This insurance provides coverage for damage to property under construction. It is a specialized product of engineering risks insurance. Subject to a special agreement, coverage may be provided concerning the warranty period of a project, policyholder`s third party liability and property on the site and nearby.
Insurance coverage you would need for a project or business depends on a type of construction. Factors as the person’s relationship to the project (contractor, property owner, subcontractor, etc.), the type of entity buying the insurance (business or individual), and the type of property to be covered are important.
Works related to building, repairs, reconstruction, demolition must be covered by the compulsory building construction works and civil liability insurance. Exception is applied to simple repairs and buildings. Insurance covers works from the start until the completion.
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