche, heavy snow, fall of rocks
Rob, maraud, Vandal, illegal actions of third parties
Weakening, vibrating of carrier elements
Damage, caused by defective material
The amount
of insurance sum is determined in accordance with the whole project value,
including cost of building materials.
Section II - Machinery insurance Insurance
objects are all machine-equipments located at the building site, necessary for
construction process, except cars, such as: turbines, generators, compressors,
transformers and other similar equipments. Insurance
covers financial losses, caused by destruction or partial damage of
machine-equipments at the construction site. Insurance
sum is determined according to the alternate value of insured
machine-equipment, including transportation expenses and custom fees.
Section III - Third party liability insurance In the construction process, there is risk to cause unintentional damage to the
third party`s property or health, which may result in huge financial losses.
Insurance covers compensational expenses, related to: hird party`s body damage or death, during the construction process Third party`s property destruction or damage, during the construction process Amount of insurance limit and sublimit is determined according to insured`s
preference.
Section IV – Employers` Accident
insurance Building site is a high-risk area, not only for the construction unit and the
machine - equipment, but also for people who are hired directly to participate in
the construction process. Injuries and accidents are frequent cases such as:
Death;
Disability;
Bodily injuries.
Construction Risks "all-risk insurance" policy provides substantial
compensation in such cases for employed person or his legal successor. The
amount of compensation is determined by the insured orgamization before the
contract signature.
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