- Property insurance
- Construction risk insurance
- Forest insurance
- Special equipment insurance
The basic principle of property insurance is to compensate for losses to the insured’s property so that it can be restored or replaced with the same or equivalent property if insured event has occurred.
What property can be insured with a property insurance policy:
- Buildings, premises, structures (warehouses, factories, office buildings, offices, housing), as well as all ancillary buildings and territory improvement and equipment elements;
- Raw materials, goods (finished products);
- Manufacturing and technological equipment and other fixed assets;
- Property in your buildings / premises / structures.
The standard named property insurance policy covers:
- Damage caused by fire and explosion;
- Accidental losses caused by utilities (water supply, sewerage, heating systems);
- Damage caused by natural disasters: storm, hail;
- Damage caused by third parties: theft, robbery and vandalism.
In addition to the standard insurance coverage, property insurance can be supplemented with the following extensions:
- Insurance of all risks – covers unforeseen and sudden, external or internal damage to property caused by external circumstances;
- Damage to property due to overvoltage;
- Risk of internal breakage of technological equipment;
- Losses caused by gross negligence of employees;
- Cyber risk insurance: misuse of company data or disruption of IT systems due to hacking or computer viruses;
- Business interruption risk (downtime or loss of turnover in the event of an accident with any of the properties listed in your property insurance policy and this affecting the business).
Business interruption insurance
In the event of an insured event, the direct loss covered by the property insurance policy is only part of the total loss suffered by the company. Downtime losses while purchasing new equipment or renovating buildings may exceed the amount of loss on the property itself. The basic principle of business interruption insurance is to compensate for losses caused by downtime so that the customer does not feel any financial consequences after the accident and is in the same financial situation as prior the accident.
What losses are covered by the policy:
- Unearned income and fixed costs (difference between the gross profit if the insured risk would not have occurred and the actual gross profit);
- Business renewal expenses.
Construction risk insurance
Construction all risks insurance (CAR) is intended to protect the owner of the object during construction works against possible material losses due to sudden, unforeseen, physical circumstances. This type of insurance is suitable for construction, reconstruction or repair works, as well as for the installation of stationary equipment.
To whom is it relevant: For owners of construction objects during construction, reconstruction, assembly or repair works on the objects.
Why is it needed: Construction insurance will protect the owner of the object from material damage if an accident occurs with the insured property – it is damaged or permanently lost.
Insurance coverage can include:
- Fire, lightning, explosion;
- Natural, ground or subsoil depressions;
- Falling or collision of objects, construction machinery, vehicles, cargo;
- Collapse of structures or building;
- Theft, robbery, vandalism;
- Accidental actions of construction company employees.
Forest insurance protects the forest owner against unforeseen losses that may occur in the event of an accident – a natural disaster or human abuse.
To whom it is relevant: For forest owners and their managers.
What losses are covered by the policy:
- Fire risk (fire, explosion, lightning strike and others);
- Natural disasters (storm; hail)
- Aircraft crash;
- Damage to plants caused by pests and diseases;
- Exposure to motor vehicles;
- Malicious damage to property;
- Damage caused by forest animals.
Special equipment insurance
Special equipment insurance covers losses incurred due to accidents with special equipment used in business:
- Construction and road construction equipment;
- Agricultural machinery;
- Forestry machinery;
- Port equipment, etc.
Special equipment has a wide range of specifics and applications, so it is insured with all risks, i.e., no specific risks are listed, which are compensated, but insurance coverage is provided as a result of any external damage to the equipment. Including:
- Damage caused by a natural disaster, fire or explosion;
- Damage caused by falling objects or substances;
- The consequences of illegal actions of third parties;
- Damage caused by theft or robbery of equipment;
- Damage caused by a road traffic accident, both during the machinery’s own participation in road traffic and during its transportation;
- Overturning, sinking and other sudden unforeseen external damage.
Our insurance brokers will provide you with advice and help you to choose the most appropriate insurance solution, as well as, if necessary, will represent your interests in communication with the insurance company.
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