We help construction companies that are contractors under public procurement orders (Public Procurement Act) and have difficulty guaranteeing their performance to contracting authorities. We give them a solution that does not block their own working capital, and thus have greater safety and business development.
What distinguishes us from the rest is that we are closely specialized in the construction industry and have expertise in guarantees. In this way we save a lot of time and costs for builders and help them protect their capital and assets. That’s why you get a great solution for your business.
DO YOU WANT TO LEARN HOW YOU CAN GROW YOUR BUSINESS?
YOU ARE:
A construction entrepreneur who wants to develop his business but has difficulties with working capital and cannot rely on financial support from banks or financing with his own funds. Your main goal is not to block funds to ensure your implementation of projects to government agencies and municipalities. You want to have freedom of choice and be sure that you will not encounter financial difficulties due to blocked capital.
YOUR CHALLENGE IS:
You have the opportunity to sign more public procurement contracts, but the guarantees required by the contractors make it difficult for you and sometimes it is impossible to set aside working capital to move forward. Long warranty periods and considerable sums slow down your growth and thus give the competition a chance to take advantage instead of you.
WHAT YOU CURRENTLY NEED MOST OF ALL:
What you currently need most of all is to protect your capital by guaranteeing to the contracting authority with insurance, and thus you will develop your business to the next level by signing more public procurement contracts and having available working capital on much more favorable terms than bank guarantees.
WHAT ARE OUR SOLUTIONS?
CONSTRUCTION WORKS
Construction Works Insurance provides for coverage of unforeseen property risks during construction.
It can be concluded by any of the participants, most often the contracting authority or the main contractor.
All companies involved in the design of a project are covered.
It can be concluded by any of the participants, most often the contracting authority or the main contractor.
All companies involved in the design of a project are covered.
FACILITIES AND EQUIPMENT
The insurance of the assets necessary for the implementation of the construction activity against unforeseen property losses (and possibly subsequent financial losses) is the focus of this business line.
There is a fundamental distinction in terms of mechanical damage and externally induced losses.
There is a fundamental distinction in terms of mechanical damage and externally induced losses.
GENERAL THIRD PARTY LIABILITY
Liability can be included either on a legal or contractual basis.
The insurance covers third party property losses, personal injuries or financial losses.
In addition, General Third Party Liability may cover net financial losses. Seemingly insignificant contracts can cause significant financial losses, which makes this insurance one of the most important for the economic survival of the project.
The insurance covers third party property losses, personal injuries or financial losses.
In addition, General Third Party Liability may cover net financial losses. Seemingly insignificant contracts can cause significant financial losses, which makes this insurance one of the most important for the economic survival of the project.
PROFESSIONAL LIABILITY
The Professional Liability Insurance is intended for professionals in the industry.
Most often, the architects are not insured by the contractor’s insurance, which means that the contracting authority or the contractors can file claims against the architects for mistakes that are not covered by construction works insurance.
A more complex case is found in design and construction contracts by the same contractor, where Professional Liability Insurance would not be sufficient because, before handing over the site, the person who caused the damage and the injured party are the same person.
Most often, the architects are not insured by the contractor’s insurance, which means that the contracting authority or the contractors can file claims against the architects for mistakes that are not covered by construction works insurance.
A more complex case is found in design and construction contracts by the same contractor, where Professional Liability Insurance would not be sufficient because, before handing over the site, the person who caused the damage and the injured party are the same person.
COVERAGE FOR DELAY COMMISSIONING
This type of insurance covers the loss of profit, as well as costs incurred due to the untimely completion of a construction project due to property damage during construction.
It is extremely important that the content of this type of insurance is consistent with the penalty clauses in the contracts with contractors and subcontractors of the project.
The insurance can be concluded on behalf of the contractor and the project owner in the role of recipient (beneficiary).
It is extremely important that the content of this type of insurance is consistent with the penalty clauses in the contracts with contractors and subcontractors of the project.
The insurance can be concluded on behalf of the contractor and the project owner in the role of recipient (beneficiary).
HIDDEN DEFECTS INSURANCE
Hidden Defects Insurance covers the costs of eliminating and repairing damages resulting from hidden or inherited defects.
This insurance is intended for investors and property owners to facilitate the sale or to protect themselves from investors in liquidation.
This insurance can also be used as guarantee.
BONDS
These are non-bank guarantees that serve as performance bonds.
The guarantees that can be issued are:
- Advance payment bond.
- Performance bond.
- Maintenance bond.
These bonds, also known as insurance guarantees, help the business to grow by not blocking its own funds and thus operating on a larger scale.
They are designed for companies in the construction industry – designers, contractors, consultants, engineers, architects.
Regulated by law according to Art. 111, para. 5 of the new Public Procurement Act in force since April 15, 2016.
ACCIDENT AT WORK
Many employers downplay the importance of having an Accident at work policy despite the affordable conditions and deadlines.
It covers permanent disability, temporary disability, and death during the performance of work duties.
Additional coverage may also be added, which includes coverage for and accident during the usual journey to or from work.
The Accident at Work Insurance is mandatory in construction according to Ordinance No. 24 of 06.02.2006 on mandatory insurance of workers and employees.
It covers permanent disability, temporary disability, and death during the performance of work duties.
Additional coverage may also be added, which includes coverage for and accident during the usual journey to or from work.
The Accident at Work Insurance is mandatory in construction according to Ordinance No. 24 of 06.02.2006 on mandatory insurance of workers and employees.