Construction Insurance

"Construction insurance compensates for material damage to the main construction project, materials, temporary structures, and other property resulting from unforeseen accidents related to various construction activities. Additionally, depending on the contractor's choice, it also comprehensively covers third-party liability for both personal injury and property damage. This insurance provides a comprehensive and inclusive compensation system for all stakeholders, including project owners, contractors, and other parties involved in the construction project."

Product Features

Construction Insurance Compensation Details :

Construction insurance compensates for damage to the main construction project, materials, temporary structures, and other property caused by unforeseen accidents during the construction process. It also provides comprehensive coverage for third-party liability damage (both personal injury and property damage).

Key Compensation Items:

Damage to the Construction Project:
Compensation for material damage to the construction project, materials, and temporary structures caused by accidents during construction.
Third-Party Liability:
Compensation for liability arising from accidents during construction that cause damage to third-party property or injury to individuals.
Debris Removal Costs:
Compensation for the costs associated with handling and removing debris after an accident.
Damage to Construction Machinery and Equipment:
Compensation for damage to construction machinery and equipment used in erection work, such as cranes, lifts, winches, welding machines, and compressors.
Damage to Surrounding Property:
Compensation for damage to property owned, used, or managed by the insured (e.g., project owners, contractors) that is located near or within the construction site.
Additional Coverage through Special Clauses:
- Damage due to design, material, casting, or manufacturing defects.
- Special costs (e.g., emergency transportation, airfreight).
- Other specific risks (e.g., natural disasters such as floods, earthquakes, storms)

Additional Considerations:

Special Clauses:
Adding special clauses to the insurance policy allows for expanded coverage for various types of damage, such as design defects or specific risks.
Comprehensive Risk Management:
Provides a holistic compensation system for all stakeholders in the construction project (e.g., project owners, contractors, subcontractors).

Insurance Coverage Eligibility

Residential and Commercial Buildings

Residential Buildings: Apartments, villas, single-family homes, and other types of residential properties.
Commercial Buildings: High-rise buildings, theaters, shopping malls, and other buildings used for commercial purposes.

Transportation Infrastructure

Road Construction and Expansion: Development and enhancement of road networks.
Airport Runways and Facilities: Construction of airport runways and supporting infrastructure.
Railway and Subway Construction: Building of railway lines, stations, and subway systems.

Water Control Structures

Dams, Breakwaters, Levees: Structures built for water regulation, flood control, and protection.

Special Structures

Bridges, Transmission Towers, Tunnels: Special construction projects requiring advanced engineering, such as bridges, power transmission towers, and tunnels.

Requirements for Contracting Property Insurance

1. Project Overview

Project name, location, scale, and objectives
Start date and expected completion date
Additional explanations related to the project's main characteristics

2. Contract and Cost Breakdown

Contract Agreement: The construction agreement between the project owner and contractor
Cost Breakdown: Detailed breakdown of construction costs, categorized by item

3. Time Schedule (Progress Chart)

Construction schedule and expected completion dates for key phases
Interlinking of tasks and identification of major milestones

4. Design Drawings and Layout

Design plans for the construction site (building, structures, layouts, etc.)
Detailed information about the layout, size, materials, etc., of the building and structures

5. List of Machinery and Equipment to be Installed

List of machinery, equipment, and devices to be used or installed during construction
Specifications, quantities, and purposes of each piece of equipment