Insurance of construction and installation risks is divided into two large segments, which have been historically considered together:
There are some key processes, which take place in the enterprise and are better to be insured:
The insurance of construction and installation objects – what can be insured:
The risks, which are also insured under the rules of insurance of construction and installation risks, are the risks of loss or damage of:
THE INSURANCE AMOUNT AND ITS SETTLEMENT
The insurance of construction and installation risks implies that the insurance amount of the results of construction and installation works is the full price at the time of completion of the works. It is settled in accordance with the design estimates for the construction of the facility or, in the absence of the latter, for analogue projects (estimated cost).
The value of the objects of capital construction in case of new construction changes from zero cost – at the beginning – to its actual value - at the completion of construction and installation works.
In the case of post-guarantee insurance, the insurance value / insurance amount is set at no more than the estimated amount of unforeseen expenses that the Insured would incur in the event of an insured event.
When insuring an existing property, the insurance amount is established by agreement of the parties, but not more than the actual value of this property, on the basis of documents confirming their value.
The insurance amount for the equipment of the construction site is established in the amount of funds intended for their construction, according to the consolidated estimate for construction or in the amount of the actual cost of the equipment of the construction site, on the basis of documents confirming its value.
The insurance amount for the construction machinery is established in the amount of the actual value of the specified machines, mechanisms, equipment and items, at the time of conclusion of the insurance contract at the location of this property, on the basis of documents confirming their value.