TRAINING PROJECT INSURANCE

TRAINING PROJECT INSURANCE

TRAINING PROJECT INSURANCE

TRAINING PROJECT INSURANCE

Overview

Any works cannot always be released with the risk, as well as with the construction project work. There are a variety of ways to handle risk in construction project works, one of which is by using insurance. Insurance is one of the key elements that support the smooth construction projects.

Project insurance is known as an insurance that guarantees any damage or loss caused material damage and third party liability during construction) or at the time of installation (erection), as well as damage to or loss of machinery or electronic equipment.

Objectives

This course aims at providing a comprehensive understanding of various aspects of Project and engineering insurance. The focus is on historical developments of the business and relevant legislation, principles and practices followed by insurers, related aspects like Reinsurance, risk management, risk inspections, loss prevention and special types of covers in international markets

Outline

1. Development of Engineering Insurance and Relevant Legislation: Historical background

2. Classes of Business, Special Characteristics, Principles and Practices of Engineering Insurance: Construction Phase Insurances

3. Types of Plant, Machinery, Equipment & Associated Hazards: Plant, machinery &equipment commonly found in all types of industries

4. The Project stages, The Works Contract & Other contracts

5. Construction Phase Insurances

6. Contractor’s All risks Insurance

7. Erection All Risks Insurance

8. Contract Works Insurance (CW)

9. Contractor’s Plant & Machinery Insurance

10. Advance Loss of Profits (ALOP) / Delay in Start

11. Endorsements including Supplementary Covers & Information required for framing Construction Phase Insurance Program for project.

12. Operational Phase Insurances

13. Machinery Insurance, Boiler & Pressure Plant Insurance

14. Electronic Equipment Insurance:

15. Other Annual Policies: Deterioration of Stocks (DOS) Potatoes & others

16. Risk Management, Risk Inspections & Loss Prevention: Risk management

17. Special Types of Engineering Insurance Covers in International Markets

· Comprehensive Project Insurance (CPI)

· Comprehensive Machinery Insurance (CMI)

· Construction Annual Floaters

· Machinery Leasing insurance

· Aero engine breakdown

Who Should Attend

Insurance Project Managers & Officer, Risk Managers and officers, Insurance Risk Administrators, Finance staff

Instructor

Nico Lukum, Dipl. in Ins., ACII, Chartered Insurer

He has a Bachelor’s degree in the English language and a holder of a Diploma in Insurance from Glasgow College (Caledonian University) Glasgow Scotland, majoring in marine hull, marine cargo and English law. He also holds a degree from the Chartered Insurance Institute, London, and is a member of the Associate of the Chartered Insurance Institute (ACII) London. He worked for a government general insurance company for 25 years as an underwriter and a claims officer with his last position being the general manager in a holding company with 5 years’ experience as the technical director in the sister company. Since he retired in the year 2002, he has been working as a technical advisor of Government Export Insurance Company (ASEI).
During his long service in the Insurance Industry he has been a frequent speaker in hull or cargo insurance seminars, focusing on underwriting or claims handling. He has also quite often lectured in marine hull and cargo insurance courses. A professional writer, he has written and published reference books on marine hull and cargo. His extensive knowledge of and expertise in hull and cargo insurance has enhanced his position as an expert in the general insurance industry and loss adjusting field as well.