Contractor's Insurance

A lot can go wrong during the construction period of a building. That is why we recommend that contractors and builders insure all projects during the construction period with Builder’s Risk Insurance and thereby protect themselves against possible financial setbacks, such as damage to the building or to building materials.

Builder’s Risk Insurance is optional insurance and is therefore not required by law. However, it is a good addition to mandatory insurance policies (Professional Indemnity Insurance for construction managers and Fire Insurance) and together they provide solid insurance protection for the contractor and the owner of the building.

Vatnstjón – Tryggir þig fyrir ófyrirsjáanlegum, skyndilegum og óvæntum leka úr vatnsleiðslum, hitakerfi eða frárennslilögnum og fyrir tjónum vegna vatns sem flæðir úr hreinlætistækjum vegna mistaka eða bilana.  

Veðrátta – Bætir tjón sem verður á húseign vegna skyndilegrar úrhellisrigningar (skýfall) eða snjóbráðar (asahláka) og fok- og óveðurstjón sem verða á húseign eða byggingarefni, sé byggingarefnið komið inn í hús á byggingarstað.  

Hrun og sig – Bætir skemmdir á húseigninni af völdum hrun og sigs vegna skyndilegs og ófyrirsjáanlegs atviks.  

Innbrot – Bætir skemmdir og tjón sem verða á húseign eða byggingarefni vegna innbrots, sé byggingarefnið geymt í húsi eða í læstum gámi (með gámalás). Ótvíræð ummerki þurfa að vera um innbrot. 

Gler – Bætir tjón á ísettu gleri ef það brotnar. Bætur miðast við gler af sömu stærð og gæðum. Athugið að tjón á skrautgleri er ekki bætt.

Bruni – Tryggir þig fyrir tjóni sem verður á byggingarefni í húsi eða í gámi á byggingarstað af völdum bruna, eldingar eða sprengingar. Brunatrygging húseigna bætir brunatjón á húseign í smíðum en það er skylda samkvæmt lögum að tryggja allar húseignir með henni.

1. Professional Indemnity Insurance for the construction manager – It is a legal requirement to have a registered construction manager for projects. This means that the construction manager must have construction manager insurance for the project; see further details here.
2. Fire Insurance – According to the Fire Insurance Act, owners of buildings under construction are required to insure their property against fire during the construction period, just like completed houses; see further details here.
3. Business insurance – Contractors need various business insurance policies, regardless of the type of construction or industrial activity involved. At Sjóvá, an experienced team works with customers and knows what insurance you need for your business; see further details here.

In addition to the above insurance policies, we recommend Builder’s Risk Insurance for contractors. We recommend purchasing the insurance as soon as the project begins for projects that are at the construction stage.

By contacting our corporate advisory specialists at tel. 440-2000 or via the email address fyrirtaeki@sjova.is.

You can also fill out the application below and we will send you a quote right away!