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Construction Insurance Requirements in Nepal: Key Contractual and Coverage Considerations

Explore the insurance requirements in construction contracts in Nepal under prevailing NCB-PPMO and ICB-FIDIC contracts. Learn about coverage for works, plants, materials, equipment, machinery, personnel, and properties. Discuss professional indemnity insurance provisions and important issues like maintenance period coverage and debris removal clauses.

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Construction Insurance Requirements in Nepal: Key Contractual and Coverage Considerations

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  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

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