Insurance is one the requirements stated in the project contract documents. If the JCT or FIDIC documents are considered, the 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 and some of these issues can be identified and managed. Insurance is a risk transfer mechanism. The CAR/ EAR policy is often arranged for projects but its application and coverage understanding appears vague.
The basic principles of insurance and the application of the CAR/ EAR policies will be addressed during this event. A new cover for completed infrastructure works -like highways, bridges, and ports – referred to as the Civil Engineering Completed Risks (CECR) will also be introduced in this interactive session.
Summary
By the end of the session, participants will be able to:
• Learn how insurance coverage for project sites are arranged and under-written.
• Know the concerns of underwriter when considering this risk.
• Appreciate how the risk transfer process takes place.
• Highlight the key points of the CAR/ EAR policy and how it is triggered.
• Consider various case studies with the application of clauses/ endorsements.
• Evaluate the application of the CECR policy for operational risks.
