Construction | GARDIA Insurance Company

Construction and erection risks policies provide important protection for hazardous construction work. Insurance provides comprehensive protection against damage, injury, destruction or loss incurred in connection with construction or erection activities during the construction period. Insurance policies help to prevent a disruption to business and a delay in a project moving forward and protecting against multi-billion losses. A large number of project participants including the main contractor, the principal or owner, subcontractors, lenders and financiers significantly increases error probabilities.

What can be insured

Greenfield projects, renovation, reconstruction, overhaul and any other types of construction works as well as maintenance period

Who can be insured

Main contractor or investor
Any contractor or subcontractor

Additional coverages

Extended maintenance cover
Guarantee cover
Third party liability
Marine cargo
Extra expense coverage including loss adjustment expenses, loss mitigation costs as well as elimination costs

Insured risks

Standard 'all risks' insurance coverage (coverage of damage caused by all perils except those explicitly excluded in the policy) arising during the period of works

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FAQ

What kind of risks during construction works can occur?

Direct losses: physical destruction (damage) of capital constructions, damage to materials, products, structures or equipment involved in the construction process
Damage caused to individuals or their property, damage to the property of legal entities (third parties) as well as environmental losses

What kind of indirect losses in course of the construction works can occur?

Delay in start-up including loss of gross profit (the loss actually sustained during the indemnity period resulting from a reduction in turnover including any increased cost of working), specified standing charges (the amount actually not earned during the indemnity period resulting from a reduction in turnover including any increased cost of working).

What additional extensions can be covered?

Damage caused to the construction by the subcontractors’ activities
Inland transit
Theft
Cover for designer’s risk

What risks are excluded from the coverage?

Use of defective material
Defect of material workmanship design plan
Termination of construction
Soil erosion