insurance presentation to small contractor

9
INSURANCE FOR CONTRACT OF WORKS The Least You Should Know

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Post on 14-Jan-2015

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DESCRIPTION

This presentation was prepared for a group of small contractors who typically handle urgent works to main power distribution system in Malaysia. Getting adequate Construction / Erection All Risk Policy cover are often difficult because of short notice to start work and short completion duration of a few days. The presentation propose a 'premium deposit' payment to Insurer while emphasizing the need of Contractor to understand how insurance works and their obligations to work with Insurer.

TRANSCRIPT

Page 1: Insurance Presentation to Small Contractor

INSURANCE FOR CONTRACT OF WORKSThe Least You Should Know

Page 2: Insurance Presentation to Small Contractor

Why Insure Projects?

For same reason you insure your car

Page 3: Insurance Presentation to Small Contractor

How to Insure?

1. Why Owner control?

2. How to get cover?

3. What to do?

Page 4: Insurance Presentation to Small Contractor

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.

Page 5: Insurance Presentation to Small Contractor

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.

Page 6: Insurance Presentation to Small Contractor

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.

Page 7: Insurance Presentation to Small Contractor

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.

Page 8: Insurance Presentation to Small Contractor

Action

1. Work with insurance market.

2. Get cover and claim fast.

3. Convince insurance market.

Page 9: Insurance Presentation to Small Contractor

In Summary

1. Declare project risk

2. Pay premium.

3. Follow rules.

4. Risk transferred to Insurer.

5. Insurer to share cost of loss.