Contractors´and Erection All Risk Insurance

Contractors´and Erection All Risk Insurance provides insurance coverage for a work under construction and installed at the time of its construction or installation for the event of damage caused by natural hazards, theft, defective work or defective material. In addition to the work in connection with construction projects or installation works, machines and machinery, equipment of the construction site/ site of installation itself, or surrounding buildings and property owned by the insured are also covered. The product also provides protection in the event of liability for damage vis-à-vis third parties. The insurance is arranged on the so-called all-risks principle; any and all damage is covered, unless excluded from the insurance. This type of insurance is intended for all entities engaged in the construction projects and installation works. The insured may be the investor, the main contractor and all subcontractors of the construction-installation work.

Insurance coverage

The subjects of insurance and various other additional insurances are designed to protect the client from the risks associated with construction and assembly works as much as possible and take entirely into account the international standards in this insurance segment.

Subjects of insurance that may be covered by this insurance:

• the construction and assembly work itself
• the equipment at the construction – installation site
• construction and assembly machines and equipment used in the construction and installation works
• property owned, used or by the insured or under the administration of the insured, which is located at the place of insurance and which is not actively used in the construction or assembly works, but may be damaged during the construction and installation
• costs that will have to be incurred in connection with the occurrence of the insured event, such as vacation of the place of insurance after the insured event, express surcharges, air transport of spare parts, wage surcharges for overtime work or work during night/ public holidays in repairing damaged items after insured event
• liability for damage incurred by third parties during the period of construction or installation works

Contractors´and Erection All Risk Insurance may be extended to cover:

• mutual, so-called cross-liability for any damage caused to each other by and between entities engaged in the construction of the construction and installation work
• warranty works after handing over the construction work
• property stored off the construction site
• items during their transport
• project errors