CAR Insurance covers all types of construction risks and includes works brought on-site as part of contracts as well as temporary works, erected or constructed on-site.
Coverage: Romanian and Bulgarian interes
Advantages:
- All Risks coverage, comprehensive policy
- Be-spoke product designed to meet your needs
- Expert claims management
- Premium payment in installments or in full with a discount
- Competitive premiums, especially with deductibles
- Munich Re CAR wording
Covered risks:
Section I
Physical Damage
- Contractual work (permanent or temporary, all materials included):
– Contract value
– Materials and other goods provided by the beneficiary - Construction and other equipments property of the beneficiary
- Constructor’s machinery and equipment
- Expenses for:
– Removal of debris in case of claim occurrence
– Professional fees (architects, experts, consultants)
– Firemen intervention
Section II
Third Party Liability
- Bodily injury
- Material damages
- Legal expenses the Insurer may have to pay
- Expenses made with the written consent of the Insurer following a claim that is to be indemnified.
Normal maximum underwriting capacity:
-up to EUR 30,000,000 for Catastrophe
-up to EUR 25,000,000 for Risk, based on PML
Risk assessment must consider:
- Project type and ultimate use
- Building materials
- Construction method, constructor’s expertise
- Project location
- Insured period
- Loss record of insured parties.
