Contractor’s Equipment…

Contractor’s Equipment Insurance All risks Contractors' equipment insurance shall be in the joint names of the Contractor, the Owner and the Contract Administrator, covering construction machinery and equipment
• A contractors equipment is insured for the entire company, all of the time, regardless of the project. Owners and CA’s are listed as additional insured on policies for each project. Why, and I am not even sure it is possible to get policies with joint names of the Owner and CA.

Builders Risk Insurance
• Define what hard and soft costs are.
• When will it be required? There is a tendancy for it to be requested in the incorrect circumstance.
• What is the builders risk covering, there are many items and activities in a contract that a builders risk policy does not cover, i.e. other insurance, topsoil, field office, many road items, interest.
• Do not make the deductible too low.

Option H: Wrap-up liability insurance is normally associated with large construction projects….. Wrap-up insurance is suitable for very large projects … What is large and very large defined as?
• Do not make the deductible too low.

There needs to be an Insurance Item in the tender.
• Most existing policies required, and now these new policies are paid up front, there has to be a mechanism to pay for them at the time the invoices are received by the contractor (prior to arriving on site).
• All builders risk policies, most wrap-up polices, and many environmental policies are a function of both time and volume, if the project is extended and/or value increased there has to be an item to refer to and a mechanism to compensate the contractor for changes to scope at the time of tender and original policy purchased.