GARGASH INSURANCE SERVICES LLC
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GARGASH INSURANCE SERVICES LLC. ....Delivering Excellence. ....Delivering Excellence. Certified as Chartered Insurance Broker. Seminar On. Contractors All Risk Insurance For Sri Lankan Quantity Surveyors Group - UAE. Presented by, Gargash Insurance Services May 28 th 2008.

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Gargash insurance services llc

GARGASH INSURANCE SERVICES LLC

....Delivering Excellence


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Seminar

On

Contractors All Risk Insurance

For

Sri Lankan Quantity Surveyors Group - UAE

Presented by,

Gargash Insurance Services

May 28th 2008


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

WELCOME

TO ALL MEMBERS

OF

SLQS UAE


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Agenda

  • What can Gargash do for you ?

  • CAR Insurance

  • Other Insurances


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Services

  • 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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

WHY INSURE ???


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

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)


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Contractual Conditions on Insurance

General Conditions of Contract (mainly FIDIC)

4.1Contractor responsible for acts of Sub-Contractor

20.1Care of Works – Contractors liable for loss or damage to works (excluding the Expected Risks) before Certificate of Completion is issued.

20.4Excepted Risks described i.e. Political Risks like War, Nuclear Explosion etc.

21.1Insurance of Works and Contractors Equipment

22.1Damage to Persons and Property

23.1Third Party Insurance – To be insured by Contractor

24.1Accident & injuries to Workers

25.3Remedies on Contractors failure to Insure

49.1 }

49.4 }Defects Liability

50-1 }


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Insurance Involvement


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Typical Coverages on Projects


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Principal

Consultant

Overlap

Self Retention

Gap in cover

Contractor

Insured Risk


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Contractors All Risk Insurance (CAR)

  • Cover for civil engineering exposures

  • All Risk Cover generally including Third Party Liability

  • Project specific and Annual policies


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Contractors All Risk Insurance (CAR)

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.

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.


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Insured Parties

  • Who Can Be Covered

  • Principal/ Owner/ Employer/Client

  • Main Contractor (s)

  • Sub Contractor (s)

  • Engineers/Consultants/Architects

  • Banks

  • Others having Insurable Interest


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

  • What Can be Insured

  • Section I

  • Contract Works

  • Plant & Machinery

  • Principals & Surrounding Property

  • Section II

  • Third Party Liability

    -Accidental Injury /Death

    -Property Damage

  • Legal Costs & Expenses incurred


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

  • Cover

  • 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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Main Exclusions

  • General

  • Penalties for delay /guarantee of performance

  • Wilful Act or Gross Negligence

  • War, Terrorism, Nuclear Weapons etc.,

  • Consequential Losses

  • Section 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.


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

COVER DURING MAINTENANCE PERIOD

LIMITED OR VISITS COVER

  • 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.

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.


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Sum Insured

Estimated 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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Typical Assessment of Risk Exposure


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

MORE REASONS ON WHY TO INSURE ….


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

?


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Policies to be discussed

  • Motor Comprehensive Insurance

  • Professional Indemnity insurance

  • Group Life Insurance for members

  • Home Insurance

  • Travel Insurance


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Motor Comprehensive Insurance

  • 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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Motor Comprehensive Insurance cont..

  • 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.


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Motor Comprehensive Insurance cont..

  • 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.


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

CRITERIA

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.


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

  • 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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

  • Group Life Insurance

Why Leave your Loved ones in dark in your absence?

  • 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


Gargash insurance services llc

....Delivering Excellence

Certified as Chartered InsuranceBroker

Home Insurance

Home away from Home. Have you taken care of it?

  • 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

    • Household removals

    • Optional coverage

    • Domestic helpers

    • Cover against loss of important

      documents

    • Cover against loss of money and credit cards

    • Accidental damage


    Gargash insurance services llc

    ....Delivering Excellence

    Certified as Chartered InsuranceBroker

    Premium Rating

    • 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


    Gargash insurance services llc

    ....Delivering Excellence

    Certified as Chartered InsuranceBroker

    Travel Insurance

    Travel with no worries…

    • 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


    Gargash insurance services llc

    ....Delivering Excellence

    Certified as Chartered InsuranceBroker

    • 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.comfor more information.

    • P.O. Box :33140, Sharjah. 

    • Mobile: 050-2960508

    • Ph : 06-5754848 Fax : 06-5754847

    • 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 m


    Gargash insurance services llc

    ....Delivering Excellence

    Certified as Chartered InsuranceBroker

    • 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


    Gargash insurance services llc

    ....Delivering Excellence

    Certified as Chartered InsuranceBroker

    ?


    Gargash insurance services llc

    ....Delivering Excellence

    Certified as Chartered InsuranceBroker

    Thank you


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