Showing 337–348 of 597 resultsSorted by price: high to low
This Skill Bit highlights that perceived power in negotiation comes from both psychology and situational factors, such as confidence and market analysis. Managing emotions is crucial to avoid clouding judgment, while logic must be adapted to the other side’s perspective to reach mutually beneficial outcomes. Time is a key tool—invest it wisely to gather information…
This Skill Bit emphasizes that negotiations should not be just a formality. Contracts provide stability but can also foster dynamic, mutually beneficial agreements. Successful negotiations go beyond securing a deal, focusing on fairness and satisfaction to build trust and long-term partnerships. The anchoring strategy, starting with a high offer, can shape outcomes when used with…
This Skill Bit explains Delay in Start-Up (DSU) insurance, which protects project owners from financial losses caused by delays in a project’s start of operations. It’s commonly bundled with other construction-related policies. It also covers the London Engineering Group (LEG) Insurance Rules, a standardized set of policy wordings used in the London market to provide…
This Skill Bit explains Customer All Risk (CAR) and Machinery Breakdown (MB) insurance, highlighting USM damage caps, which limit insurer liability for sudden mechanical failures in London Engineering Group (LEG) policies. It also clarifies USM damage caps in construction contracts, ensuring that supplier or manufacturer liability for product failures is capped, providing clearer risk boundaries…
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…
