This Master Class will enlighten coverage afforded by such time-related insurance policies and how claims are triggered. Common policy issues relating to delays in projects and reasons for the delays will be addressed. Various types of incident scenarios will be shared, and application of the policy cover will also be considered.
The session will be handled by an experienced Facilitator who is very familiar with this subject matter. He has decades of this subject handling experience. He will use adult learning methods incorporating inter-active formats to share his course material. Case studies and in-depth discussion dialogues will be used to enhance the learning process.
What are the goals?
By the end of this Coventry Academy training course, you will be able to:
Understand How These Project Delay Insurance Policies are Arranged and the Protection Afforded
Learn the Underwriter’s Consideration at the Time of Underwriting the Risk
Appreciate the Claims Handling Aspect of this Subject Matter
Highlight Type of Projects that Require Such Coverage
Apply Some of the Concepts Relating to Project Delays and How it Affects the Contract Arrangements
Who is this training course for?
The training course is primarily designed to cater for project personnel and construction industry technical staff but not limited to Project Engineers, Project Managers, Quantity Surveyors, Consultants, Building Surveyors, Financial / Banking officials and representatives of Government agencies and utility companies.
Course Outline
Day One: An Overview & Construction Project Delays
Managing Projects and Stakeholders
The Need for Insurance in Construction Projects
The use of A.L.O.P cover to mitigate losses
Projects Contract Administration
Conditions of Contracts (FIDIC and other contracts)
Current projects in MENA and Asia – in relation to delays
Day Two: Application of the Construction Policy and its Typical Coverage
How the CAR policy is arranged?
Relevant Coverage
Discussion on Period of Cover and hand over issues
General Exclusions – Is War related losses covered?
Policy Conditions – Taking reasonable precautions
What if there are two policies arranged for the same site?
Day Three: Understanding the Policy itself
Policy Operative Clause
Sum Insured
Limit of Liability
Typical examples for each Section
How about Section II losses and delays?
Consequential loss – covered?
Day Four: Advanced Loss of Profits ( A.L.O.P) and its details
Who buys A.L.O.P cover?
Coverage and exposures
Exceptions and Conditions
Connection to Section I
Role of Loss Adjusters in Claims Handling
Insured loss and the A.L.O.P claim
Day Five: Handling Project Risks, Delays & Claims Management
What are Underwriters Concerns?
Risk Management and How it Works
Claims Management and Project Monitoring
How to over come project delays?
The use of Performance Bonds
Case Studies relating to delays and A.L.O.P cover
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course