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Insurance in Construction. Sudyumna Upadhyaya. Prevailing Contracts in Nepal. NCB- PPMO Contract ICB- FIDIC Contract. Insurance Requirement. Works, Plants, Materials Contractor’s Equipment, Machinery Personnel Contractor Personnel Third Party Personnel Employer’s Personnel Property
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Insurance in Construction Sudyumna Upadhyaya
Prevailing Contracts in Nepal • NCB- PPMO Contract • ICB- FIDIC Contract
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
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
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
