Construction Insurance
Discover essential construction insurance options. Protect your project with tailored coverage.
General Insurance Broker Asia
What is Construction Insurance?
Construction projects face numerous risks. Comprehensive insurance provides vital protection for your investment. This guide explores essential options:
- Construction All Risk (CAR) Insurance
- Bonds & Surety/ Guarantees Insurance
- Delay in Start Up (DSU) Insurance
- Marine Cargo and Inland Transit Insurance
Construction All Risk (CAR) Insurance
Construction All Risk (CAR) insurance is a specialized insurance policy designed to protect construction projects against various risks. It provides comprehensive coverage for property damage, liability claims, and delays.
- Peace of mind: Knowing your project is protected can reduce stress and allow you to focus on construction.
- Financial protection: CAR insurance can prevent significant financial losses in case of unexpected events.
- Legal protection: It can help cover legal costs associated with claims and disputes.
- Project continuity: In case of a covered loss, CAR insurance can help ensure the project continues without major disruptions.
Bonds & Surety/ Guarantees Insurance
Bonds and surety guarantees are financial instruments that provide a form of security or assurance to a third party. In the construction industry, they are commonly used to ensure that contractors fulfill their contractual obligations.
- Bid bonds: Ensure that a contractor will enter into a contract and provide a performance bond if awarded the project.
- Performance bonds: Guarantee that a contractor will complete the project according to the contract specifications.
- Payment bonds: Ensure that subcontractors and suppliers will be paid for their work.
Delay in Start Up (DSU) Insurance
Delay in Start Up (DSU) insurance is designed to protect construction projects against financial losses that may occur due to delays in the commencement of work. These delays can be caused by various factors, such as unforeseen circumstances, regulatory approvals, or disputes with contractors.
- Natural disasters: Hurricanes, earthquakes, or floods can cause significant delays in construction projects.
- Regulatory approvals: Delays in obtaining necessary permits or licenses can impact project timelines.
- Contractor disputes: Disputes between project owners and contractors can lead to delays and increased costs.
Marine Cargo and Inland Transit Insurance
Marine Cargo and Inland Transit Insurance is designed to protect goods during transportation, covering losses from damage, theft, or accidents. This type of insurance is essential for construction projects that involve the shipment of materials or equipment.
Coverage:
- Loss or damage: Covers losses or damage to goods during transportation, including from perils like fire, theft, accidents, and natural disasters.
- Delays: Can provide coverage for additional costs incurred due to delays in transit.
- General average: Covers contributions made by cargo owners to cover losses incurred to save the entire shipment.
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