Insurance agreements for the Budimex Group companies
In 2015, 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).
The subject matter of insurance are all construction and assembly contracts executed by 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 2014 to 4 July 2016.
- General Third Party Liability (TPL) Agreement
The Insurer is Generali TU SA.
The subject matter of insurance 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, as well as in respect of construction services rendered — against life and non-life (material) losses caused to third parties. The sum insured was set at PLN 100 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 2015 to 4 July 2016.
- General All-Risk Insurance Coverage for Construction Machines
This insurance agreement was concluded for a defined period of time, i.e. from 15 November 2014 to 14 November 2016. The Insurer is Gothaer TU SA. The subject matter of insurance are construction machines and equipment owned by Budimex SA and 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 2014, an extension was signed to the agreement with AIG concerning TPL insurance for Management and Supervisory Boards Members of the Budimex Group companies. The next extension of insurance coverage covers the period from 22 June 2015 to 21 June 2016. The insurance coverage covers Members of Management and Supervisory Boards and authorised commercial representatives of the Budimex Group companies and their subsidiaries. This insurance constitutes a part of the global insurance programme for the Ferrovial Group.