Increasing awareness of risks
Construction contractors and investors are aware of the risks at different stages of construction, such as congestion or accidents, which can also cause greater or less financial consequences.
Therefore, the contracting authority often requires a construction contractor in the construction contract to take out construction insurance. Among other things, as explained to us in the largest Slovenian insurance company, Zavarovalnica Triglav, this trend is also followed by the demand for construction insurance, which is intended for construction contractors. As a rule, the insurance is concluded by the contractor, but also the investor or the client. In addition to basic construction insurance (fire, lightning, storms, etc.), the parties are most often taken out by the liability of the contractor, the insurance of the existing assets and the funds for the performance of the works, they added.
Asked which damage from the construction insurance has so far had the most, they say that they were paid in terms of insurance paid in the most due to the fall of the insured object or the impact of another object in the protected object and in terms of errors in the implementation of works.
It should be remembered that 5800 building permits were issued for buildings in Slovenia last year, which is two percent less than a year ago. This is the third consecutive year with intermittently less issued building permits. 4300 apartments were planned or 14 percent less than a year earlier. According to the latest Sursa data, construction permits for buildings issued in February this year was planned to build 402 apartments, which is three percent more than January this year.
Sightseeing also on the ground
Which experts participate in the preparation of construction insurance? According to the insurance company, those of the Rizika with construction and mechanical education are involved in those for higher value projects. “When preparing the insurance, we review the completed questionnaire for the conclusion of construction insurance and the documentation received on the construction project (construction contract, recapitulation of works, construction plans and timetable). If necessary, we also agree with the contractor or investor to visit the construction site. «
Increasing interest in extending coverage
Similar to some other insurance, for example, at home, they notice increasing clients’ awareness of the dangers of more frequent and stronger weather or phenomena. « Even in recent years, construction insurance has been perceived by the increase in extensions of coverage related to weather changes, especially for flooding and earthquake coverage, » they say.
“Among other things, the building, construction and installation materials, construction work and electro -scale equipment, which is intended for installation in the protected facility, and equipment, auxiliary construction materials and auxiliary facilities required for construction work can be protected. With additional agreement, existing assets and assets used for the performance of works can also be protected. Additional insurance can also be extended to the coverage of damage due to the risk of flood, high and soil water, earthquake, landslide, landscaping and collapse of the land and the earthly planting and to the liability of the contractor and in the time after handing over the facility to the client (extended guarantee), « the insurance company said.
Trends
Construction is also increasingly developing, as new technologies and materials are used, as well as processes are increasingly digitized, which again brings additional, new risks. Asked how this affects the increase in demand for construction insurance, Zavarovalnica Triglav replies that they are monitoring trends in all areas that are differently linked to insurance. “Construction is one of the industries accompanied by constant changes, such as the use of new materials and the construction method. The needs of the clients are also related to this, which is being adapted at the insurance company an insurance product or insurance coverage. The last major renovation of insurance was in 2018, ”they said.
Construction of structures is a living process and it is logical that anything can happen between it, or in the case of construction itself or in relation to third parties. Construction insurance has been a standard for a long time, the construction of facilities must be protected in trained licensed insurance companies, and the practice of practice explains Blaž Miklavcic, CEO of GH Holding. “We have relatively many specialized agents in the market, as well as providers of such insurance.” Due to the increasingly unloved natural phenomena, this is a dynamic area, as more frequent natural disasters are changing the field of construction insurance and irritating them.
“It is important not to protect ourselves from the insurance ourselves, to meet some conditions, but to cover all the risks we have in substance, so we properly protect. If I have analyzed our company for the last ten years, we have always been very caring for insurance to sleep peacefully. We feel best when we only pay the premium and then meet with the insurance company or the agent at this facility – for the simple reason that there was nothing wrong, « explains Blaž Miklavcic, adding that they have only had minor damage events for which they demanded payment of insurance insurance insurance.
