What is Comprehensive Project Insurance Policy?

by Guest » Mon Dec 17, 2007 09:51 am
Guest

Are there any information about Comprehensive Project Insurance (CPI) policy? Is there any possibility of launching this product?

Total Comments: 9

Posted: Tue Dec 18, 2007 08:40 am Post Subject:

Well, that's completely a new term for me. Can you elaborate your post little more.

I guess the experts around will come forward to help you. :)

Posted: Tue Dec 18, 2007 09:05 am Post Subject:

No wonder Anony_moss, many haven't heard of CPI before. It's a particularly designed insurance product which covers the risks associated with both construction and erection works. Before, separate policies were available to cover these risks. Later no the separate policies were clubbed together to design CPI. It has incorporated into it the basic benefits of both Construction all risks insurance and Erection All Risk Insurance.

Comprehensive Project Insurance offers the following benefits


  • Coverage for the plant, machinery and the equipments
  • It will cover the project owner form any third party liability.
  • It will cover the expenses if the project takes a late start.
  • It will also cover the marine cargo.


Hope the inputs help.

Posted: Tue Dec 18, 2007 11:43 am Post Subject:

Great info!! california_jerk. Big projects of modern time, involve construction and erection works at a massive scale. And the traditional contractor's liability insurance, which normally limits its coverage to the third party liability, often fall short of covering all the aspects of these modern ventures. CPI in this way can cater to the needs by clubbing the important features of multiple insurances. It, I guess, will also be cost effective for the entrepreneur, as he only has to buy one insurance policy at the place of several.

Contractorinneed

Posted: Wed Dec 19, 2007 06:41 am Post Subject:

thnx for the info,,,but i wonder what is the disadvantage of having this big insurance,,,,since many insurance firm prefer to have a stand alone product,,,,

Posted: Fri Dec 21, 2007 01:06 am Post Subject:

I apologize for asking too much, but just another set of questions. Has CPI been introduced in many countries? what are they and how is the success rate?
Thank you

Posted: Fri Dec 21, 2007 07:14 am Post Subject: a link

Hi allegrato!

I believe..its a small sector in the global insurance industry with specifically focussed objectives. But with the passing the importance of such branches of insurance are becoming more & more visible-
(See if the following link helps you to understand it in a better way!)
http://www.munichre.com/en/ts/engineering/project_insurance/comprehensive_project_insurance/default.aspx

Regards,
ArindamSenIndies

Posted: Thu Jan 24, 2008 03:46 am Post Subject:

Thank you for your advise. I now have better understanding of the insurance. Now what I am looking for is the potential clients..
What kind of construction projects that use marine cargo transport as well?
For eg: a construction needs stone which is delivered from Brazil.....
Is it plant or mall projects or...?

Posted: Sun Apr 18, 2010 07:58 pm Post Subject: Exclusive?

Is this not applicable to projects other than large construction schemes?

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