The insurance that protects you from troubles not yet revealed. And there are such troubles!
Product liability insurance for contractors and entrepreneurs is insurance designed to provide protection for those working in the construction industry, against claims for bodily injury or property damage caused as a result of a defect or flaw in a building for which the insured is responsible, and which occurred after the building left the possession of the contractor/entrepreneur and was handed over for use to the purchaser and/or client. The policy is of the "claims made" type and must be in effect both at the time of the damage incident or accident and at the time the claim is filed.
Contractors and entrepreneurs are aware of risks during construction execution, but experience and law teach that after the work is completed and the building is handed over for use - their exposure to risks has not ended. Product liability insurance is one of the important tools in this regard for them.
Why us?
Itzik Simon Insurance Agency has specialized for over 30 years in the entire spectrum of construction insurance. Starting from pre-project insurance (such as land holding insurance), through contractors' work insurance during execution phases and ending with post-delivery insurance such as product liability insurance for contractors, entrepreneurs and construction companies.
The essence of insurance coverage
Important to remember! Product liability insurance for contractors and entrepreneurs is intended to cover compensation that the insured will be liable to pay to a third party according to law in connection with damage caused due to a product for which they are responsible, provided that the product was not in their direct possession and provided that the damage occurred after the date specified in the policy as the retroactive date. The coverage is for consequential damages. That is, physical damages that will be caused as a result of a defect in the product (the building) or one of its parts, after project delivery and the beginning of its use (for clarification: product liability insurance does not deal with damage to the building itself but with bodily injury or property damage to a third party).
Product liability insurance for contractors and developers
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And together with us comes a team of experts with over 30 years of experience in construction project insurance
Since no one can foresee long-term malfunctions on the timeline, insurance companies are reluctant to sell product liability coverage to contractors and the main tool at their disposal is increasing the policy cost. Clients of our insurance agency, thanks to a team of professionals with a track record of over 30 years in the field of construction industry insurance, enjoy good solutions in this context.
Thanks to extensive experience and broad and deep familiarity with the construction world, we have a reputation as responsible and honest insurance agents with insurance companies.
We submit organized insurance proposals based on verified data. We know how to provide creative solutions to unfamiliar issues and/or courses of action that lead to significantly reducing concerns and costs. In addition, several other significant advantages are guaranteed to you:
✔ Coverage scope – Our success in reducing insurance costs is not at the expense of the broad coverage scope. With over 30 years of experience as an insurance agency in the construction industry, we have enough experience "backwards" to see "forwards" what might endanger you.
✔ Cost – We succeed in issuing our clients policies at significantly reduced costs for contractors' insurance, professional liability insurance and of course product liability insurance. Our success in this matter leads to a situation where both small and large contractors enjoy optimal insurance coverage.
✔ Stable policy – A policy based on creative solutions that will be acceptable to the insurer on one hand and protect the insured on the other hand. A stable policy is one where everything is tailored and agreed upon before signing to prevent arguments, disputes and interpretations when the event occurs.
✔ Close accompaniment – Alongside us operates for many years a serious team of experts including: Insurance adjusters, experts, engineers and when necessary also experienced accident investigators and lawyers who will assist your conduct in case of a serious accident.
✔ The team is guided by one strategy: How to protect you, how to minimize damages, how to get the insurance company to fulfill its obligations as they arise from the policy.
Contractor/Entrepreneur Liability According to the Defective Products Liability Law:
Contractors Insurance Policy
The basic policy includes: property and works insurance, third party insurance , employers' liability insurance. And yet, each project requires insurance coverage that suits its uniqueness. This is where we come into the picture to ensure you optimal insurance coverage at a competitive price...
Business insurance for construction companies
We do not have uniform business insurance policies for construction companies. Each construction company has its own uniqueness, its own business structure, and accordingly, each policy we formulate contains the maximum expansions and protections needed specifically for you. How do we know what is important to insure you against?
Professional liability insurance
No construction project has ever been born without planning or execution errors, delays in delivery of the property, or defects discovered after delivery. And there are many other scenarios that may result from a breach of professional duty. In certain cases, professional liability insurance may provide you with insurance coverage for some of these risks.
