Read the insurance clauses first
EPC contracts usually specify which party insures what, the required limits, named insureds and waiver requirements. These clauses should shape the insurance programme from the start.
Typical components
Depending on the project, the programme may include Contractors All Risks or Erection All Risks, Contractor's Plant & Machinery, marine-cum-erection cover for imported equipment, third-party liability, employee covers and surety bonds.
Plan for the full project timeline
Testing, commissioning and maintenance periods, and extensions of time, all affect the policy period and cost. Agree how extensions will be handled before the project starts.
This article provides general information only and is not advice on any specific policy or risk. Insurance is subject to terms, conditions, exclusions and applicable regulations.