Why Choose this Training Course?
This Dissecting the Construction Insurance Coverage training course will teach the technical aspects of the construction insurance coverage and also how claims are handled. Examples of site incidents that will be explored include landslide, collapse, fire, water damage, theft, explosion and flooding. This AZTech training course relates mainly to construction projects and can also be applicable to infrastructure, building and other development risks. Focus will be given to the main insurance document i.e. the Contraction All Risks (C.A.R) and Erection All Risk (E.A.R) policy jackets. Besides the jackets, the policy schedule and proposal form will also be “dissected” in class to enable better understanding of this insurance product.
Active learning techniques using modern adult learning methods will be utilized to share this interesting subject issues over the five days. Group activities, role play, quizzes and discussion sessions will be held to help delegates grasp the appropriate risk and insurance points better. Case studies will also be brought in to ensure that the learning is effective and equally enjoyable.
This training course will feature:
- Selected C.A.R policy wording – from a few regions and comparison with the Munich Re of Germany standard format
- Focus on specific clauses and endorsements of the C.A.R policy
- The different risk appetite and concerns of the Underwriter
- How are claims looked at, handled and managed by Insurance companies
- Best practice to obtain a more effective coverage from the C.A.R policy
What are the Goals?
By the end of this training course, participants will be able to:
- Learn the basic principles of insurance
- Appreciate how the C.A.R policy is used as a risk transfer mechanism
- Apply the policy operative clause and endorsements to various risks scenarios
- Analyze how the policy responds to construction insurance claims
- Understand policy terms like Sum Insured, Limit of Liability and Period of Cover in regard to policy drafting
Who is this Training Course for?
The five-day training course will benefit delegates who are dealing with Construction Insurance technical aspects. This can be as a consumer or involved in underwriting, claims and marketing of this insurance product. It will be pitched at an Intermediate level and various practical aspects of this technical insurance product will be addressed.
This AZTech training course is suitable to a wide range of professionals but will greatly benefit the following industry personnel:
- Senior Executives and Managers from Insurance companies, Insurance brokers, Reinsurance companies, Reinsurance brokers, Loss adjusters and insurance agents
- Engineers, Quantity Surveyors, Building Surveyors, Architects, Consultants and Finance & Legal team members from the following firms: Contractors, Builders, Sub - Contractors, Developers, Suppliers and Utility companies
- Lawyers, Para-legals and Managers/ Senior Executives from: Legal firms, solicitors, Government agencies and authorities/ local council/ municipality
How will this Training Course be Presented?
This training course will utilize a variety of proven adult-learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes active-learning techniques, group discussion and role play. The delegates will also be given a few interesting case studies with actual site scenarios – and the experienced facilitator will guide them through achieving appropriate technical and effective solutions.
We also encourage delegates to bring along their own work-related engineering insurance experience to the class for further review and discussion. The facilitator has successfully triggered good resolution for such technical enquiries in previous training sessions.
The Course Content
Day One: Introduction and Contractual Aspects of Projects
- On-going and Upcoming Projects in the region
- The need for insurance
- Projects Contract Administration
- Conditions of Contracts (FIDIC etc.)
- The insurance industry and the Role of the Regulator
- Principles of Insurance
Day Two: Policy Coverage
- How the CAR policy is arranged?
- Munich Re standard wording and formats in various regions
- The difference with the EAR policy
- The policy sections (I & II) and coverage
- Section III (ALOP) coverage and its application
- Period of cover, General Exclusions and Policy Conditions
Day Three: Section I (Material Damage)
- Operative clause
- Sum Insured
- Basis of loss settlement
- Design coverage - DE 3 and related options
- Extension of cover – overtime, express freight
Day Four: Section II (Third Party Liability)
- Who are third parties?
- Limit of liability
- Special Exclusions
- Special conditions
- Interesting clauses and endorsements
- Role of Loss Adjusters
Day Five: Underwriting of Risks and Claims Handling
- What are underwriters concerns?
- Risk management
- Claims handling
- Loss control survey
- Ex-gratia payments
- Case studies and Worked examples
- AZTech Certificate of Completion for delegates who attend and complete the training course