Construction insurance

Construction sector is one of the most important sectors of today's economy. The need for new structures or renewal of existing structures increases as the economy grows, population increases and new technologies are being introduced into our lives. In accordance with this need, volume of construction works also grows and it is expected to complete constructions in far shorter time period. However, there is a possibility that many risks such as fire, earthquake, flood, war may occur during the construction and the construction may be damaged due to these risks. So, construction insurance is an assurance for such unexpected circumstances. Construction insurance is devised as ''All Risks'' insurance, considering the possibility of many risks which may occur during the construction period. As a result, as long as it isn't openly excluded from the coverage, damages derived from the risk or risks that occured are covered by insurer. In this study, we will be examining the parties of the construction insurance contract and their obligations, its termination and lastly, its scope. In addition, the construction contract, which is often the reason for the construction insurance, will be briefly discussed. It should be noted that, although our study is prepared in accordance with the Turkish Commercial Code, when appropriate, the abrogated Turkish Commercial Code will also be mentioned. Although it has been almost ten years since the Turkish Commercial Code became effective and because the General Conditions of Construction Insurance have not been renewed, the General Conditions established in compliance with the abrogated Turkish Commercial Code and the Munich Reassurance clauses which are frequently used in practice, will be taken into account.