Insurnace

Question 1

What is All Risk Insurance?

Answer 1

cover against any physical loss or damage - compulsory
JCT - schudle 3

Question 2

What is option A All Risk Insirunace?

Answer 2

New building project
Contractor takes out and manages the policy
cost is shared with cleint and contractor

Question 3

What is option B All Risk Insirunace?

Answer 3

New building project
Client takes out and manages the policy
cost is shared with cleint and contractor

Question 4

What is option C All Risk Insirunace?

Answer 4

Revenation works
Client or Contractor takes out and manages the policy
cost is shared with cleint and contractor

Question 5

what is Professional Indemnity Insurance?

Answer 5

Insures from professional negligence

insurnace aginst humen errors like mis-calustions in load bearing walls etc

Question 6

What is Latent Defects Insurance

Answer 6

Covers a project from defects
must be arranged in advance
Can be applied during constriction, 6 months – 1 year after completion, or years after completion (10-20 years ect)

Question 7

What is Insovlency Insurnace?

Answer 7

financial obligations are covered and insured

Question 8

What other Insurances would a project use? (3)

Answer 8

Public Liablilty Insurnace
Product Liablilty Insurnace
Plant & Equipment Insurance