Itzick Simon – The construction insurance experts
Arranging comprehensive insurance for construction projects is a challenge for experienced professionals and a demanding task for property developers, contractors and other parties involved in complex projects such as National Outline Plan 38. In-depth professional knowledge of insurance issues and extensive knowledge of all stages of the construction process and the inherent intricacies are essential.
Construction project insurance, or in the professional jargon: Contractors All Risks Insurance is one of the most complex and intricate policies available in the insurance market and the need to adapt it to the unique risks that characterise complex projects such as the National Outline Plan 38 and the Urban Renewal Plan – only adds to the range of issues that need to be addressed in order to adapt the insurance cover to the type of project.
There are also various supplementary policies available that need to be considered including Professional Indemnity insurance for the developer or contractor and Products Liability insurance. Both of these are important and quite often essential policies that are sometimes overlooked since their precise objectives are not always clear to everyone.
Our firm specialises in construction insurance and has been working exclusively with developers and contractors for more than 25 years.
Day-to-day involvement in this specialist field including handling complex insurance claims has enabled us to amass valuable and extensive knowledge which we share with our clients
To obtain a quotation for insurance cover tailored to your needs
The construction industry is unique in that it combines demanding physical work on the one hand with entrepreneurialism and creativity on the other hand.
Nonetheless, due to the complexity of the industry, the dynamic construction processes and the especially high number of accidents and damages occurring during such works, no astute contractor or project manager will feel at ease without adequate insurance arrangements giving them peace of mind.
There is always a concern that something untoward might happen: An error, an accident, damage, an order to suspend work, an investigation in the event of damage or an accident involving casualties and even police investigations. It is therefore obvious that anyone holding a responsible role in the industry will strive to obtain the widest insurance cover.
When arranging a Contractors All Risks Insurance Policy it is important to understand that each individual construction project has its own unique aspects that differ from other projects and therefore the inherent risks and protections required are also quite unique.
Bearing all of this in mind – if you are a construction company or a property developer – you need a tailor made Contractors All Risks or Professional Indemnity insurance policy.
Insurance companies are very familiar with the various risk factors which the industry is exposed to and therefore need to carefully examine each project, enterprise and construction site, devise a risk management plan and apply certain exclusions to the cover, whilst in some cases certain insurers will decline to provide cover at all.
Our team of experts make sense of things and makes it easier
The question is - Who will compensate you in the event of a loss?
The reply to this question is quite simple – it depends on how extensive and adequate your insurance cover and this is where we offer a competitive edge, added value and specialist knowledge:
25 years’ experience in analysing the risks you need to consider in order to obtain the optimal insurance cover.
A combination of in-depth knowledge of the construction industry and expertise in the insurance market thereby enabling us to tailor your insurance needs in the optimal manner.
The reputation of a leading insurance agency that has grown based on these principles. We offer various types of insurance products to contractors and strive to obtain the broadest insurance cover at a competitive price for our clients in the construction industry.
Professional advice and guidance from a team comprised of insurance experts, surveyors, loss adjusters, engineers, accident investigators and other experts, working together to devise the optimal solution and maximise your rights with the insurance company in the event of a claim.
We see the big picture and review the information you provide us about your organisation in detail and thereby avoid a situation of duplicate insurance or underinsurance.
To obtain further information about the type of insurance you might require, please complete the form and we will contact you as soon as possible.
A Contractors All Risks insurance policy that provides you with the ideal tailor-made solution
When arranging a Contractors All Risks insurance policy for our clients our aim is to obtain the optimal cover at the lowest possible cost, treating you as a client and not only a “policyholder”. We have accumulated considerable experience over the last 25 years in handling the insurance requirements for contractors and property developers, and we have accumulated extensive knowledge in the various building professions, an in-depth knowledge of building processes, preparing technical specifications and the like. From our experience, we have learned to analyse and identify where unexpected risks lay and how to protect you against them, and of course no construction project is free of mishaps.
For information or details about the type of insurance required,
please fill out the form and we will contact you shortly
Professional Indemnity Insurance
A quick look over the list of covers that a Professional Indemnity policy is designed to cover demonstrates that costly and unexpected surprises can come from various areas of work. In fact, no construction project is free of mishaps, no building contractor is free of errors (balconies collapse, tiles fall from external walls…) and hence any such loss can be a VERY costly matter. It is therefore no surprise that insurance companies underwrite construction industry insurance such as Contractors All Risks, Products Liability or Professional Indemnity very carefully.
The ultimate aim of insurance for property developers is to provide you with complete peace of mind and save you losses at all stages of your project. It is well known that the construction and property development industries have a reputation for numerous mishaps and accidents, leading to major losses that can have a destructive financial impact and sometimes also criminal implications. A wisely designed and forward-looking insurance portfolio that predicts all possible mishaps is one of your most essential tools in protecting yourself against unpredictable costs.
Last but not least, the issue of personal liability needs to be addressed. At the end of the day it’s important to bear in mind that as a contractor, a property developer, an owner or shareholder of a construction company – you may be held personally liable for events that can be insured, with specific reference to events involving injuries.
Personal liability is manifested in both civil and criminal law. We therefore place specific emphasis on ensuring that the cover under Contractors All Risks insurance policies is as wide as possible.