The Civil Engineering Completed Risk insurance provides coverage against losses or damages to civil engineering structures after their completion such as highways, roads, bridges, tunnels, dams etc. The coverage is only granted for material damage to the structures insured and only repair costs are indemnifiable.
“Owners and Operators of Civil Engineering structures in Iran look for comprehensive insurance protection against loss or damage after the construction work has been completed and the facilities have been taken over. In such structures, the fire risk is often negligible, so that the standard fire policy is unsuitable. Of far greater importance are the natural hazards in connection with the operation and use of the facilities.”. CECR Insurance : Need .
CECR is a form of property insurance and predominantly covers operational mass concrete structures rather than manufacturing or residential facilities. The fundamental purpose of the CECR insurance is to protect the property insured against unforeseen and sudden physical damage. Natural catastrophe events are generally considered to be the main risks, rather than fire, but fire can still have high exposure for some risks. It is for operational risks and is normally renewable annually. What is CECR Insurance Structures requiring CECR Insurance include the following: • Bridges • Canal systems • Dams of all kinds • Dry docks • Harbours • Irrigation systems • Overhead lines • Pipelines (conveying non- combustible substances) Roads • Runways • Sewer systems • Transmission & distribution lines • Tunnels • Water reservoirs • Weirs