alison_patey0437
Mapa Mental por , criado more than 1 year ago

T017 & T016 Mapa Mental sobre T017 Insurance, criado por alison_patey0437 em 04-05-2013.

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alison_patey0437
Criado por alison_patey0437 quase 12 anos atrás
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T017 InsuranceDEFINITIONrisk spreadingmechanismTWO MAIN TYPES OF INSURANCESLOSSLIABILITYConsequentialLossEmployersLiabilityPublicLiabilityProfessionalImdenityused if there is a risk that a party suffering lossof revenue/ profit of any nature if completionof a project is delayed by fire or other insurableperilContractors allriskphysical damage all risk policy on thematerials used in the construction workseffective during contract up to PC - can bext through an agreed maintenance periodcovers the legal liability of the employer for anyillness, injury or death suffered by theiremployeesAnnual basis - not for specific projects -but most EL insurance issued on'cautation' basis.'causation' basis = the policy is in force at thetime any event giving rise to a claim is causedthat will have to meet the claime.g. illness may take years tosurfacecovers indemnity for damages/compensation arising from accidentalinjury to 3rd parties (not employees)or accidental damage 2 propertyarising in connection with a projectinsurance from beginning to PC + maintenanceperiod'Occurrance' basis = the policy in force from thetime of the injury/ damage will respondused for award ofdamages/costs/settlement fornegligenefinancial cover for the legal liabilitiesthat the insured party owes the othersFinancial cover for losses that fall directly on the insuredpartySUBROGATIONLegal technique where the insurer steps into the shoes ofthe insured in order to take the benefit of any legal right orremedies that may have against 3rd party responsible forthe lossJOINT NAMESwhere the employer & contractor are insured under the samepolicyuse in lossinsurancesit stops the insurer having the right ofsubrogation against the other party if theycaused lossJCTInsurancesSchedule 6 and3requires insurances to coverclaimsDANGERS OF ADVISING ON INSURANCESThe case of Pozzolanic Lytag Ltd v Bryan Hobson Associates served to highlightthe dangers of a construction practitioner taking on responsibility for insurancematters, even inadvertentlyTo protect against theserisksinclude a specific exclusion with regard to advising on insurance in their terms ofappointmentnever advise on insurance without qualifying that advice to the extent that itshould be verified by an appropriately qualified and regulated specialistINSURANCES ARE STATED IN THE CONTRACT PARTICULARSTHREE OPTIONS FOR INSURING THE WORKS IN JCTOPTION AOPTION BOPTION Cinsurance of new works bycontractorinsurance of new work byemployerInsurance of works to an existing building by theemployerfor new worksthe contractor takes out theinsuranceit is in jointnamesit maintained untilPCthe MC will only receive the value paid out by the insurersfor reinstatement, if the cost is greater than that they bearthe lossfor new worksemp takes outpolicyit may be used by freq developers whomay have a lower premiumany reinstatement works r treated as a variation &the emp has 2 pay the actual value if that is morethan the insurance policy they bear the costfor works 2 extgstructuresjoint namesnew works have 2 b insured for all risk and specifiedperilsthe ext structure only has to be insured for specifiedperilsSpecified perils are defined in clause 6.8 in JCT and inc fire/ lighting/explosion/ flood/ storm/ earthquake/ riot & civil commotionPROCEDURE IF LOSS/DAMAGE OCCURScontractor notify CA sating nature/location & extent ofdamagevaluations of wrks take NO ACCOUNT of damage - as if nothing hashappenedonce insurers have made inspection the contractor shouldrepair/restore/replace anything damaged b4 proceeding withworksMC paid for reinstatement works through interimcertificatesunder option A the contractor must enable the insurers to payoutunder options B & C they received the value of carrying out the works valued as avariationTERRORISM COVERinsurance provided in joint names 4 physical loss/ damage towork executed, site materials, ext structures & contents causedby terrrorismJCT clause6.8PROCEDURE IF COVER IS NOT AVAILABLEimmediately inform the other party that cover hasceasedb4 expiry - emp has to notify the MC in writing that theyeither want the works 2 b carried out or terminate the MCcontract.if the contract is not terminate and works suffer loss/damage fromterroismthe MC shall repair/restore/replace damaged work and proceed with theworksreinstatement to be treated as avariation£ not 2 b reduced due to any act of negligence on the partof MCin the case of ext buildings, the work must b reinstated but anydamage to ext structures is not obliged 2 b reinstatedJOINT FIRE CODEset out standards & procedures 2 b followed 2 min the occurences of accidental/ maliciousfiresreduce the incidences of fire in construction related work. by designing out takingsimple precautions & adopting safe working practices it argues that the majority offire c b preventedJCT clauses 6.13 to6.16insurance company requires it and it can make a policycheaperApplies to Contract values over £2.5m bit insurance companies also want it 4 smallerprojectsLARGE PROJECT = over £20m or a smaller proj if req by insurers - they alwaysdecideif prj if LARGE its stated in contractparticularsthe MC has to provide bells/whistles/portable fire ext etc if codeappliesif the proj is really large - MC provides firemarshallsthe emp is responsible to getting their people to complie and vise versa for MCpeoplePROCCES FOR NON-COMPLIANCE WITH CODEMC must carry out req remedial measures of theinsurerer by the req dateif a variation is req. 4 remedialmeasures it should be issuedif MC doesn't begin remedial wrks in 7days the emp canemploy others and charge the MC for the expenseA FIRE INSURANCE valuation should be the valueof reinstatement worksinc. cost of demos/ cleaning away/rebuilding the ext design in modernmaterials using modern methods 2 astndard equal 2 the existing property & inaccordance with current building regs'ALL RISKS''ALL RISKS'any physical loss/ damage 2 work executed and site materials andagainst reasonable cost of the removal and disposal of debris'SPECIFIED PERILS'applicable for options A BCif MC doesnt prove that he has taken outinsurance - emp can take it out andcharge MCcompulsory since COMPULSORY INSURANCE ACT 1969IF NOTHING IS INSERTED = 'THE AGGREGATEAMOUNT FOR ANY ONE PERIOD OF INSURANCE'if NO is inserted then none isrequiredClique duas vezes aqui para editar o textoClique e arraste este botão para criar um novo tópico