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GARGASH INSURANCE SERVICES LLC
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Certified as Chartered Insurance Broker
Seminar Seminar OnOn
Presented by,Presented by,
Gargash Insurance Services Gargash Insurance Services May 28May 28thth 2008 2008
Contractors All Risk InsuranceContractors All Risk Insurance
ForFor
Sri Lankan Quantity Surveyors Group - Sri Lankan Quantity Surveyors Group - UAEUAE
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Certified as Chartered Insurance Broker
WELCOME WELCOME TO ALL MEMBERSTO ALL MEMBERS
OF OF SLQS UAESLQS UAE
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Certified as Chartered Insurance Broker
a. What can Gargash do for you ?b. CAR Insurancec. Other Insurances
Agenda
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Certified as Chartered Insurance Broker
What can Gargash do for you ? Review the Risk Exposures including Contractual Conditions on Insurance Suggest suitable insurance program Preparing quotations Requesting and obtaining competitive terms from bespoke insurers Submit to you with recommendations Place policies Follow up and check documentation Provide guidance in preparation of claims documents and represent position with Loss Adjusters, Insurers etc.,in the unfortunate event of a claim.
AS YOUR BROKER ABOVE SERVICE COMES FREE OF COST TO YOU
Visit our website www.gargashinsurance.com for further information
Services
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Certified as Chartered Insurance Broker
WHY INSURE ???
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
TYPICAL PROJECT STAGES
Identification of Need Feasibility Study which narrows down
Size of Project Location Selection of Design/ Materials Cost Profitability Financing Etc.,
Tendering Award of Contract Construction Take over and maintenance
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Certified as Chartered Insurance Broker
THE CONTRACT
Legal Document Laying out Responsibilities Also includes Insurance Stipulation Standard Forms are generally used including Federation Internationale Des Ingenieurs Conseils (FIDIC) & Joints Contracts Tribunal (JCT)
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Certified as Chartered Insurance Broker
Contractual Conditions on Insurance
General Conditions of Contract (mainly FIDIC)4.1 Contractor responsible for acts of Sub-Contractor20.1 Care of Works – Contractors liable for loss or damage to works (excluding the Expected Risks) before Certificate of Completion is issued.20.4 Excepted Risks described i.e. Political Risks like War, Nuclear Explosion etc.21.1 Insurance of Works and Contractors Equipment22.1 Damage to Persons and Property23.1 Third Party Insurance – To be insured by Contractor24.1 Accident & injuries to Workers25.3 Remedies on Contractors failure to Insure49.1 }49.4 } Defects Liability50-1 }
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Certified as Chartered Insurance Broker
Insurance Involvement
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Certified as Chartered Insurance Broker
Typical Coverages on Projects
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Certified as Chartered Insurance Broker
Gap in cover
Overlap
Self Retention
Insured Risk
PrincipalConsultant
Contractor
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Certified as Chartered Insurance Broker
Contractors All Risk Insurance (CAR)
• Cover for civil engineering exposures• All Risk Cover generally including Third Party Liability• Project specific and Annual policies
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Certified as Chartered Insurance Broker
Project Specific CAR
• Policy arranged for insuring a specific contract/ project
Annual Policies
• A blanket policy which covers all projects falling within stated parameters during the period of 12 months.
Contractors All Risk Insurance (CAR)
Note : It may be possible to get “Run off” cover on projects which have already commenced during the 12 months but are continuing beyond the expiry of the policy.
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Certified as Chartered Insurance Broker
Who Can Be Covered
Principal/ Owner/ Employer/Client Main Contractor (s) Sub Contractor (s) Engineers/Consultants/Architects Banks Others having Insurable Interest
Insured Parties
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Certified as Chartered Insurance Broker
What Can be InsuredSection I Contract Works Plant & Machinery Principals & Surrounding Property
Section II
Third Party Liability- Accidental Injury /Death- Property Damage
Legal Costs & Expenses incurred
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Certified as Chartered Insurance Broker
CoverCover
All Risk Cover for sudden and unforeseen events including but not limited to,
Fire, Lightning, Explosion, Aircraft Flood, inundation, windstorm Earthquake, Subsidence, Landslide Collapse, Collision, Impact Theft, Burglary Consequence of bad workmanship, negligence Malicious Acts Accidental damage during construction
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Certified as Chartered Insurance Broker
Main Exclusions
General
Penalties for delay /guarantee of performance Wilful Act or Gross Negligence War, Terrorism, Nuclear Weapons etc., Consequential LossesSection I Faulty Design, Material, Workmanship Cessation of work Normal Wear & Tear, Corrosion, Gradual deterioration due to atmospheric conditions Shortages revealed at time of stock taking– Inventory Losses Damage to Works put into use or for which certificate of completion is issued.
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Certified as Chartered Insurance Broker
Main Exclusions (contd..)
Section II
Arising out of employment of a person by Insured (or under Workmen’s Compensation) Items insurable under Section I Vibration/ Withdrawal or weakening of support Liability of vehicles insurable under Motor Insurance
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Certified as Chartered Insurance Broker
COVER DURING MAINTENANCE PERIOD
Limited to loss or damage caused by the Insured in the course of operations carried out for the purpose of complying with obligations under the maintenance provisions of the contract.
LIMITED OR VISITS COVER
EXTENDED COVER In addition to the above, also includes loss or damage occurring
during the maintenance period but caused during the construction period or the construction site.
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
Some of the Extensions available under CAR
Cross liability Surrounding property including Principal’s property Professional fees Debris removal Expediting expenses Transit and Offsite Storage and Fabrication 72 Hours limitation for Act of God Perils Consequences of Faulty Design, materials, workmanship Cover for vibration and weakening of support Extended Maintenance Clause including Third Party Liability Strike Riots & Civil Commotion Underground Services
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Certified as Chartered Insurance Broker
Cross Liability
Generally various parties like Principal, Contractors & Sub Contractors, all covered under the same policy.
These parties cannot be considered as Third Parties to each other
Any claim against each other not covered
If a Cross Liability extension is endorsed on the policy each insured party is considered as separate entities and will be treated as if separate policy has been issued to each.
This extension excludes damage to property who can be covered under Section I
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Certified as Chartered Insurance Broker
Estimated Contract Value should take into accountEstimated Contract Value should take into account
Section I Materials Freight Customs Duty Cost of Construction Value of construction Use of Machine Labour Temporary Works Principal’s supplied materials Reasonable cost escalations
Sum Insured
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
Section II
This should be the maximum possible liability and should take into account apart from the contractual requirements. Proximity & value of neighboring properties Number of persons in vicinity Nature of site activities The minimum should be as per Contractual requirement. However, it MAY BE NOTED THAT INDEMNITY MAY BE MUCH HIGHER
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Certified as Chartered Insurance Broker
Assessment of Risk (and Premium) Based on
Type of project
Subsoil/ AOG Perils Exposures
Construction Techniques
Design Features
Period /Time schedule (Exposures Periods)
Value at Risk
Infrastructure
Past record of contractors
Parties insured
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Certified as Chartered Insurance Broker
Typical Assessment of Risk Exposure
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Certified as Chartered Insurance Broker
MORE REASONS ON WHY TO INSURE ….
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Motor Comprehensive Insurance
Professional Indemnity insurance
Group Life Insurance for members
Home Insurance
Travel Insurance
Certified as Chartered Insurance Broker
Policies to be discussed
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Cover features
Unlimited legal liability – 3rd Party Bodily Injury Third Party Property damage limit is AED 2,500,000 Geographic limits -UAE and Oman Family members and passengers are covered as a ‘third
party’. Insured and spouse personal injury cover up to AED
10,000 Agency repairs
automatically for the first 2 years of registration Up to 5 years subject to claims experience and
additional premium No excess payable for windscreen damage up to AED
2,000
Motor Comprehensive Insurance
Certified as Chartered Insurance Broker
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Cover features Hire Car (Maximum period of 7 days per accident.)
(additional premium of AED 150/- for 12 months). Personal Accident Benefit - limit Dhs.150,000/ per person.
Premium for Driver Dhs.120/-, Passengers Dhs. 30/- each Cover for Riot, Strike, Civil commotion, Flood, storm, typhoon, cyclone
or other convulsions of nature Third party liability cover for Insured whilst driving any other private motor car. Terms and conditions of the policy applies. Replacement of locks Emergency medical expenses up to AED 2,750 per person 13th Month is free if the vehicle is brand new ‘0’ kms.
Motor Comprehensive Insurance cont..
Certified as Chartered Insurance Broker
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Cover features
Personal belongings cover up to AED 2,000 24 hour accident / breakdown recovery ( @ AED 25 additional / mandatory cover) Motor trade and valet parking: whilst in the custody of
(1) A garage or similar business(2) A hotel, restaurant or similar business
New car replacement: Insurers will pay for a brand new replacement model if:
Your vehicle is written off/total loss in the first 6 months (only applies for brand new) Off road cover (4WD) : no cover whilst participating in a competitive event or race.
Motor Comprehensive Insurance cont..
Certified as Chartered Insurance Broker
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INSURED : An active/ valid member of SLQS
VEHICLES : Vehicles less than 7 years old from the date of first registration as new (other than excluded vehicles like sports, coupe, high performance vehicles
AGE : Insured/ Main driver above 25 years of age
LICENCE : At least one year valid U.A.E. license. If UAE license is new, three years driving
experience in Home country is acceptable. CLAIMS : Favourable claims record.
CRITERIA
Certified as Chartered Insurance Broker
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Professional Indemnity Insurance
Do you have to be in Jail for doing your duties?Cover: A Professional Indemnity Policy will provide indemnity against legal liability for negligent acts, errors, breach of duty or omission arising out of course of professional activities. Costs and expenses for legal proceedings incurred are also covered.
Type of Policies : Annual, Project basis
Individual Policy or Insurance for Company as a whole
Certified as Chartered Insurance Broker
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Group Life Insurance
BENEFITS COVERED:
•Death By Any Cause, •Permanent Total Disablement (Accident)•Permanent Partial Disability (Accident) •Passive War Cover
Sum Insured: To be agreed
Premium : as low as Dhs. 20* per month per AED 100,000
* Premium changes as per the age of the member
Why Leave your Loved ones in dark in your absence?
Certified as Chartered Insurance Broker
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What is covered? The Property Contents in your home Personal belongings
Plus additional benefits Tenants liability Legal liability Alternative accommodation New for old cover Unexpected events and natural calamities Cover while you're away Theft of keys Frozen food Contents in the open
Home Insurance
Household removals Optional coverage Domestic helpers Cover against loss of important documents Cover against loss of money and credit cards Accidental damage
Certified as Chartered Insurance Broker
Home away from Home. Have you taken care of it?
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Contents - Covers items within your home. Min premium – AED 250, Rate 0.4%
Personal Belongings – Covers items worldwide.
Min premium – AED 250, Rate 1.4%Buildings – Insured at replacement value to protect against natural
calamities and perils. Min Premium – AED 500, Rate 0.5% (except reclaimed
land 0.1%)Domestic Help – Cover against Death or Permanent Disablement, Accidental Medical, Repatriation.
Premium – AED 150* The above rate are indicative, can confirm only after reviewing the proposal
Premium Rating
Certified as Chartered Insurance Broker
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Travel Insurance
Cover : Personal Accident Cover Emergency Medical & Transportation Baggage & Money Personal Liability Cover Repatriation of Mortal remains
Premature return following death of Close relatives
Cancellation & Curtailment
Type of covers Individual Covers Annual
Certified as Chartered Insurance Broker
Travel with no worries…
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Special Services from Gargash Insurance Services
CLICK, PAY & GET IT DELIVERED
On Line Payment Facility through the web site of Gargash Insurance (no additional charges). No parking tensions, No traffic jams ! Free Delivery of policy documents Free claims assistance services Renewal reminders Kindly visit our website www.gargashinsurance.com for more information.
P.O. Box :33140, Sharjah. P.O. Box :33140, Sharjah. Mobile: 050-2960508 Mobile: 050-2960508
Ph : 06-5754848 Fax : 06-5754847Ph : 06-5754848 Fax : 06-5754847e-mail : e-mail : r . s u r e s h @ g a r g a s h i n s u r a n c e . c o mr . s u r e s h @ g a r g a s h i n s u r a n c e . c o m
Certified as Chartered Insurance Broker
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Some of the other classes of insurances handled by us are :-
COMMERCIAL LINES
• Fire/Allied Perils, Property Insurances• Electronic Equipment Insurance• Machinery Breakdown• Money Insurance• Contractor’s Plant and Machinery• Marine Transit• Business Interruption/ Consequential
Loss insurance • Fidelity Guarantee Insurance• General Third party Liability
insurance • Workmen’s Compensation /
Employer’s Liability Insurance• Product Liability• Group Life and Personal Accident
cover• Group Medical Insurances • Travel• Critical Illness• Keyman• Contractor’s/ Erection All Risks• Motor Fleet Insurance
SPECIAL INSURANCES
• Professional Indemnity Insurances
• Directors and Officers• Cancellation and Non-
Appearance Insurance• Surety Bonds• Terrorism Insurance• Medical Malpractices
PERSONAL LINES
• Life and Personal Accident Insurance
• Medical Insurance• Critical Illness • Pleasure Craft Insurance• Golfers cover
Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
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Certified as Chartered Insurance Broker
Thank you