Insurance in Construction

1. Insurance in Construction Sudyumna Upadhyaya

2. Prevailing Contracts in Nepal • NCB- PPMO Contract • ICB- FIDIC Contract

3. Insurance Requirement • Works, Plants, Materials • Contractor’s Equipment, Machinery • Personnel • Contractor Personnel • Third Party Personnel • Employer’s Personnel • Property • Third Party’s Property Damage • Employer’s Property • Professional Indemnity Insurance ( New Provision ) • Professional Indemnity Insurance for Consulting Engineers

4. FIDIC Contracts

5. FIDIC Contracts

6. FIDIC Contracts

7. FIDIC Contracts

8. FIDIC Contracts

9. Important Issues in Construction Insurance • Maintenance period will be covered only in the case where the Policy is valid till the project handed over to the Principal • Act of God perils will not be covered during Maintenance period • The items put into the service will automatically cease to cover unless it is agreed by the insurer

10. Important Issues in Construction Insurance • Debris Removal clause covers only the debris pertaining to the items covered in the Policy • The work should be carried in the time Schedule as per contract • If there is chances of deviation on time schedule, it should be properly endorsed in the Policy