Don’t Leave Your Project Exposed: Securing Your EPC Contract with Insurance
EPC contracts offer a streamlined approach to construction projects, but even the most meticulous plans can encounter unforeseen issues. Here’s why involving an insurance broker early on is a wise, conservative move.
Insurance acts as a safety net, minimizing financial losses caused by accidents, theft, or damage during construction. An experienced broker can help you navigate the complexities of EPC insurance, ensuring proper coverage for various aspects.
- Materials on the Move: Protect your investment in goods being transported to the site.
- On-Site Security: “All Risks” coverage safeguards materials and completed work from unexpected events.
- Equipment & Facilities: Ensure the contractor’s equipment and temporary structures are covered.
- Personnel Protection: Liability insurance protects both your employees and the contractor’s workforce in case of injury.
- Third-Party Concerns: Safeguard yourself from damage caused to surrounding property or bystanders.
The contract should clearly outline who is insured (you, the contractor, or both), any deductibles you’ll be responsible for,and the maximum amount covered by the insurance. Additionally, establish clear procedures for reporting claims and handling any coverage exclusions.
By working with an insurance broker upfront, you can secure a comprehensive insurance plan that minimizes risks and protects your investment throughout the EPC project. It’s a proactive approach that aligns perfectly with conservative financial principles.
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