Any works cannot always be released with the risk, as well as with the construction project work. There are a variety of ways to handle risk in construction project works, one of which is by using insurance. Insurance is one of the key elements that support the smooth construction projects.
Project insurance is known as an insurance that guarantees any damage or loss caused material damage and third party liability during construction) or at the time of installation (erection), as well as damage to or loss of machinery or electronic equipment.
Contractor’s all-risk insurance is insurance sold to construction contractors operating outside of the United States. It typically contains three parts. The first is very similar to a builder’s risk policy sold in the U.S. A second part covers liability for third-party bodily injury or property damage arising from construction. The third part covers losses stemming from delay of construction and is usually optional, according to the International Risk Management Institute.
1. Development of Engineering Insurance and Relevant Legislation: Historical background
2. Classes of Business, Special Characteristics, Principles and Practices of Engineering Insurance: Construction Phase Insurances
3. Types of Plant, Machinery, Equipment & Associated Hazards: Plant, machinery &equipment commonly found in all types of industries
4. The Project stages, The Works Contract & Other contracts
5. Construction Phase Insurances
6. Contractor’s All risks Insurance
7. Erection All Risks Insurance
8. Contract Works Insurance (CW)
9. Contractor’s Plant & Machinery Insurance
10. Advance Loss of Profits (ALOP) / Delay in Start
11. Endorsements including Supplementary Covers & Information required for framing Construction Phase Insurance Program for project.
12. Operational Phase Insurances
13. Machinery Insurance, Boiler & Pressure Plant Insurance
14. Electronic Equipment Insurance:
15. Other Annual Policies: Deterioration of Stocks (DOS) Potatoes & others
16. Risk Management, Risk Inspections & Loss Prevention: Risk management
17. Special Types of Engineering Insurance Covers in International Markets