Insurance for National Outline Plan 38 (1-3)
projects to reinforce buildings against earthquake is the most common urban renewal projects and one of the most complex of its type. Furthermore, based on the high probability of claims, the policy contains various exclusions, terms, conditions, special clauses and protection warranties in the main.
It is clear from all of this that the insurance companies are not very keen on issuing policies for projects involving reinforcing buildings against earthquake, other than if various subjectivities are set based on a risk analysis carried out by a surveyor.
Sometimes, the project will involve excavations under or around the building and this creates an exceptional risk from the insurance company’s perspective.
However, the main and most problematic aspect of National Outline Plan 38
projects to reinforce, modernise and extend apartment buildings is the fact that the building in which the construction works are being carried out continues to be inhabited by men, women and children and the risk of injury to any of them during the course of the works is quite high.
The same is the case concerning the risk of damage to the existing building during the construction works.
Cases of the existing building collapsing or suffering severe damage have been documented from time to time in projects of this type.
Despite all of this, we are here to assist and can offer various benefits:
- The high risk level involved in undertaking National Outline Plan 38 projects exacerbates the importance of working with an insurance agent whose word carries weight with the insurance companies and has the expertise to formulate a policy that provides the maximum insurance cover.
- Since National Outline Plan 38 projects are characterised by a high number of mishaps, it is clear that you need an insurance agent that can, over and above the task of successfully arranging a policy to cover National Outline Plan 38 projects, also service you during the entire duration of the project and thereafter, to ensure that your rights are fully realised at the time of need, that is, in the event of an insurance claim.