Construction Designer Compulsory Third Party Liability Insurance
This insurance covers damages caused to third parties and the customer due to improperly performed design work during the validity period of the insurance contract and for 5 years after the completion of construction works of the object (building).
this insurance covers damages caused to third parties due to improperly performed design work during the validity period of the insurance contract and for 5 years after the completion of construction works of the object (building);
the insurance contract may be an annual contract (insurance cover applies to all projects where the design contracts have been signed after the effective date of the insurance contract) or the insurance contract may be concluded for the design work of one particular building;
insurance cover may be provided for the whole period of execution and monitoring of the projects;
the insurance contract also covers the civil liability of the subcontractors;
non-pecuniary damage can be insured.
an insurance policy has to be submitted to obtain a construction permit;
submitting an object for the State Commission, this insurance cover is required pursuant to the construction completion procedure under Construction Technical Regulations STR;
provides protection against third party claims against the company.
it is mandatory to take this type of insurance cover for natural or legal persons designing buildings.