Engineering and Construction projects are complex projects that connect investors, creditors and contractors with contractual obligations.

IBS Construction Team provides services to all stakeholders of the sector, by means of its international competence and experience in different geographies, in both engineering and construction projects, as the team identify risks, analyse and transfer them through insurance together with taking the costs into consideration.

WHY IBS ?

Customer-Oriented Service
The IBS Construction Team provides services according to the needs and requirements of its customers, both during the construction and operations period, in terms of the risks of the project, the transfer of the project through insurance and the management of the damage process.
Long Term Business Relationships
IBS Construction Team continues to work in close cooperation with the customer, with the aim of building long-term sustainable growth and mutual benefit.
Engineering Services
IBS Construction Team, together with international risk management consultants, is at the service of its customers to provide risk management technical support and claims management services.
Expertise
With its long years of experience in challenging geographies and different countries, IBS Construction Department provides risk management and consultancy services to identify risks specific to each project, from small and medium-sized projects to billion-dollar projects.
Financial Consultancy
Engineering and construction projects are investments that require contractors to work together with financial institutions due to their investment costs. The IBS Construction Team has been proficiently providing insurance consultancy to the stakeholders of engineering and construction projects for many years.
Reinsurance
IBS Construction Team provides services to its customers in terms of reinsurance placements to ensure quality investments while prioritizing reliability and cost advantage, together with the strenght and competence of its international offices, and strong local and global companies.

OUR INSURANCE COVERAGE

İnşaat (All Risks) Sigortası
Construction All Risks Insurance offers major assurance for contractors. Construction All Risks Insurance covers a wide range of risks that may be caused by nature, technical and human factors during the period from the unloading of construction materials to the construction site and the start of use of the facility. In addition, in return for the insured’s request and additional payment of premium;
· · All machinery, tools and equipment used at the construction site,
· Temporary barracks and auxiliary structures,
· Third party liability compensation assurance,
· Debris removal costs,
· The maintenance period starting after the provisional approval,
· Strikes, lockouts, riots, public movements and terrorism can be included in the insurance coverage.
Assembly (All Risks) Insurance
Assembly All Risks Insurance covers the risks that may be encountered during the assembly of the machines. In this insurance, the guarantees begin as soon as the machines to be assembled land on the assembly area and end when the facility becomes operational. The insurance covers any loss or damage incurred by an unknown and sudden reason (fire, lightning, explosion, flood, slump, storm, frost, landslide, land collapse, vehicle collision, theft, etc.) on the assembly area during the insurance period.
Electronic Device Insurance
It is the insurance policy that covers the losses incurred by the insured electronic devices due to sudden and unexpected reasons, while they are in normal operation after the trial period, or during cleaning, maintenance, revision and relocation at the same workplace, or while they are on standby, depending on certain conditions in the policy.
Machine Breakdown Insurance
It is the insurance that covers the losses incurred in the event that the machines in the enterprise fail as a result of unexpected events. Operational accidents, model, manufacturing, assembly, material, molding, casting and workmanship defects, lubrication faults, short circuit and voltage rise, failure of machinery due to clogging and foreign matter, lack of water in steam boilers and containers, sudden overheating and cooling, crushing, tearing, wrinkling as a result of low pressure, negligence, fault and sabotage of the operating personnel and third parties, and the necessary repair and replacement costs.
CPM (Construction Machinery Insurance)
While the construction machinery is at the risk site (construction site) in relation to the construction/assembly work, which is the subject of insurance, annual losses and damages that may occur in scope of the risks that are covered by the general conditions of the policy are insured on a yearly basis. What is meant by construction machines is that they are machines that are used by an operator and move from one place to another with their own power. (For example; tower crane, mobile crane, loader, excavator, dozer, etc.) The insurance cost is the values declared by the insured, and this price should not be less than the current market value of the machinery and equipment.
CPE (Construction & Equipment)
While the construction equipment is at the risk site (construction site) in relation to the construction/assembly work, which is the subject of insurance, annual losses and damages that may occur in scope of the risks that are covered by the general conditions of the policy are insured on a yearly basis.
CMI (Comprehensive Machinery Insurance)
It is rather a broad and comprehensive insurance given for industrial facilities/power plants. It provides coverage for any physical damage or loss of profit that may occur in the operational process to machinery and immovables. It covers all risks that may be exposed to physical damage such as all products, stocks, buildings. It also provides fire and fire-related additional coverage in power plants where engineering risks are more common than industrial risks.
CECR (Civil Engineering Completed Risks)
Completed construction risk coverage is used for infrastructure facilities where Fire Insurance cannot be made in practice. It provides coverage in case of exposure to risks and fire hazards that may arise in connection with local geological conditions, technical design of the structure, operational issues, and the use of the structure. It is a guarantee offered on a yearly basis, it covers the following risks:

  • Fire, lightning, explosion
  • Collision of aircraft and parts falling from the aircraft
  • Earthquake, volcanic movements, tsunami
  • Storm over 8 Beaufort
  • Flood and inundation
  • Collapse, landslide, rock slide and other ground motions
  • Frost, avalanche, icing
  • Vandalistic actions
CPI (Comprehensive Project Insurance)
This insurance is applicable to assembly and construction projects. It is a coverage that is mostly offered for risks that involve construction and machinery installation processes such as in hydroelectric power plants. In addition to third party and construction machinery, this policy is a more comprehensive insurance product that covers transportation and cargo operations.
ALOP (Advanced Loss of Profit)

As a result of natural disasters or occurrence of risks that are related to the construction, the construction operations may not be completed on the planned date, and as a result, businesses may face serious financial difficulties.

With this policy, profit losses that occur due to the failure of completion of the construction on the planned date are covered by the Construction Insurance.

DSU (Delay in Start Up)
The loss of income or additional expenses that will occur due to the delay in the start up, in case any risk that is related to the construction policy occurs, are covered.
MLOP (Machinery Loss of Profit)
Financial losses that the insured may suffer due to the cessation of the operations of the enterprise as a result of the breakdown of the machines belonging to the insured can be covered by the Additional Coverage of Profit Loss Insurance Due to Machine Breakage.

CONTACT

İzer Tangır

Vice President of Reinsurance
E: Izer.Tangir@ibsbroker.com
T: +90-212-272 45 72 (157)