How to ensure your home is secure and safe from burglaries
At present, the construction industry is one of the most dynamic and competitive, but also, it is a complex and risky activity. Therefore, the insurance sector has designed a product to offer construction companies the possibility of preventing and protecting against the many risks and unforeseen risks that may arise during the execution of a real estate project.
What are the insurance for construction and real estate companies?
But what exactly are these policies? Let’s talk a little about them, starting by noting that there are several policies that cover the risks to which the secure property builders oxon, their contractors, subcontractors, employees, suppliers and even neighbors or occasional visitors of the construction site are exposed.
These policies offer four large coverage groups:
Personal Accidents and Civil Liability
Equipment and Machinery
All Risk Assembly and
All Construction Risk
Within these coverage groups, we find specific coverage such as, robbery or subtraction with violence, earthquake, earthquake, flood or volcanic eruption, destruction or damage by lightning or electric shock, fire and explosion, material damage suffered by insured goods during execution of the project, riot, civil commotion, damages to third parties, debris removal expenses as a result of some loss, among others.
What should be taken into account when contracting insurance
Now that we understand the importance of insurance, it is worth reviewing the most important aspects to take into account when hiring them:
Strength and experience of the insurer
We offer Ecuadorian construction companies the possibility of protecting themselves against the inherent risks of the activity, thanks to the strength and experience accumulated during many years of serious and professional work. The reputation of the insurance company is then, an essential factor when hiring insurance.
Flexible forms of payment
Financial liquidity in real estate projects is fundamental to the success of the operation. To have the maximum amount of resources, immediately, guarantees liquidity and solvency. Flexible forms of payment help the secure property builders maintain the financial health of the project.
Debts to bank accounts or credit card, financing with installments, credit cards without interest or current with interest, are some of the forms of payment proposed by our team.
Wide portfolio in insurance
Our team has designed a broad insurance portfolio for various sectors of the economy. The construction industry is no exception. The variety of products avail le ensures coverage for all possible risks.
The essential clauses of the contract
It is important not to assume that the policy covers all types of responsibilities or risks. Equally, it is important to know the values of the contract, the limits of the indemnities and all the details established in the insurance contract.
The importance of insurance in the construction industry
With construction insurance, the risk is transferred to an insurer, freeing the construction company of this responsibility, which will allow it to concentrate on the development of the project.
We must bear in mind that, some coverages are necessary for any company. Civil liability, insurance against accidents of employees and even insurance for vehicles owned by the company that provide service to the project, are some of them.
Whether or not it is mandatory, it is a coverage that can not be stopped from being contracted in a work under development. An accident that has a client, a provider, a messenger who comes to bring a letter, can have high impact economic consequences. So much so, that the project can collapse in financial terms.
It is clear that the contingencies, risks and unforeseen circumstances facing this sector of the economy, require several coverages that provide tranquility and security to all companies in the sector, which, with their hard and honest work, contribute to the economic growth of Ecuador.