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sauravbabu
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Engineering Fields - Electrical Engineering - New Member

Join Date: Dec 2009
Posts: 247

Regarding the Amount of Insurance

01/31/2012 5:49 AM

Somewhere, I read:

"The amount of insurance against third party liability taken out by the Contractor shall not be less against any accident, but not exceed the Contract Price".

And at the other places, I read:

For Payment on shipment of the Plant/Equipment, the following document is necessary:

"Policy or certificate for insurance policy for 115% of invoice value".

Can anybody please clarify - Regarding the amount of insurance? This is with reference to a hydropower project on a Design, Build and Turnkey.

Regards,

Sks
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Usbport
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Join Date: Apr 2010
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#1

Re: Regarding the amount of insurance...!!

01/31/2012 7:34 AM

Sounds like you need the Accounting Conference Room, not the Engineering Conference Room (CR4). I'm not sure where the Accounting Conference Room is, but if you find plush carpeting and mahogany paneled walls you'll be close to it. Sorry I can't help you.

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kramarat
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#2

Re: Regarding the amount of insurance...!!

01/31/2012 7:37 AM

Looks like standard language. Those statements don't contradict each other, especially if you are providing both the equipment, and the labor to install it.

Since you know you need insurance anyway, talk to several insurance professionals, have them explain the terms of the contract in regard to insurance requirements, and take out your policy with the one that is both reputable, and will give you the best rate.

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ozzb
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#3

Re: Regarding the amount of insurance...!!

01/31/2012 8:06 AM

Some where he read. How about documentation.

As from your post I do not get your confusion.

One statement is for liability of the contractor installing it.

The other insurance on the value of equipment being shipped.

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Anonymous Poster #1
#4

Re: Regarding the Amount of Insurance

01/31/2012 12:36 PM

If your involved I'd look at doubling the indemnity cover.
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