Insurance of Construction Projects
-Energy and Power plant Insurance
The Construction and the Energy Sector are critical for the Economy. Insurance supports their chance to prosper and maximize their contribution to the country’s economic growth.
The specialized field of construction project insurance offers comprehensive protection to contractors, construction companies, engineers, and other professionals in the sector, who wish to complete their projects, protected against multiple risks.
Energy & power plant insurance covers businesses involved in energy production from various sources, such as solar and wind energy, that want to protect their investment.
What is Construction Project Insurance?
Construction project insurance provides coverage for a wide range of construction risks. These are “all-risk” policies that insure all types of construction projects, whether under construction or even demolition projects. Coverage typically includes accidental events, fire, theft, earthquake, civil liability, employer liability, and more.
Types of insurance programs:
- Erection All Risks (E.A.R.)
- Construction All Risks (C.A.R.)
- Machinery Breakdown (M.B.)
- Electronic Equipment Insurance (E.E.I.)
- Civil Engineering Completed Risks (C.E.C.R.)
What is Energy & Power Plant Insurance?
This insurance solution provides coverage for facilities, equipment, infrastructure, and loss of profits that may result from an accident or adverse event.
Specifically, insured projects are covered for damages due to natural disasters (such as earthquakes, fires, etc.), equipment failures or losses, third-party claims for property damage or injuries related to the operation of the unit, and loss due to business interruption caused by damages or failures.
Advantages of Construction Projects & Energy and Power plant Insurance
Construction Projects Insurance & Energy and Power plant Insurance offer several advantages. These insurance solutions:
– Guarantee project continuity and operation in the event of unexpected and adverse events.
– Ensure regulatory compliance, as some projects and energy production units must have insurance coverage for licensing, commencement, and completion.
– Protect those working on the construction site.
Insurance of Construction Projects-Energy and Power plant Insurance: FAQ
Power Plant Insurance: What do the policies cover?
These insurance solutions cover material damages during the construction or assembly period of the project and those that may occur while the plant operates. Coverage for construction, third party and employer's liability, operation, and loss of profits can be also offered.
What are the major construction risks covered by the relevant insurance policy?
Damage from physical phenomena, fire, earthquake, subsidence, landslide, political risks, malicious acts, human error, design and construct. Coverage includes perils in existing constructions during maintenance (basic or extended), until the completion of the contract. Additional third party liability and employers liability is included.
Why Choose Gkiolekas Insurance Solutions
We help our clients shield their business against most construction risks. Our experienced and highly trained staff provides tailor-made insurance solutions, continuous support, and immediate and effective claim management, if needed.
Notably, some of the largest construction insurance and energy production unit projects in the country have been completed with the support of NAK Katsiberis, our parent company. Some of these projects include:
– Egnatia Odos Freeway(Igoumenitsa – Eleftherochori section)
– Attiko Metro / Athens metro system(Aigaleo-Haidari section)
– Thessaloniki Concert Hall
– Megalopolis NPP (PPC substation)
– Reconstruction of ISAP stations
