Risk Control and Claims Handling on Advanced Loss of Profits Insurance (ALOP) (WGP63 (2009))
|
|
- Abel Stokes
- 6 years ago
- Views:
Transcription
1 Risk Control and Claims Handling on Advanced Loss of Profits Insurance (ALOP) (WGP63 (2009)) IMIA Conference Istanbul 2009
2 Project Group Neil Clutterbuck, Allianz Engineering (Chairman) Eric Brault, AXA Corporate Solutions Nigel Chapman, Clyde & Co Brian Fearnhead, Allianz Engineering Silvio Fischer, Partner Re Winrich Krupp, Munich Re Stefan Meyer, XL Insurance Peter O Neill, Charles Taylor Adjusting Ugo Pino, Datta Vittoria Pino Oliver Stein, Gen Re
3 Agenda Introduction Market Results Financial & Economical Factors Considerations Basic Requirements Coverage of Claims Issues Additional Consideration Example Claims
4 Introduction The essential objective of ALOP / DSU cover is to insure the risk of the loss of opportunity to earn revenue following an indemnifiable incident as insured by the underlying construction and projects material damage insurances ALOP = Advanced Loss of Profit DSU = Delay in Start Up
5 Market Analysis 1) Demand: - Demand for ALOP covers has increased significantly over the last 10 years from 539 to 1176 risks { Power generation plant from 11% to 27% on total - Major Sectors Building Construction Risks Industrial Process Plants 2) Frequency: - 6.5% of all ALOP risks suffered a loss - Industrial process plants, power plants and civil engineering risks contributed significantly - Building construction risks show lower frequency 3) Average Claims cost: - Average claims cost varies significantly by industry sector: - Building construction risk = 9.4m - Industrial process plants = 8.0m - Power Plants = 6.3m - Food Industry = 2.6m
6 Financial Analysis Risks per Industry class Percentage of claims per Industry Key Findings: Claims volumes broadly mirror risks volumes, with the exception of the Building Construction sector where frequency appears much lower
7 Summary Table For the period to Currency values = Euros Industry Group Building Construction Industrial Process Plants No of Risks ALOP Sum Insured Claims Frequency Loss Amount 100% Ground Up Average cost of claims ,618,373, % 46,999,124 9,399, ,543,714, % 151,857,674 7,992,509 Civil Engineering 119 9,633,554, % 53,799,694 3,842,835 Food Industry ,199, % 5,228,179 2,614,089 Wood Industry , % 22,376,681 4,475,336 Metal Industry 55 4,260,441, % 2,573,549 2,573,549 Mining 51 3,334,363, % 11,593,320 5,796,660 Other 48 2,314,149, % 6,010, ,527 Paper Industry 62 2,310,888, % 10,250,734 5,125,367 Power Plants ,145,197, % 156,289,837 6,251,593 Totals: 1,176 90,674,596, % 466,979,330 6,064,666 Implications: Wood Industry has the highest claims frequency and Building Construction the highest average cost of claims.
8 Financial and Economic Factors 1) Privately sourced funding has been a significant driver behind: - PFI (Private Finance Initiatives) - DBFO (Design, Build, Finance, Operate) - PPP (Private Public Partnerships) - Speculative Developments funded by Banks 2) The Global recession has a significant impact on demand & supply of funding - Economy at a virtual halt with growth as its worst rate in 60 years - Standstill in lending and freezing of credit markets - Collapse of stock markets - Volatility in Global exchange rates and commodity prices - Collapse in private & commercial property values 3) The shift in economic (and political) power from West to East e.g. China and India, over the last decade is expected to be long term 4) Development of emerging countries infrastructure and materialism has caused volatility both in raw materials and energy costs
9 Financial and Economic Factors 5) Major Global economies have kick-started the economy out of recession by injecting reserves or borrowed money to fund major infrastructure projects 6) Current funding measures will undoubtedly regenerate the construction insurance market including ALOP risks 7) In this climate insurers need to be aware of: - Risk transfer from lenders to insurers - Banks as joint insureds - Loss payee clauses - Multiple insureds (employer, contractor, lenders etc) - Impact on risk due to economic volatility - Financial peaks and troughs on world commodity demands and prices - Interest rates and currency fluctuations on world trading - Moral Hazards / recessionary related claims
10 Considerations: Basic Requirements Project Management Early underwriter, surveyor & adjuster involvement Transparency Access to planning software & understanding of project s critical path Regular monitoring of progress & analysis of delays from indemnifiable & non indemnifiable causes Loss Notification Importance of swift notification of any loss / delay In the event of a loss, it is critical that: adjuster is on site to agree & monitor actions to be taken & their progress look for ways to reduce delays / loss e.g. repair vs replace additional shift working air freight temporary repairs consider use of economic I.C.O.W clauses
11 Considerations: Different Cover Types 1) No two risks are ever the same 2) Understanding the business plan 3) Understanding the financial model on which the project and its financial returns are anticipated 4) Determine the type of cover and the selection of an appropriate sum insured e.g. - Advanced loss of gross profit - Advanced loss of revenue or rent - Advanced loss of Bank interest and loan repayment schedules 5) Consider the effects of policy extensions, e.g. - Denial of access - Specific operations and the use of specialised construction plant - Suppliers extensions 6) Agree to an indemnity period, sum insured and the time exclusion which is: - Adequate for the risk - Reflects the exposure and ultimately the EML 7) Consider effects of policy extensions and their impact - Removal of debris - Developing plans for remedial work - Re-design/re-work and alterations to specifications - Availability of components and materials - Lead in times and delivery of replacement parts
12 Example Claims Large Refinery EAR / ALOP claim following damage to pipe rack and collapse of adjacent water tank ALOP issues: - Closing delay period as much as possible - Conflicting interests of insured / contractor - Incentivisation considered Waste Treatment plant EAR / ALOP claim following damage during testing of injection pipes in a biogas fermenter ALOP issues: - Damage to pipes during testing requiring replacement (c. Euro 5m). - Injection pipes were defective in design. - Damage only to the faulty part itself. - Full design cover (D.E.5) also triggered an ALOP loss. - Difficulties determining indemnity period for repair vs non-indemnifiable redesign time.
13 Summary 1) Access to information paramount 2) Crucial for close working relationship between all parties 3) Understand underlying Material Damage covers & clauses applicable 4) Understand both the business & financial model and ancillary related contracts 5) Marrying up the covers to the contract to reflect the sum insured, indemnity periods and time exclusions
IMIA Engineering Underwriting Training Course
11 15 March 2013 in Berlin Course Time Schedule Stand 09/12 Course Programme Details Session 1 - Monday 14.00-15.30h - Introduction to Engineering Insurance Utz Groetschel Introduction of participants
More informationThe Navigators Group, Inc.
The Navigators Group, Inc. Willis 2012 Latin American Energy Conference The Underwriting of Construction Project Risks in the Latin American Energy/Power Generation Sector Stephen Coward President Navigators
More informationThe Navigators Group, Inc.
The Navigators Group, Inc. The Opportunity and Challenges of Underwriting Construction Risks in the Energy and Infrastructure Sectors 2 nd Seminar of Lloyd s in Brazil Stephen Coward President Navigators
More informationMITIGATION OF HYDRO PROJECT DEVELOPMENT RISK - INSURANCE NEED
MITIGATION OF HYDRO PROJECT DEVELOPMENT RISK - INSURANCE NEED Alok Choubey, GM- Hydro Projects ABSTRACT Development of Infrastructure projects including Hydro Power Projects are becoming riskier due to
More informationbetween the financial and insurance viewpoint DSU WORKING PARTY CONCLUSIONS IMIA Conference 2013 New Delhi
between the financial and insurance viewpoint DSU WORKING PARTY CONCLUSIONS IMIA Conference 2013 New Delhi AGENDA o Background o Working aims and activities o What was achieved? o Next chapter o Question
More informationDelay In Start-Up Insurance. A Primer Based on Lessons Learned Houston Marine Insurance Seminar September 21, 2015
Delay In Start-Up Insurance A Primer Based on Lessons Learned Houston Marine Insurance Seminar September 21, 2015 What is DSU? DSU on the Rise Number of policies involving DSU cover DOUBLED over the last
More informationMINUTES OF MEETING - 41st ANNUAL IMIA CONFERENCE Gleneagles, UK - 13 th to 17 th SEPTEMBER 2008
MINUTES OF MEETING - 41st ANNUAL IMIA CONFERENCE Gleneagles, UK - 13 th to 17 th SEPTEMBER 2008 Anti-Trust Statement At the opening of the meeting Detmar Heidenhain referred to the IMIA anti-trust rules
More informationIMIA Working Group Paper WG 92 (15) IMIA Conference Merida, Mexico Sep Engineering Insurance: Best Practice - Claims Protocol
IMIA Working Group Paper WG 92 (15) IMIA Conference Merida, Mexico Sep. 2015 Engineering Insurance: Best Practice - Claims Protocol IMIA Conference, Mexico, 2015 Prepared by: Christian Müller, XL Catlin
More informationAdvance Loss of Profits Insurance A knowledge share initiative of Salasar Services (Insurance Brokers) Pvt. Ltd.
Advance Loss of Profits Insurance A knowledge share initiative of Salasar Services (Insurance Brokers) Pvt. Ltd. INTRODUCTION Principals and contractors alike are confronted with escalating financial risk
More informationBraemar Adjusting DAMAGE TO EXISTING PROPERTY UNDER WELCAR 2001 SOME ISSUES. Tim Taylor, Clyde & Co LLP 14 November 2013
Braemar Adjusting DAMAGE TO EXISTING PROPERTY UNDER WELCAR 2001 SOME ISSUES Tim Taylor, Clyde & Co LLP 14 November 2013 WELCAR 2001 Scope of WELCAR Sections I and II Practical problems with Existing Property
More informationChubb Technical lines
Chubb Technical lines Companies today are looking for an insurer who can cater for their whole range of technical or engineering insurance requirements. These broad and varied needs include everything
More informationThe International Association of Engineering Insurers
The International Association of Engineering Insurers About us Photo: IMIA 2014 Photo Competition Road bridge near Jerusalem by Alon Eisenberg, Engineers, Surveyors & Loss Adjusters IMIA is a network of
More informationTokyo, October 1st to 3rd
Presentation of IMIA at the 2007 Conference Tokyo, October 1st to 3rd History / general remarks Aim and role of IMIA Memberships / organisation Annual conference Statistics IMIA website 1 History / general
More informationConstruction E & O Application
1550 Bedford Highway, Suite 815 Bedford, NS B4A 1E6 t: 1-877-343-8224 f: 1-877-432-9822 e: accounts@agileuw.ca agileuw.ca Construction E & O Application Whoever fills out the form must be a principal,
More informationPaul May LLB, MBA, FCII, FCILA, ADipC, DipAIS, ELAE, MAE, MCIArb FIFAA. Chairman Concordia Consultancy Ltd
Scope of B.I. Coverage 19 th April 2006 Scope of B.I. Coverage Paul May LLB, MBA, FCII, FCILA, ADipC, DipAIS, ELAE, MAE, MCIArb FIFAA Chairman Concordia Consultancy Ltd www.concordiaconsultancy.com Scope
More informationStriving for Excellence in Engineering Insurance
Striving for Excellence in Engineering Insurance Why should you be interested in IMIA? What does IMIA offer to the Engineering Insurance Markets? How does the community of Eng. Ins.- UW s & Experts in
More informationTopics of IMIA Working Group Papers
Topics of IMIA Working Group Papers 1984-2018 2018 Singapore (WGP 106 111) Construction in Mountainous Areas Offshore Oil & Gas Platforms Construction and Operation of Scientific Instruments Electric Failuresnot
More informationBUSINESS YEAR 2017/18 2 nd QUARTER, 1 st HALF
BUSINESS YEAR 2017/18 2 nd QUARTER, 1 st HALF Investor Relations November 2017 www.voestalpine.com OVERVIEW BUSINESS MODEL» voestalpine is a leading technology and capital goods group with combined material
More informationJC PAYNE SPECIALIST SERVICES LIMITED TERMS AND CONDITIONS FOR SERVICE
JC PAYNE SPECIALIST SERVICES LIMITED TERMS AND CONDITIONS FOR SERVICE (1) DEFINITIONS In this Agreement the following expressions have the following meanings: Agreement means these terms and conditions
More informationThe International Association of Engineering Insurers TM. Engineering Insurance Statistics
IMIA The International Association of Engineering Insurers TM Engineering Insurance Statistics 23-25 Presented by Allianz Global Corporate & Specialty in September 26 at the IMIA Conference in Boston Development
More informationA&E. Inter-Pacific Insurance Brokers, Inc. APPLICATION FORM INSURANCE FOR ARCHITECTS & ENGINEERS
A&E INSURANCE FOR ARCHITECTS & ENGINEERS APPLICATION FORM INTRODUCTION The purpose of this application form is for us to find out who you are and to obtain information relevant to the cover provided by
More informationCOVER FOR THE DAIRY FARMER
COVER FOR THE DAIRY FARMER WE OFFER THE FOLLOWING COVER ON THE SANTAM AGRICULTURE POLICY FIRE Damage or loss due to a power surge added to the sections Fire, Building Combined and Office Contents is limited
More informationSouth China Insurance Erection All Risks Policy (B)
South China Insurance Erection All Risks Policy (B) 102.08.20 (102) 華產企字第 247 號函備查 Whereas the Insured named in the Schedule hereto has made to the South China Insurance Co., Ltd (hereinafter called the
More informationCONTRACTORS SUPPLEMENTAL APPLICATION
Note: This application must be completed in addition to the ACORD Applicant Information Section and the Commercial General Liability Application. The signature of an owner, partner or officer is required
More informationCL-3: Catastrophe Modeling for Commercial Lines
CL-3: Catastrophe Modeling for Commercial Lines David Lalonde, FCAS, FCIA, MAAA Casualty Actuarial Society, Ratemaking and Product Management Seminar March 12-13, 2013 Huntington Beach, CA 2013 AIR WORLDWIDE
More informationInvitation to Bid. Attached you will find a Bid Form. If you have any questions, feel free to call or me directly.
Invitation to Bid To whom this may concern: Galway Co op/propane4less.com is a cooperative originally formed with 14 members in Galway, New York in May of 2006. Today we have over 1,900 members and cover
More informationAppendix B COMPARISON OF BUILDERS RISK INSURANCE REQUIREMENTS
Appendix B Comparison of Builders Risk Insurance Requirements Appendix B COMPARISON OF BUILDERS RISK INSURANCE REQUIREMENTS Builders Risk Contract Requirements AIA A201 (2007) Section 11.3 ConsensusDOCS
More informationBuilder s Risk. Introduction and Coverages. March 9, 2018
Builder s Risk Introduction and Coverages March 9, 2018 Why Builder s Risk? Purpose: First Party Coverage to protect Insureds against damage & resulting loss to work in Course of Construction, before delivered
More informationDelay in Start Up Insurance Understanding & Controlling Risk
Delay in Start Up Insurance Understanding & Controlling Risk Marine & Energy Insurance Conference Houston Monday September 17, 2018 Main Principles of DSU DSU is purchased by the Project Owner not the
More informationBusiness Interruption Coverage and Extra Expenses
Business Interruption Coverage and Extra Expenses Wanda Grau Auxiliary Vice President of Sales Cooperativa de Seguros Múltiples de Puerto Rico Ojel Rodriguez Advisory Partner Kevane Grant Thornton LLP
More informationEngineering Insurance Premium and Loss Statistics
The International Association of Engineering Insurers TM Engineering Insurance Premium and Loss Statistics 29-211 Presented by Allianz Global Corporate & Specialty 22 26 September 212 Rio de Janeiro, Brazil
More informationPorch Inspection Guarantee
Porch Inspection Guarantee The Porch Inspection Guarantee provides confidence when hiring the right home inspector for your next home purchase. How does it work? If an eligible inspector performs a full
More informationAXA Africa Specialty Risks
AXA AFRICA SPECIALTY RISKS Political Risk and Trade Credit Growing a business in an emerging market can come with a wide range of issues. That s why offers tailor-made coverage that s designed to help
More informationADVANce loss of profit insurance Extension
ADVANce loss of profit insurance Extension Advance Loss of Profit Insurance Extension 3 Additional Definitions to Advance loss of profit insurance THIS SECTION APPLIES ONLY WHERE SHOWN AS OPERATIVE IN
More informationEconomic Indicators PENARIS
PENARIS : Table Contents Auto Sales...1 Balance of Payments...1 Balance of Trade (Merchandise Trade Balance)...1 Beige Book Fed Survey...1 Business Inventories and Sales...2 Capital Account...2 Durable
More informationMAINTENANCE SERVICE ANNEX CONTRACT
MAINTENANCE SERVICE ANNEX CONTRACT between Customer_name Address_1 Address_2 Address_3 Address_4 Address_5 and SB Electronic Systems Limited Arden Grove Harpenden Herts AL5 4SL ActDate This Maintenance
More informationConstruction Insurance
Construction Insurance Product overview All construction, erection and installation work contain an element of risk, whether created by the nature of the work to be carried out, by the contractual liability
More informationThe Green Law Group, LLP Construction and Business Attorneys 1777 E. Los Angeles Ave. Simi Valley, CA 93065
Understanding OCIP and CCIP Wrap Policies Owner-controlled insurance programs ( OCIP s ) and contractor-controlled insurance programs ( CCIP s ) are being used with increasing frequency and on smaller
More informationTo be read in conjunction with all other pages Date: (Initials)
TERMS AND CONDITIONS 1. GENERAL (a) All quotations, offers, sales and contracts are subject to the following Terms and Conditions. These Terms and Conditions form part of and should be read in conjunction
More informationA&E. Application Form INSURANCE FOR ARCHITECTS & ENGINEERS
A&E INSURANCE FOR ARCHITECTS & ENGINEERS Application Form This is an application for an errors and omissions package policy designed specifically for architects and engineers. As well as errors and omissions
More informationALOP Advance Loss of Profits. SwissRe ALOP
ALOP Advance Loss of Profits Z1 Object of Insurance The object of ALOP Insurance is to indemnify the principal or owner of a project for the actual loss sustained due to a delay in completion of the insured
More informationAVGN 2 VALUATIONS FOR INSURANCE PURPOSES
9.2 AUSTRALIAN VALUATION GUIDANCE NOTE 2 AVGN 2 VALUATIONS FOR INSURANCE PURPOSES This Guidance Note should be used in conjunction with IVS 1 & IVS 3 in particular. 1.0 Introduction 1.1 Purpose The purpose
More information+ Notification under Professional Indemnity Policies: How much knowledge is enough?
Notification under Professional Indemnity Policies: How much knowledge is enough? Notification under Professional Indemnity Policies The High Court s decision in Euro Pools plc (in administration) v Royal
More informationContracts Management and Administration (Based on FIDIC Standard)
Contracts Management and Administration (Based on FIDIC Standard) PMI, PMP, PMBOK and the PMI Registered Education Provider logo are registered marks of the Project Management Institute, Inc. INSURANCE
More informationLOSS OF OR DAMAGE TO EQUIPMENT FOR A SUM OR VALUE SUFFICIENT TO PROVIDE FOR THEIR REPLACEMENT AT THE SITE.
Risks and Insurances THE PROVIDES THESE INSURANCES FROM THE INSURANCE TABLE THE AMOUNT OF COVER FOR INSURANCE IN RESPECT OF LOSS OF OR DAMAGE TO PROPERTY (EXCEPT THE WORKS, PLANT AND MATERIALS AND EQUIPMENT)
More informationThe vendor will provide at least one day of training at each location.
SPECIFICATIONS The bid must include the price on a flat cost-per-copy basis. The cost to the school/district will be determined by multiplying the number of copies made by the quoted cost per copy. Copy
More informationCommercial & Political Risks Policy
1. INTRODUCTION AND GENERAL CONDITIONS (1.1) Contract of Insurance We, CIFS Limited ("CIFS"), agree on behalf of the Insurers listed on the Schedule to insure You (the Insured as named in the Schedule)
More informationInterior Renovation Insurance
Put your mind at ease Interior Renovation Insurance While you are planning for the details of the renovation work for your home, office or shop, you may not have time to arrange insurance cover to protect
More informationInsurance for the construction industry an overview of core products, coverage and claims
Insurance for the construction industry an overview of core products, coverage and claims ZF Summit Construction 29 May 2014 James Grindley, CEO CertAsig Who is CertAsig? CertAsig is a niche, non-life
More informationPERMIT TO ENTER YOU ARE REQUIRED TO COMPLY WITH THE ENDORSEMENTS AND DETAILS SHOWN ON THIS PERMIT
PERMIT TO ENTER PERMIT NO: YOU ARE REQUIRED TO COMPLY WITH THE ENDORSEMENTS AND DETAILS SHOWN ON THIS PERMIT KIWIRAIL OFFICE DETAILS OFFICE: Area Office, KiwiRail Network, CONTACT: PHONE NO: Mob Fax PROTECTION
More informationRICS preferred UK PI Broker
RICS preferred UK PI Broker PROFESSIONAL INDEMNITY INSURANCE FOR START-UP SURVEYING FIRMS PROPOSAL FORM Guidance Notes 1. Please provide CVs for all the Partner(s) / Director(s) / Principal(s) of the Firm.
More informationJC PAYNE SPECIALIST SERVICES LIMITED TERMS AND CONDITIONS FOR REPAIR AND MAINTENANCE
JC PAYNE SPECIALIST SERVICES LIMITED TERMS AND CONDITIONS FOR REPAIR AND MAINTENANCE (1) DEFINITIONS In this Agreement the following expressions have the following meanings: Body / Ancillary Equipment
More informationAGREEMENT AND CONDITIONS OF SUB-CONTRACT (DOMESTIC)
AGREEMENT AND CONDITIONS OF SUB-CONTRACT (DOMESTIC) FOR USE IN CONJUNCTION WITH THE FORMS OF MAIN CONTRACT FOR PUBLIC WORKS ISSUED BY THE OFFICE OF GOVERNMENT PROCUREMENT, DEPARTMENT OF PUBLIC EXPENDITURE
More information3. The offer is based on the drawings and other data provided by the buyer/client, unless explicitly agreed otherwise.
General terms and conditions of the private company Debets Schalke BV, with registered office in Monster, Filed with the Chamber of Commerce in The Hague under number 27176097 General Clause 1. 1. Unless
More information2010 INSURANCE MANUAL
2010 INSURANCE MANUAL All required insurance shall be in a form, amount, content and written by companies acceptable to the Georgia Department of Community Affairs (DCA). For identification purposes, all
More information(b) goods or assets situated in Uganda;
Page 2 No person, other than a person licensed as an insurer under this Act, shall issue any insurance policy on (a) persons who at the time of effecting a contract are residents of Uganda; (b) goods or
More informationGlobal Recession: How Long? How Deep?
Global Recession: How Long? How Deep? M. Ayhan Kose Research Department International Monetary Fund Presentation at the Tusiad-Koc University ERF conference on Global Economic Crisis and the Turkish Economy"
More informationEIMSKIP GENERAL TERMS AND CONDITIONS FOR PURCHASE OF GOODS AND/OR SERVICES
EIMSKIP GENERAL TERMS AND CONDITIONS FOR PURCHASE OF GOODS AND/OR SERVICES 1. Definitions Parties means the Company and the Supplier collectively, as parties to a contract on the purchase and procurement
More informationUnderwriting Guidelines Corporate Finance
Underwriting Guidelines Corporate Finance Introduction The IFMR Capital Underwriting Guidelines for Corporate Finance lay down the framework for evaluating companies that do not operate in the financial
More informationIncomplete submissions will be declined
ENVIRONMENTAL CONTRACTORS & CONSULTANTS Veracity Insurance Solutions, LLC 260 South 2500 West, Suite 303 Pleasant Grove UT 84062 info@veracityins.com T: 866.395.1308 F: 801.763.1374 APPLICATION REQUIREMENTS
More informationRESIDENTIAL & COMMERCIAL DEVELOPER SERVICES
RESIDENTIAL & COMMERCIAL DEVELOPER SERVICES WHO IS PREMIER GUARANTEE? Premier Guarantee is one of the UK's leading providers of Structural Warranty and Defects Insurance Services and since 1997 have been
More information2. Have you ever traded under a different name? YES NO If YES, please advise details:
CONTRACTORS ALL RISKS PROPOSAL FORM Please answer all questions, completing the form in ink using block capitals. The completion and signature of this Proposal does not bind the Proposer or Insurers to
More informationIMIA Conference. Working Group Paper 94 (15) Stadiums
IMIA Conference Working Group Paper 94 (15) Stadiums Mexico - September 2015 Working Group Contributors Working Group Members Jeremy Terndrup, Willis Eric Brault, AA Corporate Solutions Rony Daniel, Doha
More informationConsequential Loss (Machinery) Insurance A knowledge share initiative of Salasar Services (Insurance Brokers) Pvt. Ltd.
Consequential Loss (Machinery) Insurance A knowledge share initiative of Salasar Services (Insurance Brokers) Pvt. Ltd. INTRODUCTION MLOP insurance indemnifies the actual loss of gross profit sustained
More informationFAR and DFARS Clauses Purchase Order or Subcontract (Non- Commercial Supplies and Services)
The FAR and DFARS clauses cited below are incorporated herein by reference. The listed FAR and DFARS clauses are incorporated herein as if set forth in full text unless made inapplicable by its corresponding
More informationPurchase Order general terms and conditions for the supply of goods and services
Purchase Order general terms and conditions for the supply of goods and services 1. General All additions and alterations to these general terms and conditions (General Conditions) shall be in writing
More informationProfessional Indemnity for Design and Construct Proposal Form
Professional Indemnity for Design and Construct Proposal Form 4829 05/06 If the answer to any question requires additional information, please ensure that this information is attached to the form. No quotation
More informationJCT Non Negligent Liability - Specific Contract Insurance Proposal Form
JCT n Negligent Liability - Specific Contract Insurance Proposal Form Please Complete In Capital Letters Using Black Ink And Tick Boxes As Appropriate. Where requested, please enter further details in
More informationTHIS CONSTRUCTION CONTRACT ( Contract ) dated as of ( Owner ) and ( Contractor ) having a principal place of business at.
Homeowner Contractor HomeStyle Renovation Contract Loan Number: Date: Borrower Name(s): Phone #: Phone #: THIS CONSTRUCTION CONTRACT ( Contract ) dated as of by and between ( Owner ) and ( Contractor )
More informationDichotomizing CGL Coverage for Construction Defects
Dichotomizing CGL Coverage for Construction Defects AGC of America - Surety Bonding and Risk Management January 31, 2018 Patrick J. Wielinski 2 Dichotomies Topics for Today Learning to: Recognize basic
More informationHDFC ERGO General Insurance
TITLE INSURANCE PROSPECTUS Title Insurance by HDFC ERGO is designed as a form of indemnity insurance that protects property owner and their lenders against losses related to the property s title or ownership.
More informationUNITED STATES AND CANADA TERMS AND CONDITIONS OF SALE NOVEMBER 2006
UNITED STATES AND CANADA TERMS AND CONDITIONS OF SALE NOVEMBER 2006 1 Definitions Invoice means the invoice issued by the Supplier which described the Products purchased by the Purchaser and which includes,
More informationPrinciples of property. and pecuniary insurance
THE CHARTERED INSURANCE INSTITUTE Principles of property and pecuniary insurance a knowledge and understanding of the principles and practices of commercial property, pecuniary, construction and engineering
More informationMANAGING RISK CONSTRUCTION INSURANCE
IMIA WGP3(99)E MANAGING RISK CONSTRUCTION INSURANCE Report Objektive Prologue Introduction Definition of risk management Definition of risk Risk Management Resources Risk Identification, Appraisal and
More informationStandard Trading Terms and Conditions
Standard Trading Terms and Conditions 1. Interpretation 1.1. In these Terms and Conditions: 1.1.1. Agreement means the definition in clause 2.2 below. 1.1.2. Aqua-Tech means Baronial Pty Ltd (ACN 146 402
More informationENVIRONMENT IMPAIRMENT LIABILITY: Insuring the Risks of Property Transfers GREG COLLINS. President & CEO, Parker, Smith & Feek Updated: 05/08
ENVIRONMENT IMPAIRMENT LIABILITY: Insuring the Risks of Property Transfers - 0 - GREG COLLINS President & CEO, Parker, Smith & Feek Updated: 05/08 Overview The decade of the 1970 s arrived with a burgeoning
More informationIowa Small Business Loan Support Program Application
ISBLSP Eligibility Requirements: The Borrower represents that: (a) The Borrower is an entity with 500 or less employees; the loan proceeds must be used for a business purpose. A business purpose includes,
More informationSubcontract Agreement
Subcontract Agreement SA - 2009 Project: Trade: Subcontractor: SA - 2009 Number: FOREWORD A good working relationship between the Contractor and Subcontractor is critical to ensuring construction projects
More informationgrowth but still remains at approximately 1.5% of potential GDP.
THE UK ECONOMY IN FOCUS/APPLICATIONS Reminder of key objectives: Low and positive inflation (inflation rate target of 2%/- 1%) Sustainable growth of real GDP (no target) falling unemployment (no target)
More informationFire Sprinkler Contractor General Liability Application
Scottsdale Insurance Company Home Office: One Nationwide Plaza Columbus, Ohio 43215 Adm. Office: 8877 North Gainey Center Drive Scottsdale, Arizona 85258 Scottsdale Indemnity Company Home Office: One Nationwide
More informationTENANT/LESSEE INSURANCE GUIDE THE PORTMAN ESTATE MARCH 2018
TENANT/LESSEE INSURANCE GUIDE THE PORTMAN ESTATE MARCH 2018 Overview of Insurance Introduction This summary provides an overview of the buildings insurance placed by Marsh on behalf of The Portman Estate
More informationEnerSys Energy Products Inc.
EnerSys Energy Products Inc. U.S. Government Contract Provisions and Clauses from the Federal Acquisition Regulation ( FAR ) the Department of Defense Federal Acquisition Regulation Supplement ( DFARS
More informationCase Study Session 1 Revenue recognition, Functional currency and Financial instruments
Revenue recognition Case Study 1 An entity sells goods on extended credit. The goods are sold for C1,200, on 1 January 20X1, receivable on 1 January 20X3. The customer can borrow at 4.5% a year. Question:
More informationCatastrophe Risk Engineering Solutions
Catastrophe Risk Engineering Solutions Catastrophes, whether natural or man-made, can damage structures, disrupt process flows and supply chains, devastate a workforce, and financially cripple a company
More informationSupplier accreditation instructions
Supplier accreditation instructions Synergy s supplier accreditation process has been established to ensure that potential liability risks are managed, internal processes support best practice principles,
More informationCITY STATE ZIP CODE TELEPHONE #
CONTRACTORS AND CONSULTANTS APPLICATION PLEASE ANSWER ALL QUESTIONS IN FULL NOTICE: If a policy is issued, the limit of liability available to pay judgments for settlements shall be reduced by amounts
More informationA UNIQUE AND COMPREHENSIVE INSURANCE SCHEME FOR THE ELECTRICAL INDUSTRY
.. A UNIQUE AND COMPREHENSIVE INSURANCE SCHEME FOR THE ELECTRICAL INDUSTRY PROPOSAL FORM Camberford Law plc Innovative Insurance solutions Since 1958 Insurance Brokers Underwriting Agents Authorised and
More informationRENOVATION CONTRACT. Borrower Name(s): Phone #: Phone #:
RENOVATION CONTRACT Case Number: Date: Borrower Name(s): Phone #: Phone #: THIS RENOVATION CONTRACT ( Contract ) dated as of, by and between ( Owner ) and ( Contractor ). Owner and Contractor, in consideration
More informationPROPOSAL FORM. From. 8. Whether the sum insured for proposed location/s is Yes No above Rs. 100 crore?
Bajaj Allianz General Insurance Company Limited INDUSTRIAL ALL RISK INSURANCE PROPOSAL FORM ( The issue of this form is not to be taken as an admission of liability ) Acceptance of this proposal is subject
More informationPrimer for Managing Airport Construction Risk
Primer for Managing Airport Construction Risk ACI Conference Nashville January 15, 2016 Agenda Contract Issues Project Insurance Considerations Controlled Insurance Programs (CIPs) Project Specific GL/Excess
More informationSUPPLEMENTAL QUESTIONNAIRE Artisan Contractors
SUPPLEMENTAL QUESTIONNAIRE Artisan Contractors GENERAL INFORMATION Applicant Name: Mailing Address: Location Address (if different from above): Website Address: Date Business Started Has applicant changed
More informationTable 3: The Growth of Macro Economy in Asian Countries in 2005 and the estimation of 2006
INTERNATIONAL ECONOMY Asia remain to be the center of the world economic growth, particularly Southeast Asia and East Asia, which held 7.5% growth in 2005, compared to the economic growth in developed
More informationSAMPLE NET CONTRIBUTION CLAUSES
SAMPLE NET CONTRIBUTION CLAUSES Net contribution clauses have been included in consultants conditions of engagement and collateral warranties for some years. They are included in the standard terms of
More information3. Entry into force of the Contract Entry into force Commencement Date Non-occurrence of the Commencement Date...
FOREWORD 9 I NTRODUCTION 1. The turnkey contract considered in this model... 10 2. The drafting techniques used... 11 3. The entry into force of the contract... 11 4. Shipment of the equipment... 12 5.
More informationINSURANCE FOR ALLIED HEALTH & MEDICAL PROFESSIONALS
A&M INSURANCE FOR ALLIED HEALTH & MEDICAL PROFESSIONALS APPLICATION FORM INTRODUCTION The purpose of this application form is for us to find out who you are and to obtain information relevant to the cover
More informationPreliminary Investment Trends Report
Preliminary Investment Trends Report QUEBEC: Construction investment in Quebec picks up over the medium term driven by infrastructure, mining and pipeline projects. Following a decline in, residential
More informationTo ensure that this Policy continues to meet your needs you should review and update your cover periodically.
Summary of Cover iprism Tradesman & Contractor Policy This document provides a summary of the cover provided by the iprism Tradesman & Contractor policy. This summary is provided to you for information
More informationNavigating the Perfect Storm
Navigating the Perfect Storm Some Ideas on how Mongolia can manage this Presentation to 1/22/2009, by Arshad Sayed, Country Manager, World Bank Today s Presentation 1. Is this just a financial crisis 2.
More informationFLOWMASTER PLUMBING SOLUTIONS TERMS AND CONDITIONS DRAFT 2014
TERMS AND CONDITIONS OF TRADE 2014 The customer agrees that prior to accepting work from the contractor, the customer has read and agreed to the terms and conditions as set hereunder. For the purposes
More informationBusiness Owner s Policy Broadening Endorsements
Hanover Small Commercial Business Owner s Policy Broadening Endorsements Most businesses like yours need important insurance protection that is often limited or excluded from the standard Business Owner
More information