The insurance ALL RISKS for construction – fitting works and for the constructor’s liability

The insurance may be concluded by any legal or natural person having as object the construction –fitting activity, regardless whether or not they have the headquarters in Romania or abroad, regardless of capital ownership (of the State, joint-stock or private) and regardless of the place where such works are performed (in Romania or abroad).    

 
The insurance is concluded for the amount stated by the insured and accepted by the insurer, expressed in lei or foreign currency. . The insured amount represents:

a) the value of the Construction –Fitting Contract, upon the finalisation thereof, including all the materials, salaries, transportation fees, customs fees, taxes and the materials or the goods provided by the entrepreneur;
b) the value of replacement of the appliances, installations and machines used for the construction –fitting activity.  


What can be insured


By this policy, one may insure the construction or rehabilitation works for any type of civil construction –fitting such as residential or office buildings, industrial buildings or constructions, as well as the assembly of the appliances, of the runways, such as highways, roads, and paths, bridges, viaducts, tunnels, railways, industrial constructions, underground constructions, agricultural constructions, cult places, works regarding the line systems, the communication systems, the systems for water or gas supply, irrigation systems, hydro –improvements, drains, ducting.


Consequently, one may insure both the risks of occurrence of damage at the objectives under construction or during the fitting stage and the prejudice which the insured becomes responsible for under the law toward third party persons, personal, accidental injuries and morbidity (whether or not followed by death).



Insured risks


Compensation will be awarded for the unpredictable and accidental damage happening during the Insurance Contract validity period, by a cause other than the expressly excluded ones, which make the repairing or replacement of the insured goods necessary, as follows: 

• the material damage caused to goods by fire, thunder, storms, hail, pouring rains, flooding, earthquake, falling or slipping of land, weight of the snow or ice layer, snow avalanches, falling on buildings or other constructions of bodies, accidents of the transportation means during the transportation of the insured materials from the construction site storehouse to the construction –fitting activity site, including during the charging and discharging activities, theft by breaking and entering into the storehouses, disappearance  of the equipments,  materials, tools and of other goods, directly caused by insured risks; 

• expenses for the cleaning of the place and the removal of the debris remaining following an insured event occurrence; 

• the amount owed as compensation and legal fees for the prejudice which they are responsible for, under the law;

• material damage caused to the construction –fitting objective, after the delivery to the Beneficiary, during the warranty period, if agreed;  

• the necessary and economical expenses incurred for the safeguarding and preservation of the insured goods, for the diminishing of the damage, for the prevention of the damage extension or for the establishment of the damage and the value thereof as well as other expenses resulting from the damage; 

   

• expenses incurred by the insured in the view of rejecting or reducing the claims for compensation on in the view of setting forth claims toward third parties;    

• expenses for the disassembly and assembly, incurred following a damage included in the insurance

• other expenses, fees and taxes differences, included in the Insurance Contract. 

Compensation will be warded for:


• in case of damage which may be retrieved – the cost of the repairing necessary to bring the damage good to the state immediately anterior to the insured event occurrence. The value of the waste which may be still used or valued will be subtracted form the compensation due;  • in case of total damage, the real value of the good immediately anterior to the insured event occurrence.  The value of the waste which may be still used or valued will be subtracted form the compensation due; • compensation for the prejudice which the insured become liable for under the law towards third party persons and for which they are bound to pay amounts as compensation, as consequence of:
• accidental personal injury or morbidity (whether or not followed by death); • accidental loss or damage of the goods thereof happened during the policy validity period, in direct relation to the insured construction, on the site or in the close proximity thereof; 
• legal fees which the insured is bound to pay to the Claimant;


On the grounds of this insurance, compensation is awarded for the damaged occurred during the construction –fitting works under way, appliances, installations, machines and materials, risks such as: fire, thunder, explosions, storms, hurricanes, pouring rains, flooding, earthquake, falling or slipping of land, accidents of the transportation means during the transportation of the insured materials, as well as for the damage caused to the appliances, installations and machines b y breaking, deformation, hitting or collision, effect of chemical agents, action of the electricity, construction or moulding flaws, calculation or assembly errors, compensation for the expenses incurred for the cleaning of the place and the removal of the debris resulting from an insured event, disassembly and /or assembly following a damage included in the insurance. 

  

The present policy is valid on the Romanian territory.  Upon the insured’s request, the policy validity may be extended outside Romania. 

Compensation will also be awarded for the amounts which the insured is bound to pay as compensation and the legal fees for prejudices which they become liable for under the law.