The objects of insurance in such policies are buildings under construction, as well as materials, machinery and equipment located at the construction site. In addition, the compulsory construction risk insurance contract in Uzbekistan includes the civil liability of the insured to third parties who could have suffered damage to their property, health or life as a result of construction and installation works.
The insurance contract for construction and installation risks is executed for a period agreed between the insurer and the insured, corresponding to the planned period of construction work until the facility is put into operation. If it is necessary to extend the validity of the insurance contract, the amount of the additional insurance premium is established by agreement of the parties.
The policy of compulsory insurance of construction and installation risks ensures the protection of the property interests of the insured (beneficiary) against the following risks:
- Theft and other illegal actions of third parties;
- Destruction and damage caused due to man-made causes, such as short circuit, power surge, flooding due to malfunction of city communications, spontaneous combustion, etc.
- Flood, lightning strike, storm, hurricane and other natural disasters;
- Fall of aircraft, machines and mechanisms, as well as building materials, cargo or structures;
- Moreover, the insurance contract for construction and installation risks during construction provides for the protection of the property interests of the insured in the event of his/her civil liability for:
- Causing damage to the health or life of third parties;
- Infliction of loss or damage to the property of third parties that occurred as a result of the insured works at the construction site or in its immediate vicinity during the period of validity of the insurance contract.