Showing 253–264 of 597 resultsSorted by latest
This Skill Bit explains Engineering All Risks (EAR) and Machinery Breakdown (MB) insurance, which provide essential protection against equipment and machinery damage. It highlights the importance of using standardized London Market Design Clauses, such as ICE and IEEE, to tailor coverage specifically to the needs of different project types and industries, ensuring comprehensive risk management….
This Skill Bit explains Construction All Risk (CAR) insurance, a policy commonly required in EPC contracts that covers damage or loss to projects during construction from various events, thus protecting customers from financial burdens. It also covers Erection All Risk (EAR) insurance, which safeguards contractors from financial losses due to physical damage to equipment during…
This Skill Bit explains various insurance policies commonly requested by customers in EPC contracts to manage risks associated with construction, professional errors, and third-party claims. It focuses on Professional Indemnity Insurance (PI), highlighting its crucial role in protecting design professionals, such as engineers and architects, from financial losses resulting from errors or negligence in their…
This Skill Bit explains product liability insurance, which protects businesses from financial losses due to lawsuits related to injuries or property damage caused by defective products. It covers legal costs stemming from design defects, which are inherent flaws in a product’s design, and manufacturing defects, which occur during production due to errors or quality control…
This Skill Bit explains various types of liability insurance essential for professionals and businesses. It covers professional liability insurance (E&O insurance), which protects professionals like doctors and lawyers from lawsuits alleging negligence or errors in their work. It also details directors and officers (D&O) liability insurance, which safeguards company leaders from personal lawsuits related to…
This Skill Bit explains liability insurance, a crucial coverage that protects against financial losses from lawsuits related to property damage or injuries caused by the insured’s actions or omissions. It details various types of liability insurance for businesses, professionals, and individuals, with a focus on general liability insurance, which covers businesses against lawsuits for bodily…
This Skill Bit explains the principle of utmost good faith in insurance, which mandates that both the insurer and the insured act honestly and disclose all relevant information. Additionally, it covers the principle of proximate cause, which identifies the dominant cause of a loss, ensuring that compensation is only provided for insured perils, thus maintaining…
This Skill Bit explains key principles in insurance, starting with the principle of indemnity, which ensures compensation for actual losses rather than profit, thereby discouraging fraud and maintaining fair premiums. It also covers the principle of contribution, where multiple insurers share the cost of a loss proportionally to prevent over-recovery. Lastly, it discusses subrogation, allowing…
This Skill Bit covers essential insurance principles, including unforeseeability, insurable interest, indemnity, contribution, subrogation, utmost good faith, and proximate cause, emphasizing their significance in policy management and claims settlement. The Principle of Unforeseeability ensures coverage for only unforeseeable, accidental losses, while insurable interest requires a financial stake in the insured item to prevent misuse and…
This Skill Bit outlines key concepts in insurance, including indemnity, which aims to restore the insured’s financial position to pre-loss status by compensating actual losses without profit. It also explains insurable interest, ensuring legitimate coverage, and the onus of proof, which places the responsibility on the insured to provide evidence for their claims to validate…
This Skill Bit offers a clear explanation of the principle of utmost good faith, a fundamental tenet of insurance contracts that ensures transparency and honesty between parties. It highlights the insured’s crucial duty of disclosure, emphasizing the importance of providing complete and accurate information to maintain the integrity of the insurance agreement. Duration approx. 3…
This Skill Bit highlights the importance of insurance coverage during construction warranty periods, protecting against defects and material deficiencies. It covers strategies for navigating policy terms to ensure effective risk management. Additionally, it explores Delay in Start-Up (DSU) insurance, essential for mitigating financial losses due to project delays, and delves into the concept of DIC…
