Construction All Risks Insurance

allrisk

Construction All Risks Insurance

This is an insurance contract compensating   the loss or damage of  all kinds of properties during construction activities such as wellness centers, hospitals, hotels, factories, industrial plants, roads, dams, bridges, housing and so on to be constructed which is previously unknown, occurring with a sudden reason and is except for the exceptional conditions. “Construction” can be the whole work project in progress, or may be limited to any parts to be added to a current property.

However, the damages incurred in the construction field should be a sudden occurrence and this reason has to be the case also not an exception.

Insurance amount includes the value of constructional materials and works (including customs, duties, fees, transport and labor costs, if available) and, if guaranteed separately, current market value of machines, devices, used for construction, and equipment and temporary construction huts and auxiliary buildings. Guarantee period starts from the moment in the construction area of building materials and structures built ends with temporarily or permanent delivery to the employer. If desired; insurance can be provided with additional premium against risks of debris removal, III. Person Financial Liability, serial transportation as a result of a damage, maintenance circuit, strikes, lockouts, terror, earthquake.

The numerical and/or size elements by means of square meter or cubic meter of the insured constructional items should be in the policy.

The quantity and quality measures of the structural items envisaged in the project should be checked if reported in the construction agreement.

The assurances received and especially the maintenance period assurance starting from the end or provisional acceptance of the construction should be checked.