OREANDA-NEWS. June 7, 2011. DYWIDAG, the general contractor of the “Sadovye Kvartaly” project (“Garden Quarters”), and Ingosstrakh OJSIC have concluded an insurance agreement that covers construction and installation works and liability to third persons in the course of implementation of the first stage of an elite residential area in Khamovniki construction. The insurance policy also envisages a warranty period for the objects of contractual works upon their completion. According to the agreement, the insurance sum under the objects of contractual works amounts to 5.8 bn. rubles, under possible reimbursement of losses to third persons – 35 mln. rubles. The term of the agreement is from June 1, 2010 to December 31, 2013. The warranty period for the objects of contractual works upon their completion shall last for 36 months – from January 1, 2014 to December 31, 2016.

The insurance policy covers the whole period of construction of the first stage of the residential area, and also envisages a warranty period for the objects of contractual works upon their completion. Insurance from material damage covers the objects of installation and construction and related works, building materials, constructions, installation and mounting of equipment, expenses on debris removal, equipping the construction site, construction equipment, mechanisms, etc. Upon contractual works completion, the objects are insured from the damage caused by their damage or destruction.

“Complex insurance of construction risks confirms one more time the substantial interest of DYWIDAG in the realization of technically difficult and responsible projects, such as our residential complex, – noted Vyacheslav Popov, Vice President of Unikor Holding Company, developer of the residential area “Sadovye Kvartaly”. – Availability of this insurance policy provides additional guarantees and reliability of investments in the project for the participants of the participatory construction”.

Within the framework of the first stage of “Sadovye Kvartaly” residential complex construction, 14 residential buildings of quarters 1 and 4 will be built, including the necessary infrastructure. The construction works, which started in the third quarter of 2010, are being carried out in accordance with the schedule, under which the acceptance of the objects by the state committee is planned for the second quarter of 2013.

“C.A.R, or contractor’s all risks, is an obligatory condition during execution of all the construction contracts by DYWIDAG International GmbH, said Alexandr Ortenberg, the authorized representative of DYWIDAG GmbH in Russia and former USSR countries. – To implement this project, we held a tender jointly with our Customer to choose an insurance company, which resulted in the conclusion of an insurance agreement with Ingosstrakh OJSIC for the first stage of building an elite residential area in Khamovniki”.

Deputy General Director of Ingosstrakh OJSIC in corporate business Nikolai Galushin says: “We are glad to have become a winner of the tender, and we are satisfied with the conditions of the concluded insurance agreement. We hope that the cooperation will continue and develop both with DYWIDAG International GmbH and with the developer”.

Dywidag implements technically complicated, unique projects in the construction of public buildings, engineering constructions, energy construction, bridge construction, industrial construction, tunnel construction.

Dywidag was established in Germany in 1865 as a concrete products production plant. In 1972, the company merged with Siemens Bauunion GmbH and became one of the largest companies in the industrial “turn-key” construction, high-rise construction, building of engineering constructions, underground construction, and also manufacturer of ready-made building constructions.