Building Design and Construction sectors are characterized by a high degree of risks. Apart from the likelihood of property loss and injuries of property developers or contractors, under threat are the life and health of random people.
Subject of insurance are construction sites such as: residential , commercial and industrial buildings , railway and roads and facilities , airports , bridges, tunnels, canals , harbors and more. The policy may also include temporary structures and facilities on site , and all construction works , which are not included in the value of the subject of the construction contract . Insurance amount of construction work is equal to the cost of the construction contract, i.e. the full replacement cost of the works to the completion of the building , including the cost of the construction materials , labor costs , amortization, transportation and customs fees and duties , obligations , including profit and materials and equipment delivered by the entity. Additional can be covered professional fees of external consultants (architects , engineers and other specialists ) required for removal of the consequences of an insured event. The liability limit is negotiable . Insurer shall indemnify the Insured for amounts that it is obligated to pay for property damages and injuries that occurred during the policy period of the construction site or in the immediate vicinity at the time of the insured construction works . Premium depends on the characteristics of the construction site , the insurance term , meteorological and seismic characteristics of the area, the limits of liability for third parties , extensions of coverage and more. The construction business is one of the main economic sectors , which have provision for firms with mandatory and voluntary insurance as follows:
- Compulsory Accident Insurance ;
- Construction works Insurance ;
- Professional liability insurance .