construction plant & equipment imia conference doha, qatar 2016 · 2019-10-28 · construction...
TRANSCRIPT
Construction Plant & EquipmentIMIA Conference Doha, Qatar 2016
By Tom WylieHead of ConstructionStarStone Insurance SE
October 2016
Contributors
2
Sponsor Mike Robertson – Liberty Specialty Markets
Chairman Tom Wylie – StarStone
Jeremy Terndrup – Willis Towers WatsonStefan Gumpp – AllianzMark Simmons – Advanta GlobalAbhijit Datar – HDFC ErgoMamoon Alyah – CEERISKJose Miguel Varela – Advanta GlobalStephen Morris - Hartford Steam BoilerJoseph Haddad – Precision S.A.LZain Hoosen – Zurich InsuranceJavier Rodriguez –Independent Insurance & Reinsurance Consultant Gomez –Insurance & Reinsurance Consultant
Contents
3
Introduction
Definition
Ownership Responsibility & Contractual Implications
Technology & Industrial Developments
Risk Assessment
Underwriting Considerations
Approach to Loss Settlement
Claims Examples
Definition
4
Construction Plant & Equipment - Equipment either mobile or stationarydesigned to perform operations related to construction and/or erection onprojects sites
Mobile EquipmentStatic/stationary EquipmentTower CranesSpecialist EquipmentTemporary Works
Mobile versus Fixed
5
Mobile Static
Self Propelled Fixed Location
Precision Manoeuvrability Rotating Axial Axis
Lifting & Handling Lifting, Handling, Provision of Power, specialists
Mobile Cranes, Trucks, Fork Lifts and Excavators, Launching Gantries, TBMs
Compressors, Engines, Generators, Tower Cranes, Re Bar Bending etc.
Surface versus Underground Equipment
6
Surface Equipment Underground Equipment
For above ground projects of any type For Mines, Metros, Sewers and HEPPs
Much may also be used below ground Rotating Axial Axis
Lifting & Handling Specifically designed for underground use
Mobile Cranes, Trucks, Fork Lifts and Excavators, Launching Gantries, Compressors, Generators etc.
TBMs, Jumbo Drills SCL Spraying Rigs
Surface versus Underground Equipment
CP&E Versus Temporary Works
7
Construction Plant & Equipment Temporary Works
Usually owned or hired by the contract parties for use on the project
Project Specific
Reused on different projects Some is reusable, most is either incorporated into the works or demolished
Separate Item of Insurance/Separate Policy
Most insured within the project value although Site facilities are often a separate item
Ownership Responsibility & Contractual Implications
Contract Agreement
Owner User
Hire Fleet Owner
Hirer/User
With/without operatorOwner SuppliedHirer suppliedThird Party supplied
8
Ownership Responsibility & Contractual Implications - Insurance
Contract Agreement
Owner User
Hire Fleet Owner
Hirer/User
Indemnity to Other Parties
9
Technology & Industry Developments
Performance
Evolutionary
EfficiencySafetyAutomationRoboticsUVAs/Drones
10
Risk Assessment
ExposuresEquipmentPhysical EnvironmentNatural HazardsSocio Economic and PoliticalOperator Training & ExperienceUsageMaintenance
11
Underwriting considerations
Annually Renewable
Equipment
Valuation and Pricing
Natural Catastrophe
Third Party
Delay In Start Up
12
Approach To Loss Settlement
Valuation Age condition
Causation
Exclusions
13By courtesy of Zurich Insurance
Claims Examples
Costs Beyond Direct Damage to the Plant
Hired In Tower Crane
Contractor responsible for insurance
Structural Steel Frame of Building Collapses
Considerable Additional costs
Think Beyond Crane Damage only
14
Claims Examples
The Case of the Red and The Blue Tractors
Difference in Hire Terms
JV contractors - Different Procuring Terms
Red – Expressly Determined by Contract
Blue – No Contract