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CONTRACTOR’S ALL RISK INSURANCE

Aim of insurance:

Construction is quite a risky process, and insurance is the most effective risk management system, which compensated damages caused to objects as a result of negative events. Insurance gives opportunity to practically fully compensate caused damages by comparatively less expenses.

What can be insured?

  • Objects of incomplete construction;
  • Objects of mounting;
  • Property on the construction site which belongs to the contractor, customer or developer, including reconstructing buildings;
  • Construction engineering;
  • Temporary constructions and other equipment of building site;
  • Materials that are kept outside the construction site.

Against what You may insure?

One of the specialties of CAR insurance in “INGO ARMENIA” is insurance of specific technical risks in complex with standard ones.

Standard risks: fire, explosion, thunderbolt, fall of flying objects, natural disasters, illegal actions of third parties.

Technical risks: errors during construction and mounting, accidents of engineering lines, subsidence, collapse or damage to constructing objects, designer’s risk.

You may insure building and assembly works both against each of the listed risks and against all of them in complex – “all risks”.

Sum insured is defined:

  • to the amount of project value – for construction and incomplete construction objects;
  • to the amount of real value – for engineering machinery, equipment of construction site, buildings and constructions that are situated in the building site.

Insurance specificity of “INGO ARMENIA” ICJSC:

“INGO ARMENIA” ICJSC offers insurance of risks on all stages of activity of construction and assembly organization: starting from unloading of materials on the building site up to completion of period of after launch warranties.

Our company has developed complex CAR insurance rules, which provide maximal insurance coverage for the clients. The rules correspond to all existing international standards of Contractors’ all risks insurance — CAR, Erection all risks insurance — EAR, as well as risks of the customer, concerning tardy pass of insurance object for exploitation as a result of insurance event occurrence. (Advanced Loss of Profits — ALoP).

Coverage enlargement:

In complex with CAR insurance You may insure the third party civil liability of the contractor. In this case “INGO ARMENIA” ICJSC bears all expenses of compensation of damages caused to life, health and property of suffered persons.

CAR insurance program of “INGO ARMENIA” also provides insurance coverage for the period of after launch warranties. The contractor receives compensation of damages for destruction/damage of constructed object, if they occurred as a result of errors, which were made during construction-assembly, launching, fixing and warranty works and which were revealed after the period of after launch warranty.

Thus, “INGO ARMENIA” offers maximum security of its clients’ interests.

How much does CAR policy cost?

You may receive fast insurance premium calculation by filling in the application form and sending it to the following e-mail address: car@ingoarmenia.am.

Updated:   2015-02-02 12:02

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In case of disparity between information presented in Armenian, Russian and English the Armenian variant is preferable.