Engineering Insurance
Your investment is exposed to constant unforeseen events and happenings, from weather conditions and unforeseen earth layers movements, on which you build your foundations of your works to negligence due to human capital, in an accurate and strict implementation of the project, insurance regulations in construction, in erection all costs etc.
Complete protection for your projects
In order to share the burden of such risk as Lloyd’s founders did ages ago. They were simply some small merchandise traders and they co-shared the risks with each other by a gentlemen agreement, you as well need a partner. This partner can be found only in SIGAL who is willing to pay special attention to unforeseen detailed and events so that you can further advance in achieving on time the implementation of all of your projects. You cannot simply think, what would be the loss in cases of object impairment by natural causes, earthquake, floods, earth sliding or fire, explosion, theft or a negligent employee. And this is because, SIGAL offers a wide range of insurance products such as construction all cost insurance, erection all cost insurance, third parties liability in the project, machinery insurance, insurance from “loss of profit due to machinery impairment” etc.
Constructors’ All Risk Insurance
According to the Decision of the Council of Ministers, all builders who sell real estate, whether residential or business, must deliver to the buyer an insurance policy with a term of 10 years.
This insurance policy covers the Liability of the Builder/Developer or Investor for the losses and damages suffered by the Beneficiary as well as those of third parties for which he is held responsible, including legal expenses and costs for the protection of his interests during the trial process, with the verification of the insured event, when due to the land or construction defect, the building collapses completely or partially, or presents an obvious risk of collapse or other serious defects, which appear after the conclusion of the contract of transfer of ownership resulting in consequences in:
Erection All Risk Insurance
This product is for all builders of buildings, factories, plants, airports, bridges, highways. The insurance policy provides insurance coverage against all risks for the building construction phase and also for a warranty period after the completion of the works. The coverage includes both damages suffered by the insured (contractor or subcontractor of works), as well as damages that the insured may cause to third parties.
How much does this insurance cost? The premiums for this insurance range from 0.05% to 0.6% of the insured amount, depending on the type of object, the nature of the object and the construction conditions, the value of contracted works and work machines, the liability limit as and from the duration of the construction and warranty period.
Insurance of All Risks In Assembly
Through this insurance policy, SIGAL UNIQA undertakes to pay for work damages in all stages of the assembly of machines and equipment in industrial facilities. In addition, we also pay for damages to third parties, both bodily and property, as well as expenses for cleaning up waste caused by the occurrence of an insurance event.
How much does this insurance cost? The premiums for this insurance vary from 0.1% of the insured amount to 0.5% of the insured amount, depending on the installations to be performed.
Machinery Insurance
This is the policy through which machines in industrial units are insured. We undertake to repair or replace any loss or physical damage that may occur to machines unexpectedly and accidentally during the work process.
How much does this insurance cost? The premiums for this insurance range from 0.2% to 0.5% of the insured amount, depending on the assemblies to be performed.
What documents are required?
- Copy of the contract with the Investor
- Completing the insurance intake questionnaire
- Work schedule
- Estimate of Works
- CV of the company
Frequently asked questions
For what reason is the "All risks in construction" policy needed?
- The main reason to buy an “All Risks Construction” policy is to protect the works you are contracted to develop. For example: in case you are building/reconstructing a building that catches fire, then your client expects you to finish the works, but will not pay you again to finish them after the damage has occurred. In this case, the “All risks in construction” policy intervenes, which covers the costs of repair or reconstruction of the works carried out on the site. In the vast majority of cases, this type of policy is mandatory from the contract you will sign with the contracting authority/financier. of the project.
When should we notify that an accident has caused damage to contracted works?
- You must notify the agent, or broker or insurer as soon as possible. We will provide immediate assistance.
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