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.
What are the Goals?
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
Who is this Training Course 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
Day One: Introduction and Contractual Aspects of Projects
On-going and Upcoming Projects in the region
The need for insurance
Projects Contract Administration
Conditions of Contracts (FIDIC etc.)
The insurance industry and the Role of the Regulator
Principles of Insurance
Day Two: Policy Coverage
How the CAR policy is arranged?
Munich Re standard wording and formats in various regions
The difference with the EAR policy
The policy sections (I & II) and coverage
Section III (ALOP) coverage and its application
Period of cover, General Exclusions and Policy Conditions
Day Three: Section I (Material Damage)
Basis of loss settlement
Design coverage - DE 3 and related options
Extension of cover – overtime, express freight
Day Four: Section II (Third Party Liability)
Who are third parties?
Limit of liability
Interesting clauses and endorsements
Role of Loss Adjusters
Day Five: Underwriting of Risks and Claims Handling
What are underwriters concerns?
Loss control survey
Case studies and Worked examples
COPEX Certificate of Attendance will be provided to delegates who attend and complete the course
Material published by Copex shown here is copyrighted.
All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.