Business in the construction industry is booming these days. But supposedly small gaps in insurance coverage could quickly lead to significant losses. Are you prepared for such risks?
Our specialists are familiar with pitfalls such as product liability for damage caused by subsidence and settlement in civil engineering or the liability for defects in manufacturing activities such as cement production. When it comes to arranging a viable insurance package for your construction risks, a precise and comprehensive risk analysis of your company or planned construction activity is an absolute necessity.
In developing insurance solutions for your major construction project that are tailored to your specific needs, our team of experts can not only draw on market and specialist knowledge, but also make use of its excellent contacts in the insurance industry.
With us as your partner, you have access to insurance solutions that go beyond the common market standard – if need be, also for planning risks, construction works and erection risks. In addition, our experts examine your current insurance contracts to identify and implement optimization potentials for you.
Among others, we can arrange the following insurance covers for you:
- Liability insurance combined construction insurance (Kombi-Bau-Versicherung) (construction works/liability)
- Contractor's All Risks Insurance (CAR)
- Erection All Risks Insurance (EAR)
- Loss of earnings insurance
Why a combined construction insurance for the owner/builder of a construction project?
The construction of a building project requires the involvement of different professional disciplines and trades (such as architects, technical planners, construction companies, building craftsmen).
The variety of services to be provided by the parties involved for the construction project are every bit as diverse as their insurance contracts and interests of these parties.
Difficulties for the owner/builder in the case of separate insurance policies
- in respect of the contract
- Assessment of which requirements are imposed on the insurance cover for each individual party involved in the construction project
- Obtaining information on the insurance cover of each involved party
- Analysis and review of the information on the insurance cover of the involved parties (does it meet the requirements, is it commensurate with the risk?)
- Monitoring of premium payments for the insurance contracts of all involved parties
- Verification whether the respective insurance cover of the involved parties is in effect during the entire construction period
- Obtaining information and reviewing the insurance cover of subcontractors or their assistants
- in the event of claim
- Inadequate or lacking insurance cover for the party involved
- Each insurer only represents the interests of its policyholder
- Additional costs in claims settlement / dealing with several insurers
- Different insurers - with possibly conflicting claims handling
- Loss-related delays in construction, in particular due to difficult coordination of the respective experts involved
- Exhaustion of limits of indemnity due to losses that occurred at other construction projects
Kombi-Bau (combi construction) is a combined insurance contract tailored to the construction project
- for all parties involved in the construction project,
- with only one insurer/insurance consortium (contract and claims handling thus from a single source),
- with one contractual partner of the insurer (contract arrangements/receipt of claims payments only by the contractual partner of the insurer),
- with sums insured that only apply to the construction project,
- with clear allocation of competence in the event of a claim with only one insurer/broker (minimization of loss-related delays in construction),
- with the insurance being in effect for the entire construction period,
- with a consistent contract wording of terms and conditions that is beyond the market standard,
- it does not require the administrative burden of requesting, verifying and reviewing the involved parties' insurance policies,
- with guaranteed insurance coverage through premium payment by the owner/builder and the possibility to allocate the premium among the involved parties.
The modular Kombi-Bau system
Kombi-Bau comprises all areas that are important for the realization of a construction project:
- Owner's liability insurance
- Public and product liability insurance
- Planning liability insurance for architects and consulting engineers
- Environmental liability insurance
- Environmental impairment insurance
- Contractor's and erection insurance
- Fire shell insurance (fire insurance during the construction phase) (optional)
- Construction business interruption insurance (optional)