Construction and erection risks
Insurance is one of the ways of compensation for damages caused to a building project while undesired events. It is one of the best risk management tools so long as comparatively low costs give an opportunity to nearly completely pay the damages.
Alliànz Ukraine offers risk insurance at all the stages of construction-and-erection or erection organizations’ activities ranging from material handling on the construction site to with post-commission warranty policy period. Comprehensive insurance of construction-and-erection works ensures highest possible protection to its clients and corresponds to the existing international standards of Contractors’ all risks insurance – CAR and Erection all risks insurance – EAR.
Insurance is written for:
valuable interests of the Insured responsible for performance of construction-and-erection or erection works, connected with property ownership, use and disposal, which is the object and/or the means of execution of construction-and-erection works and is located on the construction site or in immediate proximity thereto.
We accept for insurance under a supplementary agreement between the Parties:
Obligation of the Insured or a third party responsible for performance of construction-and-erection works to repair the damages to health or property of the third party while performing construction-and-erection works; Obligation of the Insured to repair damages done to the constructed building (facility) or the mounted equipment caused by faults while performing construction-and-erection works and commissioning, that were identified at the time of post-launch warranty obligations.
We accept for insurance:
- construction works, including building materials and facilities, erection works, including erection equipment, materials, personnel costs, transportation costs, custom charges and duties;
- construction site facilities (temporary buildings and facilities, storage premises, scaffolds, infrastructure etc.), construction machinery and equipment: earth-moving machines and equipment (bulldozers, excavators etc.), road-building machines (scrapers, compactors, asphalt pavers etc.), construction machinery and equipment for construction-and-erection works to be mounted on the construction site (cranes, winding engines, concrete and mortar mixers etc.);
- objects located on the construction site or in immediate proximity to it owned by the Customer of the Contractor;
- expenses for removal of remains of the property damaged as a result of a loss event from the territory specified in the insurance agreement.
Insured event
A characteristic feature of the construction-and-erection risks insurance is that the insurance coverage, in addition to standard risks (fire, explosion, stroke of lightning, fall down of aircrafs, acts of God, illegal acts of the third parties), includes special technical risks: construction and erection error, anthropogenic accidents, engineering network failures, collapse or damaging of buildings under construction, as well as other risks stipulated by the insurance agreement.
You can insure construction-and-erection and erection works against any of the aforesaid risks or in full – against all risks.
Insurance premium
The amount of the insurance premium depends on the type of property, which is being constructed (erected) and on numerous terms of insurance coverage.
If you are interested in our offer and for detailed information please contact us at: 0-800-500-272
Allianz Ukraine Benefits
- The Company’s stability and reliability, which are ensured by the Company’s insurance reserves, reinsurance protection, as well as unique experience and knowledge of our staff.
- The scope of Obligatory reinsurance agreement under agreements on insurance of property and technical risks of Allianz Ukraine, concluded with Allianz SE, is USD 60,000,000.
- Reliability rating ÀÀ for Allianz SE Group according to Standard and Poor’s.
- Immediacy and efficiency while settling terms of insurance and making an insurance agreement.
- Assistance with risk evaluation and selection among insurance programs satisfying personal demands of every customer at most.
- Flexible rates and discounts system depending on the specific activities of the Insured and collateral factors being crucial for the risk level evaluation.
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