This insurance can be arranged for anyone who faces risks from construction or assembly of a work under construction – investors, owners, main contractors, subcontractors, etc. The basic purpose of the insurance is to offer proportionate and complete protection during assembly or construction.
Construction and assembly insurance covers natural hazards, theft and vandalism, clumsiness, negligence, defective design, falling objects, and accidents during construction with secondary damage to the work under construction. Another standard part of construction and assembly insurance is third-party liability insurance in connection with a work under construction, which typically also includes cross-liability between the participants in the construction work.
It is also possible to insure loss of the investor’s expected profit in cases of damage that delays the construction or assembly of the work.