This Dealing with Construction Insurance training course is designed to provide participants with a comprehensive understanding of key elements of construction insurance, focusing on its coverage aspects. Insurance is a contractual obligation that is often overlooked by project teams and management when preparing for site mobilization and the start of physical work.
Led by an expert and well-respected facilitator, this interactive training will engage participants in both the technicalities of insurance coverage and the claims handling process. Special emphasis will be placed on two critical documents: the Construction All Risks (CAR) policy and the Erection All Risks (EAR) policy. Both are essential requirements in various local and international construction contracts, such as FIDIC.
Key features of this Energy Training Centre training course include:
- A detailed examination of the Construction All Risks (CAR) policy wording, using the Munich Re standard format as a reference.
- Understanding the risk appetite and concerns of underwriters when assessing new project insurances.
- Insights into how different insurance companies evaluate and manage claims.
- A focus on important clauses, endorsements, and warranties within the CAR policy.
- A discussion of best practices for obtaining more effective coverage from your insurance policy.
By the conclusion of this Dealing with Construction Insurance training course, you will be able to:
- Grasp the fundamental principles of insurance.
- Understand how the Construction All Risks (CAR) policy functions as a risk transfer tool.
- Analyze the operative clauses and endorsements of the policy in relation to different risk scenarios.
- Learn how the policy addresses construction insurance claims.
- Assess policy terms such as Sum Insured, Limit of Liability, and Period of Cover when drafting policies.
This Dealing with Construction Insurance training course will utilize a variety of proven adult-learning techniques to ensure maximum understanding, comprehension and retention of the information presented during the five days.
The facilitator employs active - learning techniques, group discussion and role play(s) to enhance the training session. The delegates will also be provided a few challenging case studies with actual site scenarios – and the facilitator will guide them through achieving appropriate and effective solutions. A proper understanding of the Contraction All Risks (CAR) policy coverage is essential to appreciate this activity.
Meanwhile delegates are urged to raise own work-related engineering insurance experience to the class for further review and group discussion.
The knowledge gained throughout the Dealing with Construction Insurance training course will equip participants with a deeper understanding of the policy and the specific operational aspects of this insurance coverage. The key takeaways include:
- Gaining a clear understanding of insurance coverage issues.
- Learning how to apply policy terms effectively to secure better compensation for the organization.
- Correctly applying policy deductibles and selecting the appropriate clauses for specific projects.
- Implementing effective risk management strategies to safeguard the project's risks.
The Dealing with Construction Insurance training course will provide valuable insights for industry professionals. Through real-life case studies and examples, the facilitator will address common questions and clarify coverage and policy-related concerns. Participants will leave with a strong understanding and practical knowledge that will enhance their contributions in the workplace, leading to improved results in their roles.
This risk related subject is appropriate for various construction related industry personnel and are described further here.
This training course will benefit delegates who are dealing with Construction Insurance technical aspects – underwriting, claims and marketing. It will be pitched at an Intermediate level and various technical aspects of this technical insurance product will be addressed.
This Dealing with Construction Insurance training course is suitable to a wide range of professionals but will greatly benefit:
- Construction Personnel – Project Engineers, Quantity Surveyors, Project Managers and relevant team members from the following firms:
- Contractors, Builders, Sub - Contractors, Developers & Suppliers (who are buyers or consumers of insurance products)
- Construction Professionals - Building Surveyors, Architects, Consultants (who advise contractors and builders)
- Lawyers, Para-Legals and Managers / Senior Officers from:
- Legal firms, solicitors offices, Government agencies and Authorities / Local Council and Utility companies (who are involved in establishing insurance coverage needs and deal with insurance claims disputes & litigation)
- Senior Officers and Managers from Insurance Companies and Reinsurance Companies (who mainly
Day One: An Overview & Contractual Requirements of Construction Projects
- Projects in the MENA Region
- The Need for Insurance in Construction Projects
- Projects Contract Administration
- Conditions of Contracts (FIDIC and other contracts)
- The Insurance Industry and the Role of the Insurance Authority
- Principles of Insurance
Day Two: Application of the Policy and its Coverage
- How the CAR policy is handled?
- Munich Re Standard Wording and Formats in Various Regions
- The Difference with the EAR Policy
- The Sections (I & II) and Relevant Coverage
- What is Section III Coverage?
- Discussion on Period of Cover, General Exclusions and Policy Conditions
Day Three: Material Damage under Section 1
- Policy Operative Clause
- Sum Insured
- Exclusions
- Basis of Loss Settlement
- Design Coverage - DE 3 and Related Coverage
Day Four: Third Party Liability (referred as Third Party Cover)
- Who are Third Parties?
- Limit of Liability
- Exceptions and Conditions
- Interesting Clauses and Endorsements
- Role of Loss Adjusters in Claims Handling
Day Five: Handling Project Risks and Claims Management
- What are Underwriters Concerns?
- Risk Management and How it Works
- Claims Management and Progress Monitoring
- Declined Claims
- Computation of Adjustment
