CONSTRUCTION RISK INSURANCE

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CONSTRUCTION INSURANCE

Insurance for construction and assembly works (CAR- Contractor’s All Risk) or EAR (Erection All Risk) represents an “all risks” cover for construction/assembly works carried out by a company for a Beneficiary, be it public or private .

Leader Team Broker works with all insurers in the national and international market (Lloyd’s of London), offering the best insurance solutions, tailored to the needs and risks of clients.

CAR insurance covers the following aspects:

✔ Material damage: This refers to destruction, loss or damage that occurs during the insured construction-installation works

✔ Civil liability to third parties: The insurer indemnifies the insured for the damages he suffers in accordance with the law to third parties and for which he is obliged to pay sums as compensation

ADVANTAGES OF COLLABORATION WITH LEADER TEAM

Save time –Leader Team represents you in discussions with all insurers and negotiates the most advantageous offers for you, depending on your needs. We have all the insurance solutions that exist in Romania and internationally for your field;

Earn money – Risks can be included on the same policy and we can reduce costs by up to 40%;

Free consultation: by talking with the consultants from the Leader Team you will find out what are the best solutions for you on the national and international market;

Claim assistance – Leader Team has created an internal claims department to provide support to all customers regardless of the insurer and insurance product chosen.

Simple and fast: we will contact you within 24 hours and you will work directly with our colleagues who are in contact with the best specialists in insurances dedicated to the construction field. We have free consultation, easy-to-fill questionnaires and we will quickly get you a quote;

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Affordable prices

Efficient customer support

Full coverage

Custom offers

Construction Firm Insurance:

As insurance specialists, we understand the multitude of risks and challenges that construction projects face, from start to finish. Construction projects, regardless of whether they are large-scale commercial developments or residential buildings, involve a complex interaction of resources, machinery, labor and external factors beyond our control. These variables create a conducive environment for unforeseen events, making Construction Risk insurance (CAR) an indispensable protection for parties involved in the construction industry.

Construction Risk Insurances are comprehensive policies designed to protect the interests of project owners, builders and other parties involved in a construction project. They provide coverage against a wide range of risks that may cause damage or loss during construction, including but not limited to fire, theft, vandalism, natural disasters, equipment failure and third party liability.

Construction insurance – Why choose Leader Team insurance?

Comprehensive protection

Leader Team Broker offers Construction Risk Insurance (CAR) that provides comprehensive protection against a wide range of risks associated with construction and assembly works. This ensures the coverage of material damages, such as destruction, loss or damage, which may occur during the course of the works. Also, the insurance covers civil liability towards third parties, protecting the insured from any compensations that they would have to pay.

Competitive prices

With the help of extensive collaboration with the best insurers, both nationally and internationally, Leader Team Broker provides clients with access to the best insurance solutions adapted to specific needs and risks . Through the negotiation of the most advantageous offers and the assurance of competitive prices, customers benefit from the possibility of choosing the option that best suits their budget and requirements.

Simple and fast

Leader Team Broker places special emphasis on the simple and fast experience of its clients. Our consultants work with easy-to-fill questionnaires, so that clients can get an insurance quote in just 48 hours. This efficient approach not only saves time, but also ensures customers quick access to information and insurance solutions suited to their needs.

Benefits of construction insurance policy

Material damage coverage
Liability coverage towards third parties
Protection of machinery and equipment
Contractor’s All Risk (CAR) Extension
Project start delay coverage (DSU)

Material damage coverage: CAR insurance offers protection against material damage caused by hazards such as fires, explosions, storms or accidental damage. This coverage applies both to the construction site itself and to the surrounding areas, ensuring the minimization of potential losses.

Liability coverage towards third parties: CAR insurance protects against possible claims related to bodily injury or material damage caused to third parties as a result of construction activities. This coverage protects project owners and builders from possible legal costs and financial liability.

Protection of machinery and equipment: Construction projects depend to a large extent on specialized machinery and equipment. CAR insurance offers coverage for damage or defects to these essential tools, ensuring the reduction of delays caused by such incidents and covering the costs of repairs or replacement.

Contractor’s All Risk (CAR) Extension: This additional option often included in CAR insurance covers the risks associated with the contractor’s responsibilities, including machinery and equipment of to him, professional liability and anticipated loss of profit.

Project start delay coverage (DSU): Delays in construction projects can have significant financial consequences. DSU coverage protects against financial losses resulting from project delays, including additional costs, lost revenue and interest expenses.

These benefits offer comprehensive protection for the parties involved in construction projects, reducing the financial impact of unforeseen events and ensuring greater safety and peace of mind in the development of these projects.

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Construction insurance – Covered services

Material damage: The insurance covers the destruction, loss or damage that occurs during the insured construction and assembly works.

Civil liability to third parties: The insurer compensates the insured for the damages suffered in accordance with the law to third parties and for which he is obliged to pay sums as compensation.

Material damage coverage: CAR insurance offers protection against material damage caused by hazards such as fires, explosions, storms or accidental damage. This coverage extends both to the construction site itself and to the surrounding areas, ensuring the reduction of potential losses.

Third party liability coverage: CAR insurance protects against potential claims regarding bodily injury or property damage to third parties following construction activities. This coverage protects project owners and builders from possible legal costs and financial liability.

Machine and equipment protection: CAR insurance offers coverage for damage or breakdowns of specialized machines and equipment used in projects of construction, ensuring the reduction of delays caused by such incidents and covering the costs of repairs or replacements.

Contractor’s All Risk (CAR) Extension: This additional extension covers the risks associated with the contractor’s responsibilities, including machinery and contractor’s equipment, professional liability and advanced loss of profit.

Project start-up delay (DSU) cover: This cover protects against financial losses resulting from project delays, including additional costs, lost income and interest expenses.

Covering the loss of the advance: CAR insurance can also include coverage of the loss of the advance paid by the beneficiary to the builder in case that the construction works cannot be completed for various reasons, such as the bankruptcy or insolvency of the contractor. This coverage offers financial protection to the beneficiary in situations where the advance paid cannot be recovered normally.

Construction works insurance CAR: Insurable goods

The goods insurable through this type of insurance are: civil constructions (for housing, education, art, sports, offices, etc.), industrial constructions (workshops, halls), agricultural constructions (for raising animals, greenhouses); special constructions (bridges, roads, railways, dams, smoke-cooling chimneys, tunnels, apacanal supply, heating, transports, etc.); assembly and installation works (power plants for the production of electric current, transformation stations, installations and equipment from the chemical and petrochemical industry, installations and equipment from the food industry, milling and bakery, installations and equipment for the production of plastics, rubber, glass, constructions, rolling mills, foundries), etc.

Why do you need insurance for risk in construction Leader Team

Why do you need construction insurance?

Regardless of the specifics of your construction project, you expose your work to common threats, such as theft, loss or damage that can affect the machinery, equipment and materials you own and use. These are not only expensive to purchase or replace, but are also vital for the development of your business. Without them, you would not be able to comply with the contractual obligations regarding the completion of the works on time, which could generate additional financial costs. The associated risks are diverse and multiple, including fires, floods, storms, intentional damage, vandalism and theft. Construction insurance (CAR) has the role of protecting you against all these risks.

The purpose of construction risk insurance

The purpose of this policy is to provide comprehensive coverage for all parties involved in a project, regardless of the type or cause of property damage. The insurance policy covers the permanent or temporary contracted works, as well as the materials and machinery used to complete them. It includes the value of the contract as well as the materials or other goods provided by the beneficiary. The main purpose of this policy is to provide extensive and professional protection, covering all essential aspects of the project and reducing the financial risks associated with it.

To whom is addressed the risk insurance in constructions

Construction insurance - Who is it addressed to?

The policy can be concluded by: builders, contractors, the beneficiary of a work, investor, developer, architects, designers, site managers, technical managers with execution, distributors of construction materials, warehouses of construction materials, etc. Therefore, the CAR insurance policy is addressed to a wide range of people and organizations that are involved in various aspects of the construction industry. It offers comprehensive protection adapted to the needs of each party involved, contributing to the management and minimization of risks associated with construction projects.

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Frequently asked questions about construction risk insurance:

1. What is construction and assembly insurance (CAR)?
Construction and installation insurance (CAR) is a specialized policy designed to provide protection against risks and damages associated with construction and installation projects. It covers both material damages caused to works in progress, as well as civil liability to third parties in case of accidents or damages.

2. What does CAR insurance cover?
CAR insurance covers a wide range of risks and damages that may occur during construction and assembly works. This includes, but is not limited to, material damage to the works, including fires, explosions, storms or other unforeseen events. It also covers civil liability towards third parties in case they suffer damages as a result of construction activities.

3. What are the main aspects covered by CAR insurance?
CAR insurance covers aspects such as material damage to construction works, loss or damage to machinery and equipment, civil liability to third parties, including legal and compensation costs, as well as additional expenses caused by unforeseen events.

4. Why is CAR insurance important for construction projects?
CAR insurance is important for construction projects because it offers essential protection against risks and damages that may occur during the works. It ensures the financial coverage necessary to face the costs of repairs or replacement of damaged materials and equipment, as well as to respond in case of complaints or requests for compensation from third parties.

5. What are the advantages of collaborating with Leader Team in obtaining CAR insurance?
Leader Team offers numerous advantages in obtaining CAR insurance. These include their expertise in construction and installation insurance, the ability to identify the specific risks of your project and offer customized solutions, access to an extensive network of partners and insurance companies, as well as their support in handling claims and obtaining compensation.

6. How can I get a quote for CAR insurance?
To get a quote for CAR insurance, you can contact the Leader Team and request an assessment of your specific needs. They will analyze your project, evaluate the risks involved and offer a personalized quote that fits your requirements.

7. Are there restrictions related to the size or duration of the works for which CAR insurance can be obtained?
In general, CAR insurance can be obtained for a varied range of construction and installation projects, regardless of their size or duration. However, there are some exceptions or restrictions that may vary depending on the insurance companies and the particularities of the project. It is recommended to consult the specialists from the Leader Team to obtain specific information related to your project.

8. What liability limits can be obtained according to my needs?
Liability limits in CAR insurance can be customized according to your specific needs and requirements. Leader Team can work with you to identify the optimal level of coverage and liability limits appropriate for your project, so you can ensure that you are protected against the specific risks you face.

9. How can I benefit from the free consultation to identify the best CAR insurance solution for my needs?
Leader Team offers free consultation to help you identify the best CAR insurance solution for your needs. They can offer you their expertise in the field, they can guide you through the risk assessment process and choosing the right coverage, so that you can get a personalized and efficient insurance policy.

10. What happens in case of an unforeseen event or damage?
In the event of an unforeseen event or damage, Leader Team will offer you assistance in managing the claim and obtaining compensation. They will act as intermediaries between you and the insurance company, they will guide you in the process of submitting the claim for compensation and they will support you in negotiating and obtaining a fair and equitable compensation following the damages suffered.