An Introduction to Insurance and Bonds (Part 2) Insurance and bonds under JCT, NEC3 and FIDIC
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The aim of this course is to discuss briefly the legal principles on which insurance is based and the main types of construction insurance policy, illustrated by clauses from JCT SBC 16. We also consider professional indemnity insurance and the use of bonds or guarantees as a means of protection against contractual failure.
After studying this course, you should be able to:-
1. Suggest some of the parameters to construction insurance under JCT SBC 11, including personal injury and damage to property, duty to insure, insurance of contract works in new buildings, insurance of existing buildings and of contract works in them, and effect of insurance on liability of contractor
2. Outline similar risks are dealt with under NEC3 and FIDIC forms