The rise in need of vastly expanded infrastructure and technological development has seen improvement in building standards, necessitating bigger and more complex projects than ever. FinsburyRe has the capable experienced team and capacity to support large-scale engineering projects and technology that is building a more resilient future.

Construction/Erection projects – Entails coverage of all the works and things necessary for achieving Construction & Erection Completion and Commercial Operations in accordance with the provisions of this Agreement.

Construction works means all works and things necessary to complete the Project Facilities in accordance to the agreement.

Erection, construction, remodeling, repairing means all types of work done on a particular building or work at the site thereof in the construction or development of the project, including without limitation, erecting, construction, remodeling, repairing, altering, painting, and decorating, the transporting of materials and supplies to or from the building or work done by the employees of the Contractor, Subcontractor, or Agent thereof, and the manufacturing or furnishing of.

• Comprehensive Plant & Machinery cover
• Comprehensive Capacity for Renewable Energy
• Decennial liability & Inherent Defects Insurance (IDI) – Commonly termed as

Decennial liability: this is a form of insurance commonly used in the construction industry. It protects contractors, architects, and engineers against any damages or defects that may arise in a building or structure they have designed or constructed within ten years of its completion.  The cover, also known as 10-year or structural warranty insurance, is essential to ensure that both the contractor and the client are protected against any potential issues that may arise in future. In most countries where decennial liability cover is mandatory, it is required for all public projects and is becoming more common in the private sector.

Cover may include any defects or issues that affect the building or structure’s stability, safety, or functionality. Examples of defects that may be covered by decennial liability insurance include foundation or structural issues, water penetration, and other issues that may affect the overall integrity of the building or structure. In some cases, defects may not be immediately apparent and may only become apparent over time.

Inherent Defect Insurance (IDI) is a specially designed liability cover for damages resulting from hidden or inherent defects (latent effects). It must be qualified by tracing the damages resulting from the defects or design flaws. The causes of inherent defects are numerous and can be attributed to many factors, including deficiencies in design and construction, defective material and workmanship, and problems associated with foundations or unforeseen ground conditions. Defects must be only discovered after the practical completion of the structure and not known prior to the time of handover certification of the project. The cover period can also go up to 10 years.

Insights on considerations for the cover:

1. Project Type and Location: The type of construction project and its location are critical factors to consider when underwriting decennial liability insurance. Different construction projects may carry different levels of risk, and different regions or countries may have varying building codes and standards. Therefore, it is important to evaluate the risk level of the project and the location to determine the appropriate coverage and pricing.
2. Contractor’s Experience and Track Record: The experience and track record of the contractor or builder is another important factor to consider when underwriting decennial liability insurance. Contractors with a proven track record of quality work and adherence to building standards are generally considered to be lower risk and may receive better pricing on their insurance policies.
3. Building Materials and Design: The materials used and design of the building or structure also impact the risk level of the project. Some materials and designs may be more prone to defects or issues, and these factors need to be taken into account when underwriting the insurance policy.
4. Insurance Limits and Deductibles: It is essential to establish appropriate insurance limits and deductibles to ensure that the policy provides adequate coverage while also being financially viable for both the insurer and the insured.
5. Claims History and Risk Management: It is important to evaluate the claims history of the contractor or builder and their risk management practices. Contractors with a history of frequent claims or poor risk management may be considered higher risk and may receive higher pricing on their insurance policies.
6. Regulatory and Legal Requirements: In some countries or regions, there may be specific regulatory or legal requirements related to decennial liability insurance. It is important to ensure that the insurance policy meets all regulatory and legal requirements to avoid any potential issues in the future.