Construction and Assembly Risks
Insurance against Construction and Assembly Risks
Activities of construction companies include a range of construction and assembly projects, and launching them into operation. Successful completion of this process does not only depend on the actions of professionals and workers, materials and equipment used, effective coordination of process technology, but also on favorable coincidence of external circumstances.
Insurance against construction and assembly risks with OIC JSC is a civilized way to protect investments and own funds of participants in technical projects.
Insurance contract against construction and assembly risks (CAR) can be executed with any natural or legal persons, who may be a risk in connection with construction and assembly works: customers, contractors, subcontractors, design organizations.
- damage to and destruction of property (building materials, construction machinery);
- damage to or loss of the work;
- incurrence of civil liability for damage caused to third parties.
- fire, explosion, lightning;
- downfall of aircrafts or wreckage thereof on the object insured;
- tornado, hurricane, storm;
- snow avalanches, mudflows, floods, rainstorms, soil subsidence;
- theft, burglary, robbery;
- failure of utilities;
- installation errors;
- collapse or damage to the object.
What can be insured?
- Construction works, including building materials and structures, labor costs, freight costs, customs duties and taxes, as well as building units and materials supplied by the customer.
- Installation works, including mounted equipment, labor costs, freight costs, customs duties and fees, as well as materials, equipment and services provided by customer.
- Construction site equipment (temporary buildings and structures, warehouses, scaffolding, utilities, etc.).
- Costs of clearing the territory specified in the contract of fragments (residues) of property damaged as a result of an insured event. Such costs are deemed to be expenses, which must be incurred after the insured event in order to bring construction site to a condition suitable for reconstruction. Costs of clearing the territory are covered in the amount not exceeding 2% of the total sum insured.
- Objects that are at the construction site or in close proximity thereto, beneficially owned by the Policyholder except for the objects specified in p.2.3.3 of the Contract.
- Construction machinery and equipment: excavating machinery and equipment (bulldozers, excavators, etc.), road construction equipment (scrapers, rollers, asphalt-spreaders, etc.), construction machinery and equipment for construction and installation works, mounted on the construction site (cranes, hoists, concrete mixing machine, etc.).
The following may be additionally insured:
- civil liability for harm to life and/or health or property of third parties;
- post-construction warranty liabilities.
established by agreement of the parties and is comprised of:
- book value of machinery and equipment, cost of commissioning works, with a view to the maximum possible damage;
- cost of building materials for project construction;
- limit of liability to third parties.
Insurance premium is 0,15-1% of the total contract value, depending on duration and extent of insurance.
Insurance premium can be paid in installments.
How to make an order?
To do this, please contact us at: +7 (727) 258-18-00 ext. 1063 or leave us your application and describe the insurance your organization wants, and OIC Corporate Insurance officers will contact you. Email address for messages: firstname.lastname@example.org