Construction Insurance & Risk Management

A Practical Workshop on Dealing with Construction Insurance

19-22 MAY 2020 Johannesburg - South Africa

Next Workshop
28-31 July 2020 Nairobi Kenya
18-21 August 2020 Accra - Ghana

5

Register Now! Limited Seats Available!

R 16,999.00 Per Delegates

Introduction

Introduction

Construction insurance is a specialist class of insurance with a considerable amount of complexity, even on some small projects. When you visit cities around the world, cranes dominate the skyline. The demands on insurers to provide cover and understand the complexity of the insurance needs of the builder are increasing. The expectation is that the intermediaries and insurers selling this class of business will take an active role in providing risk management solutions to the customer.

This Four-day technical seminar will provide attendees with an understanding of construction insurance and the key risks that surround a project. The workshop is led by an experienced and well known subject facilitator who uses inter-active learning methods to enhance the learning process. The delegates will be taught the technical aspects of the insurance coverage and also shown how claims are handled. Focus will be given on two main documents –  the Contraction All Risks (CAR) and Erection All Risk (EAR) policies both of which are a requirement under various local and international construction contracts (FIDIC, for example).

At the end of the seminar, participants will leave with an understanding of:

  • The key risk management and underwriting considerations for construction
  • Learn how the Contraction All Risks (CAR) policy is used as a risk transfer mechanism
  • Considering Risk Appetite and Concerns of the Underwriter when looking at New Project Insurances
  • Appreciate How Claims are Evaluated and Managed by Different Insurance Companies
  • Special Attention on Specific Clauses, Endorsements and Warranties of the C.A.R. Policy
  • Discussion on Best Practice to obtain a more Effective Coverage from the Policy
  • how to create a risk management culture within a construction project
  • workplace health and safety considerations
  • how to access professional assistance to better understand the complexity of the risk and insurance solutions required for a large construction project
  • the scope of construction insurance
  • construction liability
  • Employers Indemnity Insurance
  • the importance of reinsurance

Targeted Audience

This workshop is suitable to a wide range of professionals but will greatly benefit:

  • Construction PersonnelProject 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 ProfessionalsBuilding 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 arrange or deal with insurance coverage for the industry)

Course Outline

An Overview & Contractual Requirements of Construction Projects

  • Projects in the Africa 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

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

Material Damage under Section 1

  • Policy Operative Clause
  • Sum Insured
  • Exclusions
  • Basis of Loss Settlement
  • Design Coverage – DE 3 and Related Coverage

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

Handling Project Risks and Claims Management

  • What are Underwriters Concerns?
  • Risk Management and How it Works
  • Claims Management and Progress Monitoring
  • Declined Claims
  • Case Studies
  • Computation of Adjustment

 The risk management track – know your risks better

  • Tunnel/Underground Risk
  • Aligning project risk management and enterprise risk management – a case study
  • Water damage
  • Petrochemical
  • Underwriting submissions: How to best present your risk – PI submissions

 

Identifying, managing and mitigating risk factors in modern construction

  • Technology
  • Data strategies
  • Manufactured construction
  • Collaborative contracting

 

The Insurance Track

  • Underwriting submissions: How to best present your risk – CAR submissions
  • Professional Indemnity: Key coverage issues in PI
  • The importance of risk allocation
  • Parametric insurance cover and why this might be relevant as a risk transfer solution
  • Inherent Defects

Whilst BMK Training has core courses which we offer on an international basis to both companies and individuals, we also recognise that from time to time, your company may have specific training requirements that cannot be satisfied in a public training environment.

We can bring our Training/workshops directly to your workplace or we will customize training to meet your specific needs ensuring effectiveness in achieving real performance improvement.
If you have 8 or more delegates then, in house training can be of a greater advantage for your organization.

Advantages of in-house training include:

  • Cost savings up to 50% of the training expenses with more effective group training.
  • Training is confidential, allowing teams to discuss and work on real issues as trainers will usually sign confidentiality agreements.
  • In-house training encourages team building and better understanding of one another
  • Training is fully-customized for any team, department, or organization

For Registration and other Training arrangements
contact us on the detail below
SA Tel: +27 11 057 6001    /   TZ Cell: +255 688 032 910
WhatsApp +27 79 574 0389 /  Fax: +27 862 637 253