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Engineering Insurance

Start Date:
12 Nov 2017
Duration:
5 Days
Cost:
QAR 5000
Description:
This course forms part of the Advanced Insurance covering CAR, EAR and other different aspects of Engineering Insurance.

Objectives
On completion of the course, participants will be able to:
  • Describe the need and development of construction insurance
  • Explain the basis of cover and associated clauses together with main exceptions and conditions of construction/erection policies
  • Explain the basis of cover and associated clauses for plant and equipment, deterioration of stock, low voltage electronic equipment policies and demonstrate its main exceptions and conditions
  • Discuss the need for latent defects policy, its scope of cover and its main clauses
  • Apply risk assessment and underwriting considerations for engineering risks
  • Examine the various consequential loss exposures of engineering insurance
Target Audience:
Insurance employees, Brokers, Agents, Loss Adjusters, Employees who manage insurance in non-insurance companies

Course Structure
The course is conducted using a combination of lectures, discussions and practical workshop sessions.

Program Contents:
  • Contractors all risks, erection all risks, endorsements and warranties
  • Construction contracts wording
  • Machinery plants and equipment
  • Advanced loss of profit (delay in start-up)
  • Decennial insurance
  • Machinery breakdown and machinery all risks
  • Boilers explosion
  • Computer all risks
  • Deterioration of stocks
  • Underwriting and rating of engineering risks
  • Claims procedures
  • Engineering reinsurance

 Day Topics to be covered
Day 1  Introduction to engineering insurance
 • Origin of engineering insurance
 • Summary of main engineering insurance polices
  Contractors All Risks (CAR) and Erection All Risks (EAR) policies.
 • Cover in CAR and EAR
 o Material damage section
 o Third party liability
 • CAR and EAR exclusions
 o Material damage section exclusions
 o Third party liability exclusions
 o General exclusions
Day 2 
 • Major CAR and EAR extensions and clauses
 o Professional fees
 o Maintenance period extension
 o Expediting cost extension
 o Removal of debris extension
 o Faulty design extension
 o Contractors plants and equipment
 o Vibration, removal and weakening of support
 o Cross liability
 o Existing property
 o 50/50 clause
 o Temporary removal
 o Inland transit
 o Offsite storage
 o Reinstatement of sum insured
 o Hired plant cover
 o Escalation clause
Day 3 
 • Cover duration in CAR and EAR: Cover inception and expiry
 • Risk assessment and claim handling in CAR and EAR policies
 o Main underwriting factors under CAR and EAR
 o Rating and premium calculation
 o Claim handling: partial and total losses
  Decennial Insurance.
 • Potential insured, subject matter of insurance and sum
 • Cover and policy period of decennial insurance
 • Sources of inherent defects insurable under decennial insurance
 • Importance and need for decennial insurance policy
 • Main exclusions under decennial insurance policy
 • Possible extensions of decennial insurance policy
 • Major underwriting factors, rating and premium calculation
 • Claims handling in decennial insurance
Day 4 
   Machinery breakdown insurance
 • Nature of cover and risks insurable
 • Named insured under machinery breakdown insurance
 • Main exclusions under machinery breakdown insurance
 • Main underwriting factors for machinery breakdown insurance
 • Basis of indemnity and claims handling
 • The difference between machinery breakdown and CPE
 
  Boiler explosion insurance.
 • Definition of boilers
 • Risks covered under boilers explosion insurance
 • Major exclusions under boilers explosion insurance
 • Possible extensions of boilers explosion insurance
Day 5 
  Deterioration of stock insurance.
 • Potential Insured and subject matter of insurance
 • Scope of cover under deterioration of stock insurance
 • Main exclusions under deterioration of stock insurance
 • Important deterioration of stock insurance warranties
 • Basis of indemnity and claims handling
  Computer All Risk Insurance.
 • Electrical Equipment/ Computer All Risks insurance
 • Risks covered under Computer All Risks insurance
 • Major exclusions under Computer All Risks insurance 
 • Possible extensions of Computer All Risks insurance
 • Main underwriting factors, rating and claims handling
 

 
 

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