Contractors’ All Risk Insurance Benefits & Claims Procedures
Start Date: 2014-12-03
End Date: 2014-12-03
Time: 2:00 pm to 5:00 pm
Phone: 6551 2799
A building or construction project is exposed to the risk of property loss, damage or injury to persons. As such, it is extremely important for contractors to protect themselves against these risks.
The Contractor’s All Risk Insurance offers comprehensive and adequate protection against loss or damage in respect of contract works, construction plant and equipment, as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of a civil engineering project. This policy is extremely useful for consulting engineers, architects and financiers because it contributes to reducing the overall construction expenses and at the same time offers efficient financial protection for all parties concerned.
It is essential for construction personnel to understand the precise coverage granted under this insurance policy. They also need to understand the insurance claims procedures, as well as, why claims are sometimes denied by insurers.
At the end of this workshop participants will:
1. Have a comprehensive understanding of the Contractor’s All Risk Insurance and its coverage.
2. Understand the exclusions under the policy where cover is excluded and the extensions which may be purchased to add value to the basic policy.
3. Have an insight into the policy claim conditions, procedures and how to comply with them.
Who Should Attend
- Construction company executives and managers, Project Managers, Project Engineers, Surveyors, Project Administrators, Contractors, Subcontractors, Architects & Consultants
- Anyone who is dealing with insurance related matters & claims for the company in the construction industry
1. Insurance requirements by authorities
- Is it a requirement to take insurance for construction projects?
- requirements under the Public Sector Standard Conditions
2. Insurance Principles for construction projects
- concept of insurable interest & duty of utmost good faith
- principle of indemnity and proximate cause of the loss
- Insurance documentation
3. Insurance Coverage for construction projects
- Types of Contractors All Risk (CAR) policy
- Types of coverage under CAR policy
- Exclusions and extensions of cover
- Other insurance requirements – WICA Insurance & Third party Liability Insurance
4. Insurance Claims
- Contractors All Risk (CAR) and third party liability claims
- Dealing with loss adjusters and presenting claims to insurers
- Observing proper procedures and handling the technical aspect of the claims
Organized by : Infinite Academy Pte Ltd