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Presentation

by

David Adamson Groupto

Indian Institute of Quantity Surveyors

27 August 2014

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Insurances, Bonds,

Guarantees and

Warranties

A CPD presentationby

Sandesh Pangerkar MRICS, AMIE, LME

Lead Quantity Surveyor

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AGENDA

3

 

4 B,

&

1

C B

2

C

B, & B

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1. Construction Insurances - Basics

1.1 ?

1.2 /. A

1.3 ?

1.4 C

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1.1 What is an Insurance?

A

, ,

, , .

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1.2 Insurance vs Assurance

A

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1.3 Why to Insure?

A

 

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1.4 Concepts and Terminology used in Insurance

A

A

 

D/

A

 

/ A

/ C

C

A C

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2. Types of Construction Insurances

2.1 C A (CA)

2.2 C

2.3

2.4 ()

 .

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2.1 Contractor’s All Risk Insurance (CAR)

C

o  ,

o  D

A

 o 

o  A

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2.2 Workmen’s Compensation Insurance

C

o , ,

o  D

o  ()o  C (DC 1999)

A

o

 A

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2.3 Third Party Liability Insurance

C

o  /

B /

o  D

 

o  ()

o  D

(DC 1999)

A

o 

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2.4 Professional Indemnity Insurance (PII)

C

o 

C A

o  C B

 o  

o 

()

()

100,000 250,000

100,001 200,000 500,000

200,001 1,000,000

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2.4 Professional Indemnity Insurance (Cont…)

C A ()

o 

()

()

500,000 2.5%

, 10,000 

500,000 2.5%

o 

o 

o C

o  C

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2.5 Latent Defects Insurance

C

o D, D C

/ D

o A 12 D

o  10 (D)

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3. Bonds, Guarantees & Warranties - Basics

3.1 B?

3.2 ?

3.3 ?

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3.1 What is a Bond?

A

( ) ( )

, ( ) .

D B

 C D B

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3.2 What is a Guarantee?

A ( )

( ).

. A

.

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3.3 What is a Warranty?

A

, ,

.

A

,

.

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4. Types of Bonds, Guarantees & Warrantees

4.1 / B B

4.2 B

4.3 A & B

4.4 C

 .

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