The construction industry is currently booming. But apparently small gaps in insurance coverage can quickly lead to massive losses. Are you prepared for these risks?
Our specialists are familiar with the pitfalls such as product liability for settlement and subsidence damage in underground construction, or the liability for errors made in production activities such as cement production.
When it comes to arranging a sustainable insurance package for your construction risk, a detailed and comprehensive risk analysis of your company and the planned construction is absolutely necessary.
Our experts do not only draw on their comprehensive market knowledge and expertise, but they also use their very good contacts in the insurance industry and their good negotiation skills.
With us as partner, you have access to insurance solutions that go beyond the usual market standard – also for planning risks, construction works risks and erection risks if needed. In addition, our experts examine your current contracts in order to develop and implement optimization potentials for you.
Among others, we can arrange the following insurance covers for you:
- Liability insurance
- Combi Construction Insurance (building works/liability)
- Contractor's all risk insurrance CAR
- Erection all risk EAR
- Loss of earnings insurances
Why a combi-construction coverage for the owner/constructor of a building project?
For the construction of a building project, the participation of different disciplines and trades (such as architects, technical planners, construction companies, building craftsmen) is necessary.
The variety of services to be provided by the parties involved for the construction project are every bit as diverse as their insurance contracts and interests of these parties.
Difficulties for the owner/constructor in the case of separate insurance policies
- in contract processing
- Assessment of which requirements should be imposed on the insurance cover of each individual participant in construction
- Obtaining information on the insurance cover of each participant in construction
- Evaluation and assessment of the information provided on insurance cover by the parties involved (does it meet the requirements, is it appropriate?)
- Checking the payment of premiums for the insurance contracts of the parties involved
- Checking whether the insurance cover of the participant is also valid during the entire construction period
- Information gathering and examination of insurance cover of subcontractors and assistants
- in the event of a claim
- inadequate or lacking insurance cover for the party involved
- each insurer only represents the interests of its policyholder
- additional costs involved in claims settlement/dispute with several insurers
- different insurers – with possibly conflicting claims processing
- construction delays caused by a loss, in particular as a result of the difficult coordination of the various experts
- exhaustion of limits of indemnity due to losses occurred at other construction projects
Kombi-Bau (Combi Construction) is a combined insurance contract tailored to the construction project
- for all parties involved in the building project
- with only one insurer/insurance consortium (contract and claims handling from a single source)
- with one contractual partner of the insurer (contractual design/receipt of claims payments only by the contractual partner of the insurer)
- with limits of indemnity that only apply to the construction project
- clear responsibility in the event of a claim with only one insurer/broker (minimization of construction delays caused by a loss)
- valid for the entire construction period
- with uniform terms and conditions that are above the market standard
- without the administrative burden of requesting, verifying and reviewing the involved parties' insurance policies
- with a guarantee of insurance protection through premium payment by the builder/producer and apportionability of the premium to participants
Modules of Kombi-Bau
Kombi-Bau comprises all areas important for the realization of a construction project
- Building owner's liability insurance
- Public and product liability insurance
- Professional liability insurance for architects and consulting engineers
- Environmental liability insurance
- Environmental impairment insurance
- Construction and erection insurance
- Fire carcass insurance (optional)
- Construction business interruption insurance (optional)