Skill Bits Collection
Assessment Basics about Contracts Contract Administration Contract Compliance and Ethics Contract Drafting Contract Management Contract Negotiations Contract Risk Management Contracts Digital Contract Management Solutions EPC Contracts Financial Management for Contracts International Contracts Managing Contracts
Standardization in Engineering Insurance: The London Engineering Group (LEG) Rules
The engineering industry deals with complex projects, requiring specialized insurance solutions. The London Engineering Group (LEG) Insurance Rules offer a standardized approach to this need. What are LEG Rules? Developed by the London insurance market, LEG Rules are standard policy…
Safeguarding Project Start-Up: Understanding Delay in Start-Up (DSU) Insurance
Construction and engineering projects are susceptible to delays that can cause significant financial strain. Delay in Start-Up (DSU) insurance acts as a safety net, mitigating these risks. What is DSU Insurance? Imagine a project’s operational launch is postponed due to…
Understanding Inaccurate Terminology: A Clarification on USM Damage Caps
In construction contracts, encountering the term “USM damage cap” might raise questions. This post clarifies the concept and corrects a common misconception. USM Explained (Incorrect Definition): The text defines USM as “unlimited supply of materials.” However, in construction insurance, USM…
Understanding Coverage Limits: Customer All Risk (CAR) and Machinery Breakdown (MB) Insurance
Construction projects and machinery are significant investments. Protecting them requires specialized insurance. This blog post explores CAR and MB insurance, focusing on a key concept – USM damage caps. CAR and MB Insurance: Protecting Your Assets CAR insurance safeguards construction…
Understanding Coverage Nuances: Engineering All Risks (EAR) and Machinery Breakdown (MB) Insurance
Construction and industrial projects rely heavily on equipment and machinery. Protecting these assets requires specialized insurance solutions. Let’s explore Engineering All Risks (EAR) and Machinery Breakdown (MB) insurance and a key element – London Market Design Clauses. EAR and MB…
Understanding the Risks: Comparing EAR and Third-Party Liability Insurance in Construction
Construction projects involve a multitude of risks. Understanding the differences between EAR (Erection All Risk) insurance and third-party liability insurance is crucial for effective risk management. EAR protects the insured’s own property (equipment and materials) during construction from various perils…
Safeguarding Equipment During Installation: Understanding Erection All Risk (EAR) Insurance
Construction projects involve the installation of expensive equipment and machinery. Erection All Risk (EAR) insurance acts as a safety net, protecting contractors and builders from financial burdens if this equipment gets damaged during the installation process. What is EAR Insurance?…
Building with Security: Understanding Construction All Risk (CAR) Insurance in EPC Contracts
Entering an EPC (Engineering, Procurement, and Construction) contract involves mitigating risks throughout the project lifecycle. Construction All Risk (CAR) insurance plays a crucial role in safeguarding both the project and the customer’s financial well-being. What is CAR Insurance? Imagine a…
Safeguarding Expertise in EPC Projects: Understanding Professional Indemnity Insurance
Ensuring a smooth EPC (Engineering, Procurement, and Construction) project requires mitigating risks for all parties involved. Professional Indemnity (PI) insurance plays a vital role in protecting design professionals like engineers and architects. What is Professional Indemnity Insurance? PI acts as…