Archive for December, 2009

One of the most interesting facts about the construction industry in Ireland is that there is no legal requirement for a construction company to have someone from the insurance! In fact, an Irish entrepreneur, the only insurance is required to have the basic engine of his car! Although no formal obligation under Irish law for a contractor to hold adequate insurance, it is essential that adequate cover is in place. A main reason is high damage and mortality in the construction sites in Ireland. A large force of the explosion of recent construction, the number of deaths per thousand shares declined in recent years although it is still unacceptably high. For example, in 2001, 28% of workplace deaths were related to the building and construction industry in Ireland is still in second place in the Irish agriculture and forestry. Like many primary providers require their subcontractors to maintain insurance reality is that, despite the fact that insurance is a legal requirement that there is generally a prerequisite for work in construction sites for most countries the need for insurance is a necessity in all but the law! Even if the insurance is a fairly complex area covers four main areas are: • Liability insurance • Employers Liability Insurance • Contractors All Risk • Traveler Insurance Liability Insurance Liability insurance [PL] provides protection if the insured is sued by a third party claiming to have suffered injury or loss due to negligence of the insured (laches). Consider the following examples where liability insurance cover • You run a plumbing business. One day you are called to an office to solve a problem in their kitchen. Error, you can burst a pipe, and flood the office. Your client then makes a claim against you for damage to carpets and computer systems that have been damaged by water. • You are a master builder. As she walked along the scaffolding of your men drops a piece of equipment is placed in the street and damaged a passing pedestrian. The pedestrian makes a claim against your company. Of course, this is very simplified example and we have not discussed the complex product liability / Liability and duty of care, etc., but it should provide a basic understanding of liability insurance. Employers Liability Insurance Liability insurance employers [EL] provides protection if one of your employees suffer physical injury or death, and it is proved that when an employer you acted negligently and subsequently could have prevented their loss. If they decide when to sue you for compensation the insurer will pay the debt. Consider the following example, where employers liability insurance cover • You run a carpentry business. One of your employees loses a finger while using a saw and decided to make claims against you for his injury • You are a scaffolding contractor and scaffolding around a residential building. Although construction of the scaffolding of your employees fall and suffer serious injuries. He decides to file a complaint against your company. Please note that Public & Employers Liability is offered ‘hand in hand “, that is where the organization of insurance, you must arrange for both public liability and the Employers Liability Insurance together [Also known as Combined Liability Insurance] as employers liability insurance is not available on a stand-alone basis.. Contractors All Risks Insurance Contractors All Risks Insurance (also known as a works contract of insurance) is insurance specially designed for builders and many other artisans who work on the contract site. Contractors All Risks insurance can include cover for contract works, own facilities, facilities rental and tools of the employer. Most contractors all risks insurance is the market works section provides coverage for the good work (eg new house, etc..) However, cover existing property is excluded (for example, the existing structure to build an extension ), and must continue to be insured in self-insurance. Consider the following examples where Contractors All Risks cover • You are a builder and build a house for resale. So far you have spent € 200,000 on materials and labor. Property fire and was destroyed before it is completed. • You are hired and the Foundation is currently digging the foundations of a new residential area. Of course, you leave your shovel on site until completion of the contract, however one night your excavator is stolen. Accident Insurance Accident insurance [Also known as income protection insurance] is highly recommended for a sole proprietor, business partners and managers as a combined liability policy does not cover damage to a single operator / business partner then it is very difficult for a director of the company to pursue their own business. A policy can be tailored to your needs and activities include a monthly benefit tax free, lump sum [capital benefit] and the hospital money. Consider the following example, where insurance covers accidents • You are self-employed carpenter with no employees. You cut your hand and can not work in eight months. As you have Personal Accident coverage, you receive a tax benefit of € 1,500 a month and continue to receive this amount until you return to work. • The personal accident / income protection insurance can not replace full-time earnings, giving you an income if you can not serve and it will reduce your financial worries at a time when your recovery should be your top priority. Machinery & Plant Insurance Machinery and plant is normally determined on a case by case basis and gives Accidental Damage Protection against fire and theft cover for machinery. This policy is normally taken by entrepreneurs who want to cover a number of points. Health & Safety Executive In Ireland, the HSE [Health & Safety Executive] has the ultimate authority on construction sites and have the ability to close a site if they think it is a safety hazard. Their main initiative is the ‘Safe Pass’ – a program of site security daily. Who needs to carry out awareness training Safe Pass? Safe Pass is a one-day program of safety education for workers in general construction, craftsmen and staff on site safety in the construction industry. The program objectives are: • increase the level of safety awareness in construction industry • ensure that facility personnel have conducted an awareness day program can make a positive contribution to the prevention of accidents and disease while working on the site • keep records of staff trained • provide participants with a registration card FAS Safe Pass, indicating that the holder has a course in health and safety Under the Health, Safety and Welfare at Work (Construction) 2006 Safe Pass / Program safety information applies: – (a) vessels and the construction workers generally (b) persons who carry on Safety and (c) persons or groups of persons who may be prescribed by the Minister. For more information on the safety of Irish site, visit the website of the Health & Safety Authority www. HSA. ie, while for more information on the Irish insurance is available at www Keystone Insurance. Keystone. ie, the leading provider of Ireland Insurance