Chapter B in contractors' work insurance, by definition, third-party insurance provides you with indemnification for sums you will be liable to pay as compensation according to law for an incident that will occur during the insurance period specified in the policy, as a result of executing the insured work according to Chapter A of the policy, at the work site, in its immediate vicinity, or at any other place in the territory of Israel and the territories held by it directly related to the project.
Like every insurance policy in the construction industry – due to the complexity of the work, constant changes at the work site, multitude of contractors, workers, equipment and heavy tools, and mainly the difference and uniqueness of each construction project compared to parallel projects (see for example: building residents in Tama 38) - this insurance is also laden with exclusions and limitations to insurance coverage, when examining its terms within the framework of third-party insurance in a contractors' policy - standard.
This is our role - facing all the exclusions and requirements of insurance companies - to act to obtain for you broad insurance coverage at an attractive cost.
See also important emphases regarding: Definition of the insured's name in contractors' insurance policy.
Chapter B of Contractors' Insurance. Third Party Insurance
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Below is an example of five areas where standard third-party insurance chapters exclude extremely important items from insurance coverage:
Subrogation claims from the National Insurance Institute: The almost automatic prevalent perception is – an employee was injured? National insurance will pay! Yes, but. National insurance will indeed pay but will demand the compensation it paid to the employee and the compensation it will also pay in the future, whether it's a disability entitling to a pension or a one-time compensation, from whoever caused the damage. (The professional term for this circular claim is – subrogation claim). Thus, in effect, the cost of covering the damage may return to the client, contractor, entrepreneur, subcontractor or another who is not the direct employer who paid the national insurance premiums (since the direct employer himself paid the national insurance premiums and is immune from claims from the National Insurance Institute). Here's already one reason why a standard third-party insurance policy is not suitable for your needs and insurance coverage.
Coverage for vibrations and weakening of ground support or foundation: Did you perform excavation work causing weakening of ground support for an adjacent building? The standard policy does not cover the damage. To include this damage in the third-party insurance chapter, an extension to the policy must be made. These extensions are not obtained by submitting a request to the insurance company. There are ways to obtain extensions, want to know how? You're welcome to contact us about this matter
Property damage resulting from vehicle impact: A crane truck unloads equipment or raw materials at the construction site and strikes a neighboring building. It's natural to think that exactly for such cases third-party insurance is intended as it is - but this is not so. As a principle, third-party insurance excludes coverage for property damage caused as a result of vehicle impact. Without insurance extension, damages of this type are not included in the insurance coverage.
Remember: Third-party insurance of the striking vehicle is limited in the insurance amount, so the damage above the liability limit for third parties of the striking vehicle - is all on you!
Bodily injury resulting from engineering equipment (mechanical engineering equipment) that is not required to be insured under compulsory insurance A tower crane, for example, is engineering equipment that has no legal obligation to be insured under compulsory insurance. A compactor or lifting platform - likewise. These are examples of engineering equipment where bodily injury caused as a result of using them - has no coverage, unless an extension was purchased for it. If we return to the opening - we discussed the number of bodily injured in the construction industry - it turns out that the need for this extension is most essential for you!
For additional information and a table of tools removed from the list of vehicles requiring compulsory insurance.
Consequential damage from striking underground installations Third-party insurance of the policy covers damage caused to underground piping, such as: electrical cables, communication cables and any other underground installation, the coverage is for direct damage only - meaning: repair of the piping or equipment that was damaged. However - the consequential damage that may be caused, for example, to the electric company, Bezeq, municipal authority, or an adjacent factory - are not covered, unless the policy was extended to include this coverage.
Against the backdrop of this partial review, here is our first and greatest advantage: experience
The saying "there is no wise person like one with experience" takes on added validity and meaning when dealing with a field as complex and complicated as contractors' work insurance or execution contractor insurance. Over more than 30 years of our activity in construction industry insurance, we have learned and experienced extensively in issues such as: risks, malfunctions, accidents, their causes, ways to prevent them, and we have also closely understood the inherent concerns of insurance companies and your needs as an insured party. Insistence on physical presence at construction sites has also taught us how to approach every construction project, the importance of a comprehensive view of the project in order to know how to deal with every requirement, exclusion or insurance extension, and bottom line, we know how to plan insurance policies for construction companies, contractors' work insurance, Tama 38 insurance - and especially the third-party insurance chapter.
And there are additional advantages:
The enormous investment we dedicate to gathering information about the project with the help of insurance experts in the construction industry, to characterizing the project's uniqueness and specific characteristics (no two construction projects are alike), to preparing a list of expected risks (and the 'unexpected' ones that our rich experience has taught us to be wary of) proves itself well in the reality test. Based on the information - creative solutions are formulated that lead to removing as many exclusions as possible from insurance coverage and obtaining the extensions required for optimal insurance coverage for you. And finally, summarizing understandings with the insurance company on every clause, exclusion, extension, in order to bring about maximizing what you deserve when an insurable event occurs and preventing disputes precisely at the moment of truth.
It's important for us to emphasize that we examine in depth additional issues such as:
✔ Whether to issue a policy. Sometimes the numbers of casualties in building works are the main factor in the insurance company's deliberation whether to issue you an insurance policy for the complex construction project at all or not. Here too, our rich experience has an advantage. Over the years, insurance company underwriters have learned to recognize our professionalism, integrity and reliability. Therefore, extended third-party insurance coverage that we submit for approval within the framework of contractors' work insurance, in the vast majority of cases, is answered positively.
✔ What does the extended insurance coverage include? As mentioned, a basic third-party insurance chapter is too short a blanket for your needs and the level of risks to which you are exposed. Here too, extensive experience has taught us how to apply in your policy an insurance specification with more extensions and convenient terms, alongside minimum requirements and exclusions from the insurance company.
✔ What is the importance of price? As "the leading insurance agency in the construction industry" with our professional experience, we can combine providing professional and broad coverage with reasonable and fair pricing.
✔ With you "hand in hand". To the broad insurance coverage and reduced cost are added immediate availability and close professional accompaniment. If, heaven forbid, a serious insurable event occurred - we establish a team of experts: insurance adjusters, surveyors, engineers, and when necessary, we also conduct accident investigations by experts and those experienced in the field - all to provide you with maximum protection and enable you to exhaust your rights according to the policy terms and recover quickly from the damage.
