Appreciating the practical aspects of this essential project contract requirement – often ignored during site work implementation.
Insurance is a key requirement specified in project contract documents, including those based on FIDIC or local Conditions of Contract.
These clauses outline the necessity for various insurance policies to cover the project, equipment, and third-party claims, ensuring indemnity to protect the Employer or client.
Project implementation involves various risks, some of which can be identified and managed.
Insurance serves as a risk transfer mechanism, while risk management strategies help reduce exposure to potential hazards such as floods, fires, explosions, landslides, and even design flaws or material defects.
This Dissecting the Construction Insurance Coverage training course will cover fundamental insurance principles and explore their application in project settings. The training course leader will provide valuable insights from decades of industry experience and present regional case studies to enhance participants' understanding of this crucial contractual element.
