Construction Insurance Malaysia, Contractor All Risk Insurance Malaysia, Erection All Risk Insurance Malaysia, Engineer Insurance Malaysia,

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Construction Insurance Malaysia, Contractor All Risk Insurance Malaysia, Erection All Risk Insurance Malaysia, Engineer Insurance Malaysia,

Arranged By

ACPG Management Sdn Bhd

www.acpgconsultant.com

+603-92863323

Construction Project Risk Management

A structural collapse, collision, fire or explosion can cause significant damage for a Construction project.

Equally, a severe natural hazard event or unplanned ground settlement can cause significant damage to the project.

All of these material damages can also mean major interruptions and potential delays to start-up as completion dates are pushed out.

Construction projects are always changing through their lifecycle which means the project risk profiles are also continually changing.

This is often a key reason why gaps in risk management occur, even with established risk management approaches.

Our ACPG principal insurer Risk Engineers are trained to spot areas where losses may occur or where there is a potential exposure.

They will make recommendations so you can address these areas before they become a problem.

ACPG principal insurer Risk Engineers work with our customers and underwriters to identify risk improvement advice that cost effectively mitigates the risk to the business.

We look for bespoke solutions, tailored to the needs and culture of the customer’s specific circumstances.

Our ACPG principal insurers risk assessment approach for Construction uses a globally standardised set of risk factors to identify and assess levels of exposures and controls.

These risk factors are applied appropriately for the specific type and methods of construction.

ACPG principal insurers Risk Engineering and Underwriting have expertise in the following industries and sectors:

Public infrastructure – roads, bridges, tunnels, rail, dams, desalination plants, water and wastewater

Ports – coal and ore loading terminals, container terminals

Energy and mining – oil, gas, petroleum, coal, iron ore, precious metals

Power generation – coal-fired, gas-fired, hydroelectric, solar, wind, nuclear

Manufacturing and processing plants

Buildings – large commercial buildings.

Value-added solutions:

Risk Assessments

Our ACPG insurer approach for Construction site risk assessments uses a globally standardised set of risk factors to identify and assess levels of exposures and controls.

These risk factors are applied according to the specific type and methods of construction.

ACPG Construction Project insurance options

CAR – Construction All Risks

Covers material damage loss arising from contract works on site, transit to or from the contract site (other than by sea or air), contract works stored away from the contract site. It typically covers parties such as the principal contractor, subcontractors, and in some cases suppliers and manufacturers of equipment.

EAR – Erection All Risks

Covers loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery.

DSU – Delay in Start Up

Covers delay in start-up costs associated with a CAR or EAR loss.

ALOP – Advance Loss of Profit

Covers advance loss of profit costs associated with a CAR or EAR loss.

ACL – Advance Consequential Loss

Covers advance consequential loss costs associated with a CAR or EAR loss.

Annual Construction Policies

Covers smaller construction project works up to a certain value as an annual policy.

Construction Third Party (Public) Liability

Covers third party personal injury or property damage as a result of negligence associated with works being undertaken. This can be covered in conjunction or combined with CAR and EAR policies.

Project Cargo

Covers risks of loss or damage to goods and merchandise while in transit by any method of transport – sea, rail, road or air – and while in storage anywhere in the world en route between the points of origin and final destination for construction projects. This can be covered in conjunction or combined with CAR and EAR policies depending on the extent of the shipment and the cover required.

Construction Insurance FB A4

Malaysia Insurance Services, Malaysia General Insurance, Malaysia Commercial Insurance, Malaysia Medical Insurance

Arranged by

ACPG Management Sdn Bhd

Malaysia Experience Commercial Insurance Risk Management Solution Provider since year 1989.

ACPG Careline +603-92863323

enquiry@acpgconsultant.com

www.acpgconsultant.com

www.facebook.com/acpg.management

Consequential Loss Insurance Kuala Lumpur Malaysia

ACPG BZR30P38
Consequential Loss Insurance Kuala Lumpur Malaysia
Arranged By
ACPG Management Sdn Bhd
+603-92863323
Consequential Loss Insurance (Fire) or Loss of Profit Insurance or Business Interruption Insurance
As in the past in our knowledge series, we shall endeavor to present the above insurance in the simplest possible way with a view to elicit interest and also to exemplify its importance.
As in the past in our knowledge series, we shall endeavor to present the above insurance in the simplest possible way with a view to elicit interest and also to exemplify its importance.
When a fire occurs at premises used for the purpose of conducting a business, whether industrial, mercantile or Professional, the owner of the business will usually be insured against damage to his property by fire etc and will in due course be able to recover his material loss.
With the proceeds of his claim he can, in time, replace his lost or damaged property and resume his business but, until this can be done, the profits which he was previously earning will have ceased, wholly or in part.
In addition, there will almost certainly be fixed expenses arising from the business e.q. salaries, rent, municipal taxes, which be will have to continue to meet, even if his profits have entirely vanished.
Faced with the situation, he may find means to reduce or even eliminate the loss of his profits but this will call for expenditure perhaps substantial – which he may not have the funds to meet.
It is to meet this situation that loss of profits insurance have been devised and subject to a suitable type of policy and an adequate sum insured, it affords an insured complete protection against the reduction or cessation of profits following a fire and place him in the same position as though the damage had not occurred.
In these circumstances, a loss of profit insurance should appeal to any businessman as an essential complement to Fire Insurance.
We shall proceed ahead to give a brief idea of important definitions and ingredients which needs to be understood before obtaining a policy:
a) Net Profit:
The net trading profit resulting from the business of the insured at the premises. This does not include all capital receipts and accretion. Provisioning for all fixed charges shall be made including depreciation but shall not include taxation chargeable on profits.
b) Standing Charges:
These are the fixed expenses whi ch wi l l never theless continue to accrue to the insured despite the cessation of business e.q. Rent, Municipal taxes, fixed interest on capital, Advertising etc
c) Indemnity Period:
The period commences when the damage by fire occurs, and ends when the business ceases to be affected there by, subject to the maximum period specified in the policy.
d) Turnover:
The money paid or payable to the insured for goods sold & delivered and for services rendered in course of the business at the premises.
e) Rate of Gross Profit:
The Gross Profit explained above divided by turnover during the financial year immediately before the date of the damage.
f) Annual Turnover:
The turnover during the twelve months immediately before the date of the damage.
g) Standard Turn Over:
The turn over during that period in the twelve months immediately before the date of the loss which corresponds with the Indemnity period.
This st mean that if a fire occurs on 1 January and the business is affected during the following three months, January to March, then in ascertaining the shortage in turn over, the figures for those months are compared with January to March in the proceeding year. This is fairness personified especially in case of seasonal trades.
Measure of Indemnity:
With the aid of the above stated definition, it would now be possible to state in simple terms how the insured would be compensated in the event of a loss.
The amount payable shall be under two heads, which are described as below:
(I) Reduction In Turn Over:
It shall be he sum produced by applying the rate of gross profit to the amount by which the turn over during the indemnity period shall, in consequence of the damage, fall short of the Standard Turnover.
(II) Increase In Cost of waking:
It shall comprise the additional expend it urenecessarily and reasonably incurred for the sole purpose of diminishing the reduction in turnover but the amount shall not exceed the sum produced by applying the rate of gross profit to the amount of reduction there by avoided.
We shall go ahead by giving you a very simple accounting applicability of this policy and make you clearly understand how it fully compensates an insured. By this example, you will able to appreciate that all the aspects are duly taken care of by Malaysia insurers.
Consequential Loss Insurance (Fire) or Loss of Profit Insurance or Business Interruption Insurance for more detail at http://www.acpgconsultant.com.
Malaysia Insurance Services, Malaysia General Insurance, Malaysia Commercial Insurance, Malaysia Medical Insurance
Arranged by
ACPG Management Sdn Bhd
Malaysia General Insurance Risk Management Solution Provider since year 1989.
ACPG Careline +603-92863323
enquiry@acpgconsultant.com