We believe that construction projects insurance is one of the most difficult and, if appropriate, creative types of insurance. It isn't developed enough in Russia - many constructions dispense with full insurance and use only compulsory types of it, or save on insurance. Full coverage is a custom for foreign builders (especially Turkish), big Russian companies and state companies who are builders and building owners. Major part of constructors use insurance selectively, first of all through self-regulatory organizations.
Requirements of builder’s risk coverage are usually provided by construction agreement.
Basically, general contractor should be the main insured, because he is constructing, is liable for the damages to the building while it is under construction and bears losses in case of insured accidents.
The specific feature of builder's risk insurance is that all property interests on construction site during construction period are objects of insurance:
Regardless of stage of usage everything on construction site can be insured object. For example, materials for construction are shipped, unloaded and stored in warehouse at first. Then they are used for construction and become a part of a project under construction. On all these stages they are insured.
The main sum insured in builder's risk policy is the cost of construction agreement. This means the cost of finished object excluding the cost of land parcel but including cost of building and installation works, design, materials and installed equipment (with shipping costs).
In liability insurance the sum insured is determined by requirements of customer or by estimating real risks on the basis of maximum loss for appropriate construction volume.
Builder's risk insurance is strictly continental. The main leader there is Munich Re Group, the world largest reinsurance company. Insurers generally follow Munich Re endorsements.
Builder's risk insurance is one of the strongest areas of our activity. We work with building companies from all Russia and are experienced in insuring and reinsuring construction projects of any type and complexity. When needed we cooperate successfully with building owners, builders, creditors/investors and state control authorities.
Contact us for commercial proposal on construction all risks insurance!
Horizon is a professional insurance intermediary, executing insurers / reinsurers orders on the selection of the best options of insurance / reinsurance coverage. We have an extensive practice of insurance for state, municipal and commercial structures of Russia, Europe, Asia, South and North America.
Thanks to our experience, we have a vast knowledge in all sphere of insurance that is why we can offer special insurance contracts for any business type.
Our team has a unique long-term experience in reinsurance. Our employees have contacts with reinsurers from virtually anywhere in the planet. We are ready to take on the most complex and sensitive issues: whether you are the Reinsured / the Insurer or the Сlient / Policyholder requiring placement of great risk insurance amounts or atypical terms of insurance.