Alternatives to a permanent guard at construction sites

A classic condition in a contract works policy is to place a security guard on the site, is this the only choice? No! But…there are conditions that must be met in order for the insurance company to agree to deviate from the policy. See a creative example from a site that is divided into several […]

What is Mechanical Breakdown Insurance?

A mechanical breakdown insurance policy is designed to insure electro-mechanical equipment in case of unexpected accidental damage, and is also used as a basis for a loss of profits policy as a result of a mechanical breakdown event. On the one hand, they insure typical systems such as pumps, compressors, air-conditioning systems and refrigeration systems, […]

How Does a Work Stoppage Affect Project Insurance?

In the contract works insurance policy there is an exception for work stoppage, usually for a period exceeding 90 days. It is important to understand that the coverage is not stopped, but its scope may be affected.

Reinsurers vs. Local Insurance Company

So what is the difference between a local insurance company and the reinsurers, in contract work insurance? First, let’s understand the basic principle. An insurance company buys risks, and is limited in the scope of the risk it is allowed to take on, this is to avoid reaching a situation of being unable to pay […]

What to prepare for the contract works survey, from the reinsurers’ prespective?

As we mentioned, projects with a high scope of work are usually left to the reinsurers, who are not familiar with the Israeli construction industry, the relevant Standards, and the required safety procedures. Therefore, reports intended in advance for the reinsurers will be written in an expanded format that also contains information that is self-evident […]