SOPABROKER was born with a strong emphasis on the construction industry and took its first steps precisely in this very specialised field. The Construction Unit is responsible, primarily, for providing the most appropriate insurance coverage for all those companies that are engaged, whether directly or indirectly, in construction. Our job is to accompany the client company, from the preliminary phases of a project (often in relation to procurement contracts or the competitive tenders that are so difficult to obtain on the insurance market) by underwriting the guarantee policies needed to obtain the necessary construction permits prior to the issue of CAR policies and subsequent decennial liability policies. We handle major industrial and civil construction projects every day and, by acting as a broker with all major insurance companies, we provide our clients with the insurance cover they need for their own operations.
CAR - Contractor’s All Risks
The CAR policy is dedicated to the risks that arise during construction and provides a guarantee for any losses suffered during works from any identified cause. It is possible to include a liability section covering all losses caused to third parties during the performance of works.
EAR - Erection’s All Risks
The EAR policy is a global coverage policy which operates during the phases of assembly and / or installation of systems or individual machines. It is particularly indicated during the construction of photovoltaic and / or wind turbine installations and allows the coverage of a wide range of events related to errors or omissions during assembly or in relation to external factors such as natural disasters, theft, vandalism, etc.. As in the CAR policy, in the EAR too, it is possible to include a liability section covering all losses caused to third parties during the performance of works.
ALOP - Advance Loss of Profit
This guarantee is valid within the EAR policy and aims to repay any loss of profit resulting from a delay in the completion of the plant resulting in a loss event affecting the insured goods. It is, therefore, "consequential damages" cover that can prevent either total or partial loss of business revenue caused by a delay in the start of production at the insured plant.
Subsequent decennial liability policies
The subsequent decennial liability policy is a ten-year insurance solution that offers protection to property owners for damage to the construction following delivery. In particular, this coverage covers direct physical damage suffered by the work insured, traceable to the provisions of art. CC and 1669; and, with the entry into force of Legislative Decree 122/05, it has become mandatory if a property is intended for residential use. By way of maximum extension to the provisions of the aforementioned Article. 1669 CC, and always with a view to protecting the purchasers of individual units, it is possible to include damage to interior and exterior coatings, plaster and waterproofing.
Guarantees (including coverage under Law 210).
The guarantee policy provides special insurance cover and amounts to a subscription undertaking, by means of which the guarantor (an insurance company) guarantees to a third party that its own client will meet the terms of a particular bond. Thus, the scope of the guarantee is very wide and it is increasingly used in contracts between both public and private entities. The entry into force of Legislative Decree 122/05 further boosted the demand for such guarantees from construction companies, which are always under an obligation to insure - under penalty of nullity of the preliminary contract signed - all the advances received from the prospective buyers of individual real estate units.