Construction industry: innovative strategies for big projects
In the construction industry, know-how and experience are what counts when it comes to successfully implementing time-, planning- and resource-intensive projects. The same applies to the protection against industry-specific risks.
As an international insurance broker and risk consultant, Funk has worked closely with the construction industry since the 1960s.In the course of the construction boom after the German reunification, Funk modified the combined insurance concept of property damage, technical and liability insurance. This special type of policy has since become a benchmark on the German market. Today, Funk serves more than 300 companies from all areas of the construction industry, especially when it comes to aboveground and underground construction, rail track and road construction, and civil engineering – not just in Germany, but in all of Europe and worldwide.
Comprehensive insurance of liability and property risks
Complex property and liability risks are a characteristic of the entire construction industry, as every construction site presents a new challenge for risk management. Our focus lies in advising and adapting conventional insurance concepts to suit each individual construction project. The core of every insurance solution for the construction industry is a contractors’ all risks insurance. It protects building owners and contractors against potential damage to construction work, components and building materials caused by:
- Consequential damages as a result of errors in execution
- Theft of material permanently attached to the building
- Unusual and extraordinary weather events
After a detailed examination of the particular insurance needs of our clients, we design additional needs-oriented insurance modules as add-ons for the a contractors’ all risks insurance, such as:
- Professional liability insurance for planners and architects
- Building owner’s/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 and support you with transparent, hands-on risk and insurance management from the planning phase to the completion of the project.
Funk BauRisk: insurance cover for large-scale construction projects
The Funk BauRisk policy offers building owners and general contractors insurance cover that is tailor-made for the particular features of their large-scale construction project. The special feature of this solution is that it provides comprehensive cover for all parties involved in the construction project, from the building owner to the architects, planners, contractors, subcontractors and others. The Funk BauRisk policy thus combines different advantages:
- Transparency concerning insurance terms and conditions, premium payments and indemnity payments
- Option to allocate the premium to the contracted project participants
- General waiver of recourse against the project participants or their insurance contracts
- Project-related total insurance cover on a large scale
- Extensive set of insurance conditions including substantial extensions of cover
- Inclusion of environmental damage insurance and a respective liability insurance for the project participants
- Option of insurance of losses due to a postponed completion of the project