Constructional risk insurance

Object of insurance is the property interest of the Insured connected to unforeseen expenses and losses at construction and erection and other works during construction, including loss indemnification.

Under this insurance any individual or legal entity can be considered as the Insured’s who has the risk of:

• Customers;
• Contractors, Sub-Contractors;
• Project Organizations

Contractor’s All Risk is performed under two sections:

1. Section 1 - Material Damage
2. Section 2 - Third Party Liability

Under the first section contraction objects, reconstruction and complete overhaul, construction machinery, equipment and mechanisms, other property is subject to insurance.

Under the second section Liability of the Insured against third party for material damage to their property or harm to their life, health caused at contraction, erection and starting-up/adjustment at a construction site or direct nearby, as well as maintenance period are subject to insurance.

Debris removal may also be the subject of insurance additionally.

Sum insured is set up by the agreement of parties and includes contractual works, book value of machinery and equipment, starting-up/adjustment expenses subject to maximal possible loss, costs of material and other property purchase that are the contraction object thereto.

Basic insurance rates for this type of insurance are from 0.3% to 3.4% from sum insured.