Dissecting the Construction Insurance Coverage

Course Introduction

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

Insurance is a key requirement specified in project contract documents, including those based on FIDIC or local Conditions of Contract.

These clauses outline the necessity for various insurance policies to cover the project, equipment, and third-party claims, ensuring indemnity to protect the Employer or client.

Project implementation involves various risks, some of which can be identified and managed.

Insurance serves as a risk transfer mechanism, while risk management strategies help reduce exposure to potential hazards such as floods, fires, explosions, landslides, and even design flaws or material defects.

This Dissecting the Construction Insurance Coverage training course will cover fundamental insurance principles and explore their application in project settings. The training course leader will provide valuable insights from decades of industry experience and present regional case studies to enhance participants' understanding of this crucial contractual element.

Training Objectives

By attending this 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 should Attend?

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