Insurance Management- The Expertise of Turning Insurance Premiums into Profits!

Insurance Management
Big construction projects often mean big risks! Their complex nature, the involvement of various parties, and huge capital investments make them susceptible to various risks. Natural calamities, inadvertent delays, accidents, machinery breakdown, sabotage, poor project planning, costs escalation, third party liabilities, and the risk-list goes on & on. With so much risk involved at every step, good insurance policies and effective Insurance Management can prove to be a lifesaver for every contractor!

Insurance Management in Construction is not only about procuring the right insurance policy but also about tracking the opportunities for the right insurance claims. While contractors often see insurance as a necessary evil due to its high premiums, diligent Insurance Management by professionals can change this cost into a source of revenue for the contractors.

Insurance management in Construction Project:

With such huge risks and high costs of insurance premiums, good insurance management is essential for contractors to keep down the costs and make profits. Let’s look at the few important functions of Insurance Management in the Construction sector:

Choosing the Right Insurance Policy

With so many types of insurance policies, ranging from Contractor’s All Risk policy to erection Insurance Policy, Machinery Breakdown Policy, and many more, it is very important to pick the right ones to meet the project needs. Insurance management experts help you trim insurance costs without cutting corners in terms of risk insurance. They evaluate the insurance portfolio, set insurance priorities, and analyze the underwriting factors to help you pick the right policies.

Negotiation of Premium & Policy Customization

Insurance management specialists help negotiate the premium rates and include additional clauses in non-standard insurance policies to secure maximum risk coverage.

Insurance & Risk Audits

Insurance management professionals conduct regular audits to ensure on-time premium payments, renewal of any policy if required, and tracking various insurance claims.

Risk Management Practices

Insurance management is not only about managing your insurance policies but also evaluating and managing risks throughout the project. Assessment of such risks, securing cover against them, and tracking the project to file claims against such risks is the most important function of insurance management. From delay claims to natural calamities, from theft & sabotage to machinery breakdown, all mishaps during the construction project are covered under various insurance policies. It is the work of the adept Insurance management team to keep track of these losses and file quick claims for the same.

Filing & Securing Insurance Claims

Timely filing of claims backed by sufficient documentation is the mantra for every successful claim. Insurance management experts help you do just that! They create & go through mounds of paperwork, organize damage analysis, coordinate with the assessors from the insurance companies, and manage negotiations with the insurance companies. It is often followed by chasing the insurance company for the expedition of claims, and post-claim reviews & appeals if required.
This entire process, right from choosing the right insurance to filing & securing insurance claims, requires a team of Insurance management experts. With their experience, diligence, and expertise, they assist you in procuring apt policies and using the same to set-back any losses arising during the project. However, along with the expertise, immense time & ability is required for going through tons of paperwork, finding the relevant e-mail for staking claims, and creating various documents to support such claims. Such processes often take the contractor’s focus away from the project. Therefore, a professional insurance management team is vital for every construction project.

We, at Contract Square, promise you an expert Insurance management team to handle all your risk & insurance concerns, tackle the paperwork, and fight your claim battles to secure significant awards. Please reach us @ Contact Us for quick & comprehensive assistance in managing your construction contracts, insurance, and claims.

  1. Errors/Addition/Omission in contract documents.
  2. Failure to comply with the conditions mentioned in the contract by the contractor/client.

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