| Lyna Mohamad |
ABOUT 150 people attended a talk on ‘Takaful/Insurance: Contractor’s All Risk’ (CAR) organised by the Association of Surveyors, Engineers and Architects (PUJA) yesterday at the Caesar’s Hall of the Orchid Garden Hotel in Berakas.
The guest of honour was the Acting Director-General of Public Works, Haji Amer Hishamuddin bin Pehin Orang Kaya Amar Pahlawan Dato Seri Setia Haji Zakaria.
The talk served to raise awareness of all stakeholders on CAR takaful/insurance as the appropriate policy for construction projects to ensure interest of all protected parties.
The event started with the recitation of Surah Al-Fatihah followed by a speech and seminar overview by General Manager of Takaful Brunei Am, Pengiran Haji Mohd Sufri bin Pengiran Haji Hashim.
Construction projects normally cost millions of dollars depending on the infrastructure, nature and size of the projects and for obvious reasons these projects need to be protected with takaful/insurance covers in order to be prepared in case of mishaps or incidents which may cause delay in the completion of the projects.
Collapse of building, damage to plant and machinery, and damage due to fire, strong wind and storm are common occurrences at construction projects and this will affect all project stakeholders.
Regardless of the cause and who is at fault, the cost of re-building the projects will increase significantly raising concerns of stakeholders as to whether the principals or project owners are willing to put in more money and if the contractors have enough funding to continue the projects.
Thus, it is vital for the principal or project owner to emphasise suitable takaful/insurance policy and coverage as part of the contract conditions.
Additionally, it is the role of the consultants to give proper advices to the principals, project owners and the contractors on the takaful/insurance requirements.
The Contractor’s All Risk takaful/insurance is a policy designed specifically to cover construction project risks where it provides protection against any loss or damage to buildings and civil engineering projects including permanent and temporary contract workers, materials, plant, tools, equipment, site huts and scaffoldings against hazards.
The CAR policy provides cover on all risk bases for physical loss to the workers and bodily injury as well as property damage to third party. Such loss or damage is of an unforeseen and accidental nature and not otherwise excluded from the scope of the policy’s coverage.
The main hazards or perils covered under the CAR policy are fire and explosion, theft, burglary, collapse, earthquake, landslide, storm and flood, and there are also other significant features, benefits and extension of the CAR policy that consultants are likely to be interested to look into.
The CAR policy is suitable for all types of construction projects namely road, building, bridge, tunnel and also hydro-plant construction.