term1 Definition1term2 Definition2term3 Definition3
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Two major groups of construction risk?
Major Works: Under contract, Complex, High Value
Minor Works: No formal contract, Installations and replacements, The order sets the terms
Risk of loss or damage or damage to property: impact, weather, poor design, theft, fire.
Minor events can escalate to major losses
Environmental conditions?
Most important consideration in construction insurance
Many hazards effecting a construction project are...
The contractor should provide for these...
in his pricing or listed as excluded costs per contract
Relevant policy exception here:
"costs for which the employee will not hold the contractor responsible"
Indemnity should only...
extend to: unforeseeable, unexpected, fortuitous or accidental
Elemental perils:
Earth, water, air & Fire. Conditions normal to the environment not eligibal for insurance - carried by employer or contractor
EARTH 6 characterizations?
1. Subsidence
2. Landslide
3. Collapse
4. Rockslide
5. Mudslide
6. Avalanche
How could these be avoided?
Contractor should be familiar with the geotechnics of terrrain
Underwriter can insure but must be well informed
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