PROJECTS INSURANCE
Projects have a direct impact on every company’s bottom line, making every expense, including project insurance costs, a crucial cost variable. Effective project insurance not only provides financial protection but also plays a significant role in risk management and project success. Our industry expertise ensures that our clients maximize project insurance policy coverage and minimize risk exposures while improving their bottom line. This approach helps in safeguarding the financial health of the project, ensuring that unexpected incidents do not derail progress or inflate costs.
Project insurance covers are largely All Risk policies, which include coverage for all accidental damages to the contract work unless specifically excluded. These comprehensive policies offer protection against a wide range of potential perils, ensuring that construction projects can proceed smoothly even in the face of unforeseen events. By covering everything from theft and vandalism to natural disasters and accidental damage, All Risk policies provide a robust safety net for contractors and project owners alike.
The solutions offered by Affordable Business Insuranceca range from simple to complex designs on specialized risks, catering to the unique needs of each project. Whether it’s a straightforward construction project or a highly specialized undertaking with unique risk factors, Affordable Business Insuranceca has the expertise to provide tailored risk management solutions. We have provided risk management solutions to medium and large projects, ensuring that each project receives the appropriate level of coverage and risk mitigation strategies.
Our assistance extends beyond just insurance policies to encompass comprehensive advice and services to manage all aspects of construction-related risk. This includes managing complex professional liability issues, ensuring job-site safety, and offering claims management support. Professional liability issues can be particularly challenging, involving intricate legal and contractual nuances. Our expertise in this area helps clients navigate these complexities, ensuring that liability risks are effectively managed and mitigated.
Job-site safety is another critical component of our risk management services. Ensuring a safe working environment not only protects workers but also minimizes the risk of costly accidents and delays. Our job-site safety programs are designed to identify potential hazards, implement safety protocols, and promote a culture of safety throughout the project lifecycle. By prioritizing safety, we help our clients avoid the significant financial and reputational costs associated with workplace accidents.
Claims management support is also a key aspect of our services, providing clients with the resources and expertise needed to handle claims efficiently and effectively. This support helps in minimizing the impact of claims on project timelines and budgets, ensuring that any disruptions are resolved swiftly and fairly. Our claims management strategies are designed to streamline the process, reduce disputes, and achieve favorable outcomes for our clients.
Our expertise extends to the superior risk execution of internal erection projects, which Affordable Business Insuranceca can bring to your business. Internal erection projects often involve complex logistical and technical challenges, requiring specialized knowledge and experience. Affordable Business Insuranceca’s risk execution capabilities ensure that these projects are managed with precision, reducing risk exposures and enhancing project outcomes. Our comprehensive approach to risk execution includes detailed planning, risk assessment, and implementation of risk mitigation measures tailored to the specific requirements of internal erection projects.
In summary, Affordable Business Insuranceca’s project insurance and risk management solutions provide comprehensive protection and support for construction projects of all sizes and complexities. Our industry expertise, combined with our commitment to client success, ensures that every project is equipped to handle potential risks effectively, safeguarding both the financial and operational aspects of the project. By partnering with Affordable Business Insuranceca, clients can achieve optimal project outcomes, reduce risk exposures, and enhance their bottom line through strategic risk management and insurance solutions.
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Contractors All Risk (CAR)
Even All risk covers like a CAR, can be improved with additional covers. You can claim a refund for a project completed before time or add expediting covers to ensure faster reconstruction, after a loss, to meet deadlines.
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Erection All Risk (EAR)
When the machinery component exceeds 50% of the overall cost with civil construction being a smaller part, an Erection All risk is required. Factory erection, Electrical contract work, Networking contracts, HVAC installations all require an EAR.
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Plant and Machinery (CPM)
Project site equipment are prone to high level of construction and erection exposures making them vulnerable to accidental damages. Limited covers can stall project progress despite repair cost cover in want of expediting expenses to speed recovery.
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Marine and Storage
Projects can have tricky overlaps between transit and storage losses as transit damages may not be discovered early enough. One needs to create dual covers. Sites with Open storage need specific cover to ensure claims are not denied.
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Advance Loss of Profits (ALOP)
Projects delays can have a critical impact on the business including impairing loss of anticipated profits before operations are commenced. Such losses can result from damage during construction, erection or commissioning of the project.
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Workmen Compensation
One of the large risks is injury caused to the manpower deployed including those by Contractors / Sub-contractors. If your contractors do not insure adequate numbers, you will be exposed to the liability risk as an Principal Employer.