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Project Insurance
Insured Parties
Any one or more of the following Principal Contractor Employer Sub-contractor
&
Insurer
Manufacturer
Industries
Joint interest:
The policy can be taken jointly by the owner / principal covering the interests of all other parties Interest of Financial institution: Insured must specify clearly if interest of Financial Institution or Bank is required to be covered
Maintenance period begins from the day testing of the plant is declared completed upto the period based on requirement
Works
Testing
Maintenance
EAR
Operational
Commencement of Works
Final Acceptance
Customs duty
Erection cost
Types:
General Market Exclusions Trade Risks Risks more exactly the Subject matter of Other Insurance
Air freight,
Custom duty Escalation Owners surrounding property Storage risk at Fabricators Premises
Project Insurance
IMPORTANT ADD-ONS:
Third-party exposure to nearby structures by excavation and foundation work and to traffic
Project Insurance
Add-on covers
Removal of Debris
The cost of debris removal following an accident to the Extent that it is necessary Before repairs may be put In hand
Project Insurance
Add-on covers
Surrounding Property
The integration of an old hotel into the new project represented a high exposure of the Principals existing property
Project Insurance
Refund of Premium
For early completion of the project:
Subject to : Period of insurance >= 18 months Notice for early completion in advance Claim experience < 60% Policy period not exceeding the contract period Minimum period for refund 3 months
Project Insurance
Risk Management
Elimination & minimisation of risks First Step: To identify the risk Evaluate risks inherent of the contract
Second Step: Implement a loss prevention and safety programme to minimise these
Inherent risks Third Step: The risk would be assigned to various parties involved by contractual agreement
AOG Perils
Material Handling Equipments Improper Storage Acts of god
Theft
Designated Surveyors
Contact Details of Surveyors Surveyors response within 24 hours Interim report Final report Settlement based on the survey report Risk Engineers assistance as and when required
Partial loss:
The cost of repairs necessary to restore the items to their condition immediately before the occurrence of the damage less salvage, OR Total loss: The actual value of the items immediately before the occurrence of the loss less salvage; However, only to the extent the costs claimed has to be borne by the Insured and to the extent they are included in the Sum Insured