Mastering challenges in construction: innovative protection strategies for the industry
In the construction industry expertise and experience are all important for successfully implementing time, planning and resource-intensive projects. The same applies when it comes to protection against industry-specific risks. As an insurance broker and risk consultant, Funk has worked closely with the construction industry since the 1960s, first in the area of heating/air conditioning and pipeline construction. Over the course of the years our client portfolio has expanded to include both main and secondary contract work.
During the construction boom after the reunification of Germany, Funk modified the combination concept well-known from the construction of the U-Bahn for Berlin’s large buildings – amongst others, the construction of the Reichstag, Bundestag and many federal ministries, and also the construction of the Sony Center, were insured according to the Funk concept. This special type of policy has since become established as a benchmark on the German market. Today Funk supports over 300 companies from all areas of main and secondary contract work, especially aboveground and underground construction, rail track and road construction, and civil engineering, not just in Germany but also in part throughout Europe.
Optimal protection against liability and property risks in construction
Complex property and liability risks are a hallmark of the entire construction industry – every construction site presents a new challenge for risk management. Our focus for the construction trade therefore lies in consulting and adapting conventional insurance such as liability and technical insurance to suit each individual situation. Contractors all risk insurance is at the heart of every insurance solution for the construction industry. It protects construction clients and contractors against potential project-related damage to construction services, equipment and building materials, which may be caused by:
- Consequential damage as a result of errors in execution (a ‘botched up job’)
- Theft of materials fixed to the building
- Unusual and extraordinary weather events
After an in-depth investigation of the individual insurance requirements of our clients, we devise additional needs oriented insurance modules as add-ons for contractors all risk insurance, such as:
- Professional liability insurance for planners and architects
- Principal’s liability insurance
- Business interruption insurance for the consequences of contractors all risk losses
- Fire carcass insurance
We develop specific, comprehensive insurance packages for every client from a single source and support you with transparent, uncomplicated risk and insurance management from the planning phase to completion of the project.
Funk BauRisk: project-related insurance cover for a large-scale construction projects
The Funk BauRisk policy offers construction clients and general contractors comprehensive insurance cover that is precisely tailored to the particular details of your large-scale construction project. The special thing about this solution is that it provides comprehensive cover for all parties involved in the construction project, from the construction client to the architects, planners, contractors, subcontractors and more. The BauRisk policy therefore brings the benefit of different types of added value:
- Transparency concerning insurance terms and conditions, premium payments and indemnity payments
- Option to allocate the premium to project parties
- General waiver of recourse against the project parties or their insurance agreements
- Project-related total insurance cover from EUR 10 million onwards
- Comprehensive wording including significant extensions of cover
In addition to contractors all risk insurance, the BauRisk policy also includes environmental damage insurance as well as the relevant liability insurance for those involved in the project. Losses incurred by delays due to postponed completion of the project can also be insured.