Damage to a house under construction, building materials, or tools can be very costly. Additionally, those involved in the construction may get injured during the process.
This is why it is essential for anyone building a house to purchase Builder’s Risk Insurance.
Builder‘s Risk Insurance is a combined insurance for buildings under construction and is taken out in addition to mandatory fire insurance. The insurance covers damage to the building and its parts, as well as building materials located at the building site, tools, scaffolds, and work sheds under the care of the insured. Builder‘s Risk Insurance also includes accident insurance.
What is covered? | What is not covered? |
|---|---|
| The insurance covers damage: | The insurance does not cover: |
Caused by sudden and unforeseeable leaks from pipes in the building. | Damage caused by water from a source outside the walls of the house. |
Caused by collapse or settlement. | Collapse or settlement that in not caused by a sudden and unforeseeable event. |
Caused by storms. | Storm damage if the wind speed does not reach 28,5 meters per second. |
Caused by glass breaking in the building. | Damage from theft from unlocked storage. |
Caused by sudden and unforeseeable emissions of soot. | Broken glass that has not been installed in its permanent location. |
| Accident insurance covers: | |
Accidents suffered by the insured, their, family, or others working on the property. |
The insurance does not cover damage to building materials, tools, work platforms, and work sheds that are not listed in the insurance policy
The insurance is valid in the location specified in the insurance policy.
You must report any damage as soon as possible and no later than one year from the date of thedamage. damage.
You must ensure that all the information in the insurance policy is accurate.
You must inform us of any changes in your address, telephone number, and email address.
You must follow all the precautions in the terms of the insurance policy.
The premium must be paid on the due date. When the insurance policy is issued or renewed an electronic claim is created in your online bank. You have the option to distribute the premium payments by:
Credit card payment, where the premium is charged monthly to a credit or debit card.
Direct payment, where your bank account is debited monthly.
Corporate distribution, where the premium can be paid in monthly payments.
The insurance policy takes effect when an offer is accepted and is renewed annually until it is canceled.
Individuals and companies with fewer than five full-time positions can cancel the insurance at any time and it will expire at the end of the following month after the cancellation is received. Other companies can cancel their insurance one month in advance before the end of the insurance period.
The cancellation must be in writing, for example with an electronic signature.
