- Advance Loss of Profits (ALOP): A type of insurance covering financial losses due to project delays caused by insured risks.
- All Risks Policy: A comprehensive insurance policy covering all risks except those specifically excluded.
- Bid Bond: A surety bond ensuring that a contractor will undertake the project if awarded the contract.
- Builders’ Risk Insurance: Insurance covering damage to a construction project during the building phase.
- Business Interruption Insurance: Coverage for lost income due to a covered peril disrupting normal business operations.
- CAR (Contractor’s All Risks) Insurance: A policy covering loss or damage to the construction project and third-party liabilities.
- Construction Defects Insurance: Coverage against defects in design, workmanship, or materials.
- Completion Bond: A guarantee that a construction project will be completed as per the contract.
- Contingent Liability: The potential risk arising from uncertain future events in construction projects.
- Deductible: The portion of an insurance claim that the insured must pay before the policy coverage starts.
- Delay in Start-Up (DSU) Insurance: Protects against financial losses due to project delays caused by insured perils.
- Design & Construct Insurance: Coverage for risks related to design errors and construction defects.
- Erection All Risks (EAR) Insurance: Covers risks during the erection and installation of machinery and equipment.
- Force Majeure: Unforeseeable circumstances preventing project completion, such as natural disasters.
- Final Acceptance Certificate (FAC): A document confirming project completion as per contract specifications.
- Hazard Analysis: Assessment of potential risks in engineering and construction projects.
- Hold Harmless Agreement: A contract clause where one party assumes liability for specific risks.
- Material Damage Insurance: Covers physical damage to assets used in engineering and construction projects.
- Occupational Hazard: Risks associated with construction and engineering activities.
- Time Element Coverage: Insurance covering losses related to project delays.
- Valuation Clause: Defines how losses are valued in an insurance claim.
- Vicarious Liability: Liability incurred for the actions of subcontractors or employees.
- Yield Loss Insurance: Covers financial losses due to reduced productivity or performance failures.
Zero Depreciation Policy: Insurance coverage that reimburses the full cost of damages without accounting for depreciation.
