The Construction and Erection Works Insurance provides protection against all risks, which can occur and cause damages to the construction and erection works, machinery and materials related to the construction site. The objects of the insurance are construction projects of all kinds, like apartments, offices and industrial buildings, road and railway networks and facilities, airports, bridges, tunnels, canals, ports, etc. The policy may include the temporary structures and facilities on the construction site, as well as all the construction and erection works which are not included in the value of the contract object.
The insurance provides coverage against all risks of losses or damage to the construction and erection works, machinery, construction facilities and equipment, clear-up costs after insured event, paid by the construction entrepreneur – the contracting party, the contractor and the sub-contractors during the construction period.
Usually the entrepreneur or the constructor is insured, but it can also be the contracting party or the owner of the building, if they are liable to insure property while still in a construction/repair process.