This specially crafted 2-day program will enable participants to understand the coverage afforded under the two related policies, namely Contractors’ All Risks (C.A.R) Insurance and Professional Indemnity (P.I) insurance products. Participants from the construction and building industry are encouraged to sign-up for this interactive session to obtain better knowledge of these interesting insurance subjects which will be shared by the trainer who is an experienced Regional Risk Consultant, based in Singapore.
Day 1 – 14 December (Wednesday)
C.A.R – The need for such coverage under the Conditions of Contracts (PS COC, SIA and FIDIC wordings) will also be addressed. It has two main sections of coverage ie. Section I and II. Cover for project delays under Section III – Advanced Loss of Profit (A.L.O.P) will also be introduced.
Day 2 – 15 December (Thursday)
P.I – This class of insurance is normally taken up by Engineers, Architects and Surveyors to protect their professional responsibilities. This policy is a liability cover for the insured party in the event of a negligent claim made by a client. Areas that will be addressed include retrospective clause, the difference between annual cover and project basis. (S.P.P.I)
Both topics are related to development projects, but they have some differences in coverage. These differences will be highlighted and specific clauses/ endorsements will be explored. Several interesting and real – life case studies will also be used to share the applications of these respective insurance policies based on Singapore and regional projects.
At the end of this course, participants will be able to:
- Understand how the construction policies are arranged
- Know the basic principles of insurance and how it is applied
- Appreciate the differences involved between C.A.R and P.I product covers
- Draw up the differences between Sum Insured and Limit of Liability in policy schedules
- Highlight the importance of investigation to establish “cause” when there is a loss
- Learn about technical clauses such as ‘retrospective cover’ that is provided in the P.I insurance