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Erection all risks insurance/Contractors' all risks insurance

A single insurance policy giving comprehensive coverage for builders and contractors

Does your company engage in building contracting or machinery and equipment installation? Do you need coverage against sudden and unexpected property damage and consequent expenses?

Erection all risks insurance/Contractors' all risks insurance offers comprehensive coverage for your company's installation and construction projects with a single insurance policy. You can insure the construction and installation work and any machinery and equipment, structures, raw material and accessories needed for them.

You company can take out the policy either for a single project or a continuous annual one. Both types of insurance can be added with separate coverage against, for example, work site equipment and damage to property outside the work site.

You company can take out the Erection all risks insurance/Contractors' all risks insurance either for a fixed term for a specific target or as a continuous annual one. Both alternatives may be included with separate coverage for work site equipment, property surrounding the work site and expediting costs.

Fixed-term target-specific insurance is a simple solution when you company is obliged as the main contractor to insure all parties participating in the contract, or if you are acting as a subcontractor or secondary contractor and must insure your own part of the contract. Please note that the sum insured must correspond to the targets final cost estimate or your own contract.

Annual policy based on net sales or invoicing is a good option when your company has many short contracts or engages in repair or maintenance. Coverage extends to agreed property items up to the specified maximum compensation. The premium basis is either your company's net sales or invoicing.

Erection all risks insurance/Contractors' all risks insurance can be included with coverage for your own or rented work site equipment and property surrounding the work site.

A policy for expediting costs can taken out against situations caused by losses in which restoring the target to its original state requires extra work expenses.

Erection all risks insurance/Contractors' all risks insurance compensates

  • damage by fire to a new building under construction.
  • breakage of water fixtures and resulting water damage to buildings under construction.
  • damage to concrete element during lifting.
  • breakage of fixture being installed owing to it falling over or falling down.

The insurance does not cover

  • wear and tear
  • servicing costs
  • losing, forgetting or theft if the event cannot be determined.
  • damage caused by a change in the level of groundwater and flooding.
  • manufacturing flaws or work errors.

In fixed-term policies for a specific target, the insurance premium is based on the construction work quality, building's fire class, contract price, deductible selected and contract period. With regard to installation work, the basis is the contract price, contract period, deductible chosen and which machines are being installed.

In continuous annual policies, the premium amount is affected by the quality of construction work or machinery to be installed, and the annual net sales or invoicing of the insured operations.

The insurance is valid until the end of the insurance period. However, as to work sites, insurance coverage ends at the latest when the target has been handed over to the customer or it is being used or when the insurance that is renewed automatically each year is terminated.

For the insured work item, the insurance will also be valid for the warranty period, under these terms and conditions, but for a maximum of three years from the delivery or bringing into use or partial delivery or bringing into use of the item. This concerns losses caused when performing guarantee repairs or which have been caused by flaws during installation or construction.

The scope of coverage and restrictions are described in more detail in the insurance terms and conditions. This product card gives an overview of Erection all risks insurance/Contractors' all risks insurance policies provided by OP.

The insurer is either Pohjola Insurance or A-Insurance Ltd. The losses will be covered in accordance with the law and the insurance terms and conditions.