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Site Insurance
Insurance is quite a specialized issue and is a must in construction industry . It has to be handled by the Head Office , not by site staff . The extent of insurance cover desirable and obtainable depends on each case stipulated in the conditions of contract together with any particular risks likely to be involved . Nevertheless the site staff must aware and ensure that the respective insurance cover is in effect before the work starts . Do remember to post a true copy of the Employee’s Compensation Certificate in the site office for general notice .
The insurance generally required for a project are as follows : -
a) Contractor’s All Risks ( CAR ) ;
b) Employee’s Compensation Scheme ( EC ) ;
c) Off-site Plant Insurance ; and
d) Special Labour Insurance , eg. Diver .
It is common practice that an excess be set as a basic threshold for anys insurance claims by sub-contractors. The presence of this excess often poses the dilema of whether or not to proceed with an insurance claim and often depending on the amount of damages, prior number of claims and consequences.
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