insurance presentation to small contractor

INSURANCE FOR CONTRACT OF WORKSThe Least You Should Know

Why Insure Projects?

For same reason you insure your car

How to Insure?

1. Why Owner control?

2. How to get cover?

3. What to do?

What to Insure?

1. Contractor’s work and material.

2. Material given by TNB.

3. Surrounding TNB property.

4. Liability to 3rd Party.

5. Injury, fatality.

1. Why Owner Control?

1. Comply with Condition of Contract

2. Sufficient cover for project risks.

3. Start and complete project on time.

4. Share ‘sudden, unforeseen’ cost.

5. Not ‘too risky’ to Insurer.

2. How to Get Cover?

1. Declare risks to Insurer.

2. Ask for ‘commercially’ available cover.

3. Pay premium cost to Insurer.

4. Follow policy terms & conditions.

5. Provide Insurer with claim evidence.

3. What To Do?

1. Declare early to Insurer.

2. How much to insure?

3. Cash Before Cover.

4. Take preventive measures.

5. Discuss with Loss Adjuster for claim.

Action

1. Work with insurance market.

2. Get cover and claim fast.

3. Convince insurance market.

In Summary

1. Declare project risk

2. Pay premium.

3. Follow rules.

4. Risk transferred to Insurer.

5. Insurer to share cost of loss.