Insurance plays an important role in the construction industry, being one of the sectors considered the riskiest. In addition, it is one of the activities that is sought to reactivate from different fronts because it is one of those that generate the most employment.
Building Insurance ‘gebäudeversicherung vergleich‘ helps to cover material losses or damages that may suffer the work, machinery, and equipment, personal injury to workers or civil liability in front of third parties.
What is That Building Insurance?
- Personal accidents: In a civil work there are many risks involved, so this coverage protects the insured person of the work.
- Construction civil liability: This policy covers damages and/or injuries.
- Caused to third parties and/or their properties.
- During the execution of a contract.
- All risk assembly: The purpose of this coverage is to compensate the insured for the damages occurred during the installation or assembly, including the testing and commissioning of industrial equipment, drilling equipment, transportation and transit systems, among others.
- All construction risk: This policy covers the damages and material losses suffered by the assets and/or interests that occur during the construction stage of housing buildings, shopping centers, hospitals, roads, etc. Within the coverage of this policy consists Damages caused directly by the earthquake, tsunami and volcanic eruption, cyclone, hurricane, storm, wind, flood, overflow and water level rise, muddling, subsidence or landslide, landslides, or rocks, etc?
What works can be ensured?
All building works (buildings for homes, shopping centers, schools, hospitals, auditoriums, etc.) and any type of civil works (housing developments, roads, highways, railway works, pipelines, etc.)
Being an all risk insurance is covered any damage to the construction, except as expressly excluded, provided that the damage or material losses are a direct consequence of an accidental, unpredictable and sudden occurrence.
The basic coverage is:
- Conventional risks: Fire, explosion, lightning strike, theft, shocks, impacts, etc.
- Nature’s hazards: Wind, hail, rain, snow, frost, storm, hurricane, cyclone, flood, overflows, sea swells, subsidence, landslides, rockslides, earthquakes, volcanic eruptions, etc.
- Risks inherent to the execution: human failures, material defects, defective executions, consequences of design errors, etc.
As an option, other guarantees may be included in the policy, for example:
- Broad maintenance
- Demolition and/or debris expenses
- Destruction expenses
- Supplementary expenses
- Strike, riot, civil commotion, sabotage, and terrorism.
- Construction machinery: The Cheap Building Insurance covers damages of external origin to the machine, excluding those of internal origin which may be covered by another type of specific policy called Machinery Breakdown.