Construction Insurance

Transcription

1 Construction Insurance

2 Construction Insurance on a Global Scale

3 The rate of global construction is likely to increase by nearly double the amount from 2014 through This sector is one of the most important to many countries as it provides a strong economy base, jobs, and new opportunities for safety and efficiency. Yet, those companies facilitating the construction process simply must have access to the proper tools and resources to mitigate the risks that come with it. Construction companies must maintain the comprehensive level of financial protection possible to maintain their business operations while meeting the increasing demand for high-quality, highly durable finished product. Headquartered in Malta, Osprey Insurance Brokers is regulated by the Malta Financial Service Authority and licensed to provide construction protection insurance brokering services.

4 Osprey Insurance Brokers Offers an Effective Solution Osprey Insurance Brokers is a global organisation supporting the construction industry on an international level. Our team provides support and assistance to international customers as they work towards mitigating the risks they face in operating overseas. Osprey Insurance Brokers has the extensive experience, industry connections, and affordable resources to aid in meeting the unique goals of each of its clients. Within the construction industry, Osprey Insurance Brokers works to identify potential risks and provide complete insurance packages designed to mitigate those risk areas and increase the overall success within construction projects of all types. Having deep industry knowledge of the construction industry as well as the risks it faces, our team works to facilitate a streamlined, efficient solution.

5 THE IMPORTANCE OF QUALIFIED, GLOBAL CONSTRUCTION INSURANCE All types of construction, including erection and installation work completed by companies, has some level of risk. This includes risks associated with carrying the work out, contractual liability matters, and perils related to the location itself. It s important for companies to select a construction insurance plan that offers the right type and amount of insurance specific to their needs. Our construction insurance aims to specifically keep projects on time and minimises the disruptions whenever possible. Our insurance cover can aid in third party liability matters, start-up and completion delays, commissioning of machinery, and much more.

6 KEY TYPES OF CONSTRUCTION INSURANCE POLICIES AVAILABLE To aid individual companies in obtaining the cover right for them, our construction insurance offers the following types of policies, each one customisable to meet the individual needs of that organisation. CONTRACTORS ALL RISK COVER (CAR) Contractors All Risk Cover is perhaps the heart of all construction insurance policies. It provides protection during all phases of construction for all types of projects including general construction, buildings, and civil engineering projects. A key component of this type of plan is its ability to provide cover for any damage that occurs within the construction process. This flexibility makes it very practical. It provides cover for: Materials necessary for the commencement of loading for dispatch to the site, including incidental storage All contracted work during the construction process Maintenance and defective design All free issue materials (only when among the declared values) Modifications to this type of insurance plan can extend its protection to include loss of profits, owned contractors plant, as well as hired-in plant. Key among this coverage is its all-inclusive design. However, it is not the only product necessary.

7 ERECTION ALL RISK COVER (EAR) In nearly all situations, it is up to the contractor or employer to manage all aspects of the project. This includes reducing risks associated with loss or damage to mechanical or electrical plants and elements during the installation and erection. Erection All Risk aids in providing this level of support. It covers machinery installation and refurbishment as needed. The policy can be put into the name of the principal, contractor, or in both. This type of coverage includes: All machinery required for the commencement of loading for dispatch to site (including all incidental storage needs) Erection and installation of such plant and machinery systems necessary during the construction Defective design and machinery breakdown that may occur during either the testing phase or commissioning phase All free issue materials (only when among the declared values) Modifications can also occur in EAR cover to meet advanced needs such as loss of profits.

8 CONTRACTORS PLANT COVER Contractors Plant insurance covers essential plant components of the job. Plant may include any type of required materials and machinery. It is quite often necessary for construction companies to require the use of tower cranes, mobile cranes, and excavators. Defined as plant, or necessary assets of the job, it s important to maintain proper construction insurance on these valuable systems. The nature and use of various types of plant place them under significant risk. Risks include theft, fire, damage in transit, as well as damage onsite or in use. While Contractors All Risk Cover provides for some risks, Contractors Plant Cover extends this to include owned or hired-in plant, specifically related to construction industry contractors, plant owners, and hirers. It can also be necessary for those manufacturers or other types of businesses that need to hire in plant and machinery. Contractors Plant cover includes: Cover on specified or on a blanket basis for owned plant Legal liability cover for hired-in plant (limited to the specific terms of the hire agreement) Cover for plant while the item is hired out Cover for necessary tools kept in the vehicle (up to a stated value) To reduce costs, consider the advantages of added security systems and registration of equipment and plant with globally recognised organisations, such as Construction Equipment Security and Registration Scheme. Coverage will include repairs, investigation costs, recovery of immobilised plant, and debris removal as necessary.

9 RESIDENTIAL DEVELOPMENT INSURANCE COVER (RDI) Construction insurance must match the project. Residential Development Insurance Cover provides specific protections for construction related to extensions, repair work for buildings, renovations, or other types of private-dwelling construction. Generally, it is specific to modifications made to an existing structure. This cover will provide: Protection for construction all risks for refurbishment, extension, or new buildings All Risk Cover on the private dwelling All Risk Cover for owned or hired-in plant used as a part of the contracted work Public liability cover for matters of negligence related to mistakes made against the contracted work Non-negligent liability; this may include collapse, weakening or the removal of support systems, heave vibration, subsidence, lowering of ground water, or other results from performing contracted work

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11 Additional Cover for Construction Insurance Needs Numerous additional policy options are available within the construction insurance industry. Companies may wish to consider: EMPLOYERS LIABILITY COVER SPECIFICALLY RELATED TO WORKER REHABILITATION OR WORKER SAFETY BUSINESS TRAVEL AND PERSONAL ACCIDENT RELATED TO REQUIRED GROUP TRAVEL FOR PROJECTS CRIME INSURANCE FOR LOSSES RELATED TO CRIMINAL EXPOSURE ENVIRONMENTAL IMPAIRMENT COVER FOR DAMAGE CAUSED BY THE COMPANY TO THE SURROUNDING ENVIRONMENT DIRECTORS & OFFICER LIABILITY INSURANCE TO PROTECT SENIOR MANAGEMENT COMPREHENSIVE LIABILITY FOR CLAIMS MADE AGAINST THE COMPANY BASED ON THE CONTRACTED WORK POLITICAL RISK COVER

12 Empower Your Business With Osprey Insurance Brokers

13 With the support of Osprey Insurance Brokers, construction industry businesses can gain the comprehensive support they need to mitigate many of the risks they face on a daily basis. Our brokers work directly with our clients to create a comprehensive and customised plan that mitigates any risks associated with the company s construction operations. With our advanced research and analysis of construction needs, we ll create an affordable, specific plan to address your risks. Expect personalised care and outstanding support from our industry leaders and experienced staff. Contact us for a quote or consultation for your global construction business.

14 We re Where You CUSTOMISED, TAILORED AVIATION INSURANCE SUPPORT We work directly with customers to create comprehensive and custom insurance policies to mitigate risks associated with individual business operations. Our complete research and analysis of your needs allows us to establish a package that keeps risks at bay while also providing an affordable price on the protections needed. Expect personalised service and attention to your needs from our experienced staff and industry leaders. ALTERNATIVE RISK PLACING METHODS We provide you with all-inclusive service that extends to risk management on a variety of different self-insurance methods. Let our team provide guidance, assistance, and advice on the feasibility of establishing risk retention vehicles including captive insurance companies and cells to meet your insurance and reinsurance requirements.

15 Are CONTRACT RISK MANAGEMENT Our team will advise our customers on all insurance clauses and requirements. We re happy to assist you with the initial stages of drafting and negotiating insurance and indemnity clauses in business contracts. This risk mitigation is critical to running a smooth marine operation. Let our expertise in aviation industry aid your operations. EMERGENCY MEDICAL ASSISTANCE AND CLAIMS SERVICES When in need, our customers rely on Tangiers International worldwide emergency medical assistance. Aptly named, Tangiers International operates in over 50 countries, speaking 52 languages and managing over 40,000 global medical service providers. TRAVEL SERVICES By accessing related companies within the group, our service to customers begins before they leave home. OBS Advisory is an online platform that offers real-time updates in conflict zones, security information, and detailed analysis of global hotspots and Tangiers field personnel support.

16 Headquarters 54 Melita Street Valletta VLT 1122 Malta Contact us: Tel The company (Reg.: C19103) is licensed to carry on the business of insurance broking and is regulated by the Malta Financial Services Authority