Today, many Russian cities have turned into one large construction site. Intensive construction of real estate resulted in, among other things, the growth of incidents in this area. In this regard, builders are increasingly turning to the support of insurers, trying to minimize losses. Moreover, in recent years they are trying to insure as many construction and installation risks as possible.
The first steps in this type of insurance, Russian insurers have taken in the late 60s of the last century. Then Ingosstrakh insured the construction and installation risks of the Aswan Hydroelectric Power Station in Egypt. Today, company experts note the emergence of new requirements for insurance protection for customers and contractors.
In particular, until recently, policyholders primarily sought to insure the risks of death or damage to construction sites during construction and liability for harm caused to third parties during construction work. Also popular was and remains property insurance for offices, production bases and warehouses, cargo, vehicles, as well as personnel from accidents. Moreover, the acquisition by the customer and the contractor of insurance coverage was due to different reasons. For example, in the insurance of construction risks, the customer is usually more interested. It is important for him that in the event of adverse developments on the site, the occurrence of damage, he still managed to complete the construction with funds received from the insurer.
Recently, builders often demand insurance coverage for their financial risks associated with loss of profit in case the building is not completed on time. The reasons for the delay can be different: fire, natural disaster, mistakes and omissions in the performance of work, etc. As a result, the owner, for example, of an unfinished shopping complex, loses a contract with tenants, and the customer suffers serious losses due to the inability to pay interest on loans.
They began to insure more often and construction equipment located on the construction site: cranes, drilling equipment and equipment intended for building walls, etc. For all its high cost, this equipment is very in demand and does not stand idle on the construction site. Therefore, its damage or loss results in considerable expenses for repair, restoration and replacement, as well as a change in the deadline for putting the construction object into operation.
Given the increased requirements for the quality of modern construction and design solutions, insurance of risks associated with errors and omissions in the project, in connection with the manufacture of materials and equipment or in connection with the increased danger of the manifestation of natural and technological factors in construction, is becoming increasingly demanded.