Carrier liabilities Insurance

What is the object of the insurance?

This insurance covers the Insured’s liability for material loss to third parties, during the road transport contracts, as a result of finalizing the liquidation procedures of the transport company.

Who is the Insured?

The companies which make national and international road transports.

What is the coverage?

The policy covers the company’s exposure according to the laws in force.

 What is the insurance period?

Most of the times, the carrier liabilities insurance is signed for 12 months.

What are the costs of the insurance policy?

The insurance premium is calculated according to the number of vehicles, equity of the company, its experience and the insured period.

Advance Payment Bond

What is the object of the insurance?

The advance payment bond covers the payment of an indemnity in favour of the beneficiary, if the insured does not fulfill his payment obligations according to the contract, meaning revolving the amount received in advance, in time and subject to the stated conditions.

Who can be the Insured?

The advance payment bond may be used by production companies, equipment suppliers, outsourcers, constructors.

 What is the insured percent?

EximAsig covers a maximum 30% of the contract’s value.

What is the insurance period?

The advance payment bond can be signed for an advance recovery period as stated in the contract, but never exceeding the execution date of the contract.

What are the costs of the insurance policy?

The insurance premium is established based on the contract value, the guarantee value, the valability period of the insurance, the requests of the beneficiary, as mentioned in the contract, the experience of the contractor, the value and nature of the collaterals put at our disposal by the insured.

Maintenance Bond

What is the object of the Insurance?

Paying an indemnity in case of deficiencies and technical errors which may appear after finalyzing the project, but within its guarantee period.

Who can be the Insured?

The maintenance bond can be used by construction companies, production companies, service companies, industrial equipment suppliers.

What is the insured percent?

Usually, the insurance covers maximum 10% of the contract’s value.

What is the insurance period?

The maintenance bond can be signed for 24 months. As an exception, the insurance period can be larger, subject to the specified project.

What are the costs of the insurance policy?

The insurance premium is established based on the contract value, the guarantee value, the valability period of the insurance, the requests of the beneficiary, as mentioned in the contract, the experience of the contractor, the value and nature of the collaterals put at our disposal by the insured.

Performance Bond

What is the object of the insurance?

This guarantee is a ferm and irevocabily engagement, assumed by the Insured and the Insurer, regarding the payment of an indemnity, no more than the insured amount, in favour of the beneficiary, if the insured does not fulfill his obligations as mentioned in the contract, meaning the guaranteed obligations.

What is the insured percent?

Usually, the insurance covers between 2% and 10% of the contract.

What is the period of the insurance?                                                                                                        

According to the contractual clauses, as a rule maximum 6 years.

What are the costs of the insurance policy?

The insurance premium is established based on the guarantee value, the valability period of the insurance, the requests of the beneficiary, as mentioned in the contract and the experience of the contractor.

Bid Bond

What is the object of the insurance?

Payment of an indemnity in favour of the beneficiay, in case of:

    • the insured withdraws his offer during its valability period;
    • the insured wins the auction (bid), but does not sign the contract in the specified term, as stated in the offer or the tender book;
    • the Insured wins the auction (bid), but can not present the demanded guarantees for the execution of the contract, as stated in the tender book;
    • the Insured contests the decision to the NCSC and it is rejected.

 What is the insured percent?

Usually, the insurance covers 2 % of the contract’s value.

What is the period of the insurance?

The bid bond is issued for a maximum period of 180 days.

What are the costs of the insurance policy?

The insurance premium is established based on the guarantee value, the valability period of the insurance, the requests of the beneficiary, as mentioned in the contract, the experience of the contractor, the value and the type of guarantees that the insured can sustain.

Constructor’s All Risks Insurance

This “all risks” insurance product is in accordance with international similar products and is structured in two sections:

Section I – Material Damages

Covered Risks:

    • fire, lightning, explosion, boom sonic, aircraft falling, accidental building parts, atmospheric phenomena, theft, etc.

Section II – Third Party Liability

Covered Risks:

Prejudices to third party consisting in:

    • the civil liability of the insured engaged in case of occurrence of prejudices and/or material damages.
General Third Party Liability Insurance

Third party liability covers the damages caused by the Insured – company or individual – to third parties.

  • General Third Party Liability;
  • Producer’s Third Party Liability;
  • Directors and Officers Liability (D&O);
  • Service providers third party liability;
  • Employer’s liability towards employees;
  • Professional liability insurance.
Personal Accidents Insurance

This insurance is recommended especially to persons who are exposed to accidents risks in their daily activity and to those who practice sports that can cause injuries and death.

Covered risks:

Basic:

 

    • invalidity following and accident;
    • death following and accident.

Additional:

    • temporary labor incapacity following an accident;
    • permanent consequences of trauma and burns following an accident;
    • serious infections where the viruses reached the body following an accident;
    • internal organs breaking, caused by excessive physical effort.

 

Time period:

Usually, the insurance period is 12 months, if the parties do not agree otherwise.

CARGO Insurance

Object:

Goods, (specifically mentioned in the insurance policy) during transport carried out by any transportation means (naval, rail ways, road vehicle, aircraft) , within the limits stipulated within the insurance policy, as well as during intermediary storages, before reaching its final destination.

Types of policies:

The insurance can be concluded on a transport by transport basis or for several transports (‘subscription’ type) performed over a determined period of time.

Covered risks:

Specific Clause A – All risks

Specific Clause B – insured risks:

Loss of or damage to the subject-matter insured attributable to:

 

    • fire or explosion;
    • vessel or craft being stranded grounded sunk or capsized;
    • overturning or derailment of land conveyance;
    • collision or contact of vessel craft or conveyance with any external object other than water;
    • discharge of cargo or a port of distress;
    • earthquake, volcanic eruption or lightning;
    • loss of or damage to the subject- matter insured caused by:
      1. general average sacrifice;
      2. jettison or washing overboard;
      3. entry of the sea lake or river water into vessel craft hold conveyance liftvan or storage place.
    • total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft.

Specific Clause C – insured risks:

Loss of or damage to the subject-matter insured attributable to:

  • fire or explosion;
  • vessel or craft being stranded grounded sunk or capsized;
  • overturning or derailment of land conveyance;
  • collision or contact of vessel craft or conveyance with any external object other than water;
  • discharge of cargo or a port of distress;
  • loss of or damage to the subject- matter insured caused by:
    1. general average sacrifice;
    2. jettison.
Machinery Breakdown Insurance

Object:

The insured goods consist of machinery, equipment, motors, technological processing lines as well as any other goods connected to them.

Insured risks:

    • operation, setting or assembling, inability or negligence error;
    • designing error, defect hitch or implementation error;
    • lack of water in the steam producing fittings;
    • means of measure functioning, regulation or security error;
    • bursting or buckling during functioning or dismemberment caused by the centrifugal force;
    • overpressure or underpressure;
    • short circuit, overcurrent, overtension with or without fire appearance, on the electric power fittings, etc.

 Time period:

The insurance can be closed for a 12 months period maximum and 1 month minimum.