Construction and Erection Risks Insurance

Under the insurance agreement there can be insured:

Material loss:

The Company provides insurance protection to the Insured’s property interests in case of damage to the Property against all risks during construction work at the insured area within insurance period.

Civil liability toward third parties:

The Company provides insurance protection to the Insured's property interests in case of occurrence of losses the Insured is liable for in accordance with the Civil Code of the Republic of Uzbekistan for causing harm to life, health of third parties during construction work at the insured area or in close proximity to it within insurance period.

The procedure for insurance indemnity payment:

  1. a) in case of destruction (loss) of property - in the amount of actual value of the property as of the date of signing the insurance agreement excluding deductible, except for loss of property from the risks of earthquake, volcano eruption, tsunami, storm, cyclone, flooding and landslide.
  2. b) in case of damage to property - in the amount of recovery costs excluding deductible, but not exceeding the insurance amount, except for loss of property from the risks of earthquake, volcano eruption, tsunami, storm, cyclone, flooding and landslide.

In case of loss or damage to property resulted from earthquake, volcano eruption, tsunami, storm, cyclone, flooding and landslide, indemnity limits and deductibles are applied by appropriate risks specified in the agreement.

Recovery costs include:

  1. a) Expenses for supplies and spare parts for repair (restoration);
  2. b) Expenses for repair work;
  3. c) expenses for the delivery of supplies to the repair site and other expenses necessary to restore the insured property to the state it was right before the insurance event occurrence.

In case of insurance of the Insured’s civil liability, the insurance indemnity shall be paid by the Company in the amount of the damage defined during claim settlement but not exceeding the insurance amount.

The Company shall pay insurance indemnity to the Insured/Beneficiary within 15 (fifteen) days from the date of signing the Act on Insurance Event.