A CASE STUDY APPROACH TO DEALING WITH CONSTRUCTION RISK AND INSURANCE – INCLUDING ADVANCED LOSS OF PROFIT (ALOP) COVERAGE
About The Course
This two day intermediate level workshop is planned with special focus on case studies and worked examples to make the learning more effective. It has been organized to provide participants a hands-on understanding of dealing with the Contractor All Risks (CAR) insurance claims relating to Material Damage (Section I) and Third Party Liability (Section II). The program also includes discussion on Advanced Loss of Profits (Section III) to provide a better understanding of this complex subject and to explain how it relates to privately funded projects.
The workshop course leaders are AICLA qualified loss adjusters who have extensive experience in handling CAR claims in the region. They will spend the two days sharing their knowledge and experience, using an interactive presentation format that will require delegate participation to reinforce the learning experience. The use of real life case studies will be the platform to explain the Construction All Risks policy coverage and highlight the issues encountered in handling construction claims.
Key learning Objectives
At the end of the course, participants will be able to:
• Understand the practical aspects of the Construction All Risks policy coverage and its application • Learn how to manage such construction / engineering claims effectively. • Describe the operational and practical challenges and concerns that Insurers, Brokers and Claims Handlers need to consider and focus on when managing these claims. • Highlight ALOP claims relative to project delays and cost over-runs. • Appreciate a better understanding of quantum calculation of material damage, liability and financial loss claims.
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Key Course Contents
Day 1 There will be an over view of current and upcoming projects in Malaysia and the region. Some of the major infrastructure and commercial project development will be highlighted. The case studies will be reviewed together and the Course Leader will guide the participants in dealing with the technical challenges. Accordingly a review of the coverage afforded under the CAR (Section I) policy will be addressed. Some basic principles will be reviewed together with the policy clauses and endorsements. Application of current statutes and regulations will be addressed to provide better relevance to coverage.
In respect of construction liability issues, a few challenging case studies will be discussed. The basic coverage of the Section II - Third party liability will be addressed and studied. The application of the various legal liability situations will be discussed with the aim of understanding the practical issues arising out of contract works claims. Typical exclusions and treatment of quantum when dealt with by the Insured will also be explored.
INTRODUCTION TO CONSTRUCTION ALL RISKS POLICY AND ITS COVERAGE • Recent developments and projects in Malaysia, Singapore and the Asean region • The common construction policies in this region • The critical underwriting issues that warrant consideration depending on the nature of risk and hazard identification • The clauses and warranties that are commonly incorporated in the policies and their impact on claims • Study of a few complex claim case studies.
Day 2 A discussion will be included on Section III - Advanced Loss of Profits (ALOP) and its impact on project delays and financial losses will be covered. Again, our Course Leader will use an interesting case study to apply the principles of this coverage in project development, wrapping this into section 1 case study.
A technical site visit has been arranged as part of the program to bring the participants to a major project development in Kuala Lumpur to observe and appreciate the challenges of implementing infrastructure works on the ground. This promises to be quite an eye opener for both local and regional participants attending this workshop. It is intended that a number of “what if“ scenarios will be developed for this site visit, to enable as much fuller discussion for all participant in the “classroom“ sessions.
ADVANCED LOSS OF PROFIT (SECTION III) • Study of the ALOP Case Study plus class discussion • Review of CAR Section III - Advanced Loss of Profits coverage • Overview, coverage, application and issues for quantum calculation; • Measuring ALOP- Basic Outline, Lack of Historical Experience and other delay issues • Commercial Operations Date, Accuracy of Declared Values and Mitigation expenses • Interactive discussion when dealing with ALOP losses.
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Who Should Attend
• Claims Executives and Managers from insurance/reinsurance companies and broking firms. • Loss Adjusters; Underwriters, Business Development and Marketing Executives from insurance/ reinsurance companies; • Client and Account Executives and Managers of insurance/reinsurance broking firms; • Managers /Executives of insurance buyers and consumers of the insurance products.
Fees
Category |
Local Fee (RM) |
International Fee (USD) |
Non-Member (1-2 Pax) |
2300 |
600 |
Group (Non Member) |
2100 |
550 |
Group (Member) |
1900 |
500 |
Member |
2100 |
550 |
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