Project Management

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Insurance in contract management

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Riad Alhammoud Project management| Langan Abu Dhabi, United Arab Emirates
Dear all,

We are in the tendering process for a construction project. Is there any general conditions for the insurance of the labor's, work, equipment for the contractors or we can just refer to some insurance companies.

Thanks,
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RAJESH K L Project Manager, PMP| Bharat Electronics, Bengaluru, India Bengaluru, Karnataka, India
Risk Assessment of labor, equipment etc shall drive the conditions to be included in the Insurance
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Bob Thomas Retired Brentwood, Tn, United States
I expect the insurance company will want to see the site, review the project plan and discuss specific aspects of the project. Unless you are self-insuring, I don't think you need to do any assessment.
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Eric Isom Owner| learn.pmguaranteed.com Ut, United States
Are there others in your organization that have gone through this process and can provide you with this information?

The client should have specified the insurance requirements, which you can then use to find an insurance company that will provide you with a policy to meet those requirements.
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1 reply by Riad Alhammoud
Jul 27, 2019 3:11 PM
Riad Alhammoud
...
Dear Eric,
Thanks for your inputs. Actually, when creating procurement documents l, we used to get the information related to the insurance from the client but sometimes like this case, client want the consultant do it. This seems not logic and risky but however we have to live with it.
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Riad Alhammoud Project management| Langan Abu Dhabi, United Arab Emirates
Jul 26, 2019 7:38 PM
Replying to Eric Isom
...
Are there others in your organization that have gone through this process and can provide you with this information?

The client should have specified the insurance requirements, which you can then use to find an insurance company that will provide you with a policy to meet those requirements.
Dear Eric,
Thanks for your inputs. Actually, when creating procurement documents l, we used to get the information related to the insurance from the client but sometimes like this case, client want the consultant do it. This seems not logic and risky but however we have to live with it.
avatar
Daire Guiney Dublin, Dublin, Ireland
Insurance is a very broad term so you will need to define what aspects of the project require insurance. Also you need to make sure that assets, people and project missed deadlines resulting in fines are not covered by a different insurance policy. First you will need a extensive audit of all resources that could be covered by insurance. This can be conducted by you or the insurance company. The insurance company may just give you an overall cost for insurance bulking all resources into one policy. Get as many quotes for as many different insurance companies and make sure that they are using different underwriters or it just the same insurance policy and risk covered.

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