Itzik Simon - Contractors Works Insurance Agency - offers you a combination of comprehensive coverage with an affordable price.
A contractors works insurance policy is a policy that insures the contractor and provides coverage for damages in three different insurance sections: property, third party, and employers' liability.
Contractors works insurance is an important and critical coverage for construction work as protection against damages and claims, and it has various extensions and exclusions derived from the nature of the projects and the risks inherent in them.
The policy wording, its complexity, and the extent of the text in it require personal handling and attention to each of the policy sections - Property Insurance, Third Party Insurance, and Employers' Liability Insurance.
When handling the project intake and preparing the construction works insurance policy, we thoroughly analyze the risks and expand the insurance coverage (as much as possible) according to the needs analysis, desires, and budget of the insurance requestor. This is with the aim of reaching the bottom line and most important of all - a contractors works insurance policy that will truly cover most of the unforeseen risks that may occur during construction and to some extent also afterward: coverage for damages that may be caused as a result of work performed during the maintenance period.
You will surely agree that TAMA 38 insurance will look different compared to insurance for renovation contractors. Each construction project is a unique project with different types of work, construction inputs, equipment, subcontractors, professionals, contractual obligations, and work environment. Accordingly, each insurance policy is formulated according to the risk analysis in the project, the extensions required for optimal coverage, and a range of other influencing factors.
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Contractors-All-Risks-Insurance - A Policy You Must Have!
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Contractors' Insurance "What is important to know?"
Construction contractors are always under complex pressure systems at the business level. Integrated and cross-cutting systems that are derived from parameters that every contractor in Israel is familiar with: low profit margins (which seem to be getting smaller and smaller), critical errors in execution costs, huge fluctuations in input prices, complex calculations, labor shortages, difficulty meeting schedules, close and tight supervision by the client, and more.
In addition to all of this, the contractor is frequently subject to 'flat-rate' contracts that characterize most of his engagements with construction and contract contractors. Experience shows that these are agreements in which any mistake, even the smallest mistake, could create a snowball effect that will end (in serious cases) even in economic collapse. Similarly, the construction site carries risks that create tort and criminal liability following work accidents or injury to a third party, whether during the work or after completion.
Why us?
One of the contractor's most important defenses is the existence of a proper system, centered, of course, on a contractor's work insurance policy.
The main advantage of our insurance agency lies in the fact that we deal almost exclusively with construction insurance, product liability and professional liability for contractors and developers. The agency's team consists of experienced and highly skilled insurance agents, lawyers, a structural engineer and more. We are well acquainted with the construction processes in Israel, read technical specifications on a daily basis and have countless hours of mileage on construction sites all over the country. Both small and large.
Dedicated Engineering Department Envelope - A Significant Advantage for You
One of our most significant advantages (alongside our multi-disciplinary experience and knowledge) is that at Itzik Simon Insurance Agency, you'll receive the support envelope of a dedicated engineering department headed by civil engineer Omri Nisani, who is also an insurance agent.
The engineering department at our agency enables us to find practical and unique solutions according to the various construction methods in Israel and through real, on-the-ground familiarity with the range of risks involved. Thus, as insurance companies create difficulties in issuing policies or during processes related to insurance events, the engineering knowledge in our agency becomes a most valuable tool for the client. Whether in adapting to construction methods to obtain an optimal policy or in analyzing insurance events through engineering perspectives as well.
Contractors and developers who work with us benefit from an insurance agency that speaks their language, knows how to make insurance policies accessible, and thoroughly understands their risks and concerns.
This connects, of course, to our central advantage, which is that we deal almost exclusively with construction insurance, product liability, and professional liability for contractors and developers.
Our agency team consists of highly experienced and skilled insurance agents, lawyers, a building engineer (as mentioned), and more. We are thoroughly familiar with construction processes in Israel, read technical specifications on a daily basis, and have accumulated countless hours of experience at construction sites throughout the country, both small and large.
Want more information? Our team of experts is here for you. We'll be happy to assist.
Construction work insurance - a comprehensive explanation of the three chapters:
Construction work insurance - a comprehensive explanation of Chapter A - Property insurance
The property insurance chapter within the framework of insurance for contractor work defines an insured event as physical, accidental and unforeseen damage to the construction project or part of it from the date the project begins until the completion of the work on it or the completion date specified in the policy, whichever is earlier.
Many people refer to a contractor's insurance policy , including Chapter A (property insurance), as all-risk contractors insurance. This definition is misleading because in practice the term "all risks" does indeed refer to an expanded insurance policy, but it still leaves the standard policy with many question marks: Is " all risks " really all risks? What damages are not included under "all risks"? And what is the meaning of those clauses, and the exclusions that the insurance company is not willing to insure you against loss or damage? Is a standard "expanded" insurance policy specifically tailored to the work and unique characteristics of the project being insured against loss or damage? And most importantly: How do you create a property insurance policy within the framework of insurance for construction contractors that gives you maximum insurance at minimum cost?
Construction work insurance - a comprehensive explanation of Chapter B - Third party insurance
By definition, third-party insurance provides you with insurance coverage for amounts that you will be legally obligated to pay as compensation for damage caused to a person or property due to an accident or insured event on the construction site and its immediate surroundings.
Ostensibly, you have insurance coverage for property damage or physical damage to neighbors and houses adjacent to the construction site to a third party.
But it is worth remembering that, due to the complexity of the work, the changes that occur on the site as the work progresses, the variety of subcontractors working on the site, the equipment used (crane? Type of crane? Press? Size? Vibratory?), and especially the difference and uniqueness of each construction project compared to parallel projects - even Chapter B - Third-party insurance within the framework of the policy terms for contractor work - is full of exceptions to insurance coverage and protection requirements of insurance companies for the purpose of providing and approving insurance coverage.
Therefore, the standard policies, even if they live up to the name: "all-risk policy for contractor work" ... in reality it is not possible to include all "risks" and certainly not within the framework of a standard policy. It is our job - in the face of all the exceptions and requirements of insurance companies - to obtain maximum insurance for you at minimum cost . How do we do it....
Construction work insurance - a comprehensive explanation of Chapter C - Employers' liability insurance
Employers' liability insurance within the framework of insurance for contracting work is defined as an insured event in which physical, mental or emotional damage or death occurs to one or more of the insured's employees, as a result of an accident that occurred during or as a result of his work at the insured construction site, as well as as a result of an illness that occurred during or as a result of his work as aforesaid. The insurance is intended to cover employee claims against the employer, for compensation for the aforementioned events, in addition to National Insurance benefits, as well as compensation for suffering, loss of enjoyment, disability and more - according to a court ruling (or an out-of-court settlement).
Many policyholders are satisfied (sometimes unknowingly) with the standard insurance policy called all-risk insurance for contractor work. It is worth knowing that with figures such as 6,000 injuries per year on construction sites , of which nearly 50 are fatal each year , it is obvious why the insurance company will strive to do everything to minimize risks for its part by setting strict prerequisites and protection requirements before approving the insurance, reducing the insurance coverage and sometimes requiring a high cost. It is also clear why a standard policy – no matter how “extended” it may be – is too short a blanket for the insurance coverage you need . This is also the reason why we attach such great importance to the employers’ liability insurance section of a contractor work insurance policy and invest a lot of effort to obtain maximum insurance coverage for you at the lowest possible cost . How do we reduce requirements, exclusions and high costs?...
Insurance company survey
A tool that allows you to expand your coverage and reduce exclusions and requirements from the insurance company.
Performed on behalf of the insurance company by an expert surveyor in the construction industry, and he is the one who will usually determine the mandatory protection requirements for insurance coverage for the project, as well as the terms of coverage in the event of damage or physical injury to an employee or third party in the project.
The survey will sometimes even affect the way the work is performed. Damage Controls Failure to comply with the survey requirements may even result in the denial of insurance coverage...
Survey to document the condition of nearby buildings
A tool that allows you to expand your coverage and reduce exclusions and requirements from the insurance company.
A documentation survey of adjacent buildings is a condition for covering damage due to shaking and weakening of ground support for buildings adjacent to the project in third-party insurance and is extremely important for insurance coverage.
The survey is intended to document the condition of the buildings adjacent to the construction project before work begins in order to determine, if damage will be caused to nearby buildings, to what extent, if any, the work caused this damage...
Examples of projects we have secured
