Dissecting the
Construction Insurance
Coverage

Training Course Overview

Appreciating the practical aspects of this essential project contract requirement – often ignored during site work implementation.

Insurance is one the requirements spelt out in the project contract documents. If the FIDIC or most local Conditions of Contract documents are looked into, the specific clauses would spell out the need for insurance(s) to be arranged for the project, equipment and to protect against third party claims. Basically, indemnity has to be procured to protect the Employer or client.

There are various risk aspects involved in a project implementation - some of these issues can be identified and managed. Insurance is a risk transfer mechanism. Risk management can be used as a mode to reduce certain exposure(s) on a project site. This includes perils like flood, fire, explosion, landslide and even “design short-comings” or material defects.

Some basic principles of insurance will be addressed during this five-day training course. The training course leader will also share his own cases from his decades of industry involvement and also regional case studies to enable better understanding of this contractual subject matter.

Training Course Objectives

By attending this COPEX training course delegates will be able to make a substantial, positive impact on the Asset Management best practices within their organization, more specifically:

• Learn How Insurance Coverage for Project Sites are Arranged and Underwritten
• Know the Concerns of Underwriter When Considering a Project Risk
• Consider Risk Management Steps in Site Project Implementation
• Appreciate How the Risk Transfer Process Takes Place
• Highlight the Key Points of the Contractors All Risks Policy and How It Is Triggered
• Discuss & Learn the Practical Application of These Best Practices, Through Case Studies & Examples

Designed For

This training course is suitable for a wide range of professionals who are involved in any aspect of Construction Risk and Insurance and who want to understand, implement and improve the latest Contractors All Risks / Erection All Risks Project Insurance Project Insurance concepts, processes and ideas.

For example, Senior executives, Engineers and Managers from the following industries:

• Insurance, Reinsurance Companies, Insurance Brokers and Reinsurance Brokers
• Buyers of Insurance – Contractors, Builders, Sub-Contractors and Equipment Suppliers
• Project Consultants Civil & Structural, Mechanical & Electrical Architects, Design Specialists, Surveyors (Building, Land and QS)
• Projects Owners / Developers, Banks and Financial Institutions & Fund Managers
• Insurance Regulators, Legal Personnel, Arbitrators and Loss Adjusters
• Government Bodies and Institutions – Public Works, Local Council, Road & Highway Authorities

Training Course Outline

Amongst a wide range of valuable topics, the following will be prioritised:

• Explore the Coverage Provided by Construction Insurance Cover
• Principles of Insurance – What Are They and Appropriate Examples
• Discuss and Identify “Trade Risks”
• What Happens When There is an Incident on Site?
• Look Into the Concerns of the Risk Surveyor
• Why is the Cause of Failure Very Crucial
• How to Effect the Risk Transfer Mechanism
• Recovery Undertaken by Insurance Companies
• How is Loss Adjustment Undertaken?
• Application of Policy Excess or Deductible

The Certificate

• COPEX Certificate of Attendance will be provided to delegates who attend and complete the course

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