Construction project insurance
Construction project insurance:
Customised insurance for construction projects
Combined construction project insurance combines all liability and construction performance insurance required for the construction project in one product. It also includes all parties involved in the construction project in a single insurance solution.
Construction projects in the logistics sector are usually large projects with many individual trades, in which many different companies are involved in addition to the client. During implementation, it is necessary to keep to schedules and to avoid cost-intensive construction delays. In practice, lengthy coordination processes cause unnecessary costs in the event of a claim.
In the past, insurance cover for these projects was usually obtained by conventional means: each of the parties involved in the construction is insured separately. Today, this insurance model can no longer satisfactorily cover the respective interests of the parties involved in construction – this is one of the reasons why combined construction project insurance has increasingly established itself in the German insurance market in recent years.
Combined construction project insurance takes into account the increased requirements of investors, but also the modified general conditions and interfaces in large construction projects, and minimises the financial risks that arise from conventional insurance solutions. This applies, in particular, to construction projects for the logistics industry, where close coordination of architectural office, intralogistics planning and technical building equipment is essential and indispensable.
Combined construction project insurance enables the investor or builder-owner to have complete, bank-compliant insurance cover with the security that this is adequately maintained throughout the entire project. The builder or general contractor retains the “reins” in his own hands, particularly in the case of deductibles, special agreements on project-specific features or agreed cost items, which he would otherwise have to examine individually for all policies of the parties involved in the construction. The combined solution not only creates transparency of the existing insurance cover, but also absolute transparency of the insurance costs incurred and ensures that separate insurance cover for those involved in the construction is not already exhausted by losses in other projects.
Advantages of combined construction project insurance
- Project-related insurance concept in accordance with the client’s requirements
- Uniform insurance cover that includes all parties involved in the construction
- Insurance certificates for all parties involved in construction from one source
- Avoidance of gaps in the coverage
- The time-consuming checking of the insurance cover of the parties involved is no longer necessary and reduces the administrative work of the building owner
- No additional delay of the construction progress due to disputes about the cause and jurisdiction among different individual insurers of the parties involved in the construction
- Transparent apportionment procedure for all parties involved in construction
- Exclusion of the means of recourse among themselves
- Clarifying the question of fault is no longer of primary importance
- All companies involved in the project are co-insured
- Faster and simpler compensation minimises damage-related construction delays
- Optimised purchasing of insurance cover through project-related risk assessment
- Security for clients and investors