Insurance Agreements
Insurance agreements for the Budimex Group companies
In 2012, the Budimex Group (including Budimex SA) was a party to the following General Insurance Agreements:
General Insurance Coverage for All Construction & Assembly Risks
The leading co-insurer for this agreement is TUiR Warta SA with its registered office in Warsaw (50% share) and the other co-insurers are TUiR Allianz Polska SA with its registered office in Warsaw (25% share) and PZU SA with its registered office in Warsaw (25% share).
Subject to the insurance coverage are all construction and assembly contracts executed by the Budimex SA with a value not exceeding PLN 500 million, which are reported to the Leading Co-Insurer within 30 days of entry of the first contractor on the construction site.
This agreement was concluded for the period from 5 July 2012 to 4 July 2014.
General Third Party Liability (TPL) Agreement
The leading co-insurer for this agreement is TUiR Warta SA with its registered office in Warsaw (50% share) and the other co-insurers are TUiR Allianz Polska SA with its registered office in Warsaw (25% share) and PZU SA with its registered office in Warsaw (25% share).
Subject to the insurance coverage is the out-of-contract third party liability in tort of the Insured in respect of assets used to conduct business activities with insurance coverage and construction services rendered against life and non-life (material) losses to third parties. The sum insured was set at PLN 30 million for one and all events in each of the insurance settlement periods. This agreement provides for the extension of the basic insurance coverage together with sub-limits of the sum insured.
This agreement was concluded for the period from 5 July 2012 to 4 July 2014.
General Third Party Liability (TPL) Excess of Loss Agreement
The insurer is Chartis Europe SA Branch in Poland.
Subject to the insurance coverage is the out-of-contract third party liability in tort of the Insured in respect of assets used to conduct business activities with insurance coverage and construction services rendered against life and non-life (material) losses to third parties. The sum insured was set at PLN 70 million for one and all events in each of the insurance settlement periods. This agreement provides for the extension of the basic insurance coverage together with sub-limits of the sum insured.
The liability of Chartis Europe under this Agreement starts at the time the amount of aggregated own share in the form of recognised losses exceeds the sum insured or sub-limits of the sum insured defined in the General TPL Agreement, where the leading co-insurer is Hestia with the losses resulting from one or several insurance-covered events covered by this Agreement.
This agreement was concluded for the period from 21 July 2012 to 4 July 2014.
General All-Risk Insurance Coverage for Construction Machines
This insurance agreement was concluded for a defined period of time i.e. from 15 November 2012 to 14 November 2013. The Insurer is TU Allianz Polska SA. Subject to the insurance coverage are construction machines and equipment which are owned by Budimex SA and which are subject to lease agreements. The insurance coverage comprises all risks of physical loss or damage of assets, except for damage resulting from losses incurred during or in connection with the transport, loading, unloading, assembly or disassembly of the machine.
Other significant insurance agreements:
In 2012, an extension was signed to the agreement with Chartis Europe SA (formerly AIG) concerning TPL insurance for Management and Supervisory Boards Members of the Budimex Group companies. This extension of insurance coverage covers the period from 22 June 2012 to 21 June 2013. The insurance coverage relates to Members of Management and Supervisory Boards and authorised commercial representatives of the Budimex Group companies, and of their subsidiaries and affiliates. This insurance is part of the global insurance program for the Ferrovial Group.