Sri Lanka Insurance Corp. General CAR insurance session for constructors enables risk management roadmap

Thursday, 2 May 2024 00:15 - - {{hitsCtrl.values.hits}}

Sri Lanka Insurance Corporation General (SLICGL) hosted a comprehensive CAR (Construction All Risks) insurance awareness session at Courtyard by Marriott Colombo recently to educate stakeholders from the construction sector and the Road Development Authority (RDA) on the crucial role of CAR insurance in mitigating risks inherent to construction projects.

The session covered various facets of CAR insurance, including its scope of coverage, benefits, risk assessment, policy features, claims management, and best practices in risk mitigation safeguarding projects against unforeseen risks and liabilities.

The session also emphasised SLICGL’s commitment to supporting the growth and resilience of the construction sector while ensuring the protection of stakeholders’ interests and investments. SLICGL endeavoured to facilitate meaningful dialogue, knowledge exchange, and networking opportunities to collectively address the risk management challenges faced by the construction industry, both in the public and private sectors.

The insightful program was led by Dr. Weedige S. Sanjeewa, a renowned expert in the field of insurance and Head of the Department of Insurance and Valuation at Wayamba University of Sri Lanka. Dr. Sanjeewa’s extensive knowledge and industry experience provided invaluable insights into the intricacies of CAR insurance, equipping participants with essential knowledge to navigate the complexities of risk management effectively.

During the session, expert speakers and industry veterans explored various aspects of CAR insurance, including its scope of coverage, benefits, risk assessment, policy features, claims management, and best practices in risk mitigation. The event served as a platform for stakeholders to enhance their understanding of the crucial role CAR insurance plays in safeguarding construction projects against unforeseen risks, liabilities, and potential financial losses.

The target audience for the session included construction companies, contractors, project managers, engineers, and officials from the Road Development Authority (RDA) involved in infrastructure development projects.

The initiative is particularly significant as Sri Lanka witnesses’ rapid infrastructure development and construction activity, highlighting the importance of robust risk management practices and adequate insurance coverage.

Construction projects are inherently exposed to a myriad of risks, ranging from natural disasters to third-party liabilities and unforeseen accidents. CAR insurance serves as a vital risk management tool, providing comprehensive coverage and enabling stakeholders to mitigate potential disruptions and financial setbacks.

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