Janashakthi risk management workshop for engineers a resounding success

Thursday, 18 December 2014 00:00 - - {{hitsCtrl.values.hits}}

Leading insurer Janashakthi Insurance recently held a workshop on engineering insurance and better risk management with the aim of educating experts in the engineering sector. The session focused on proper building practice that in turn would ensure swift claims settlement.

From left: Engineering Management Consultant Jagath Bandaranayake, Consultant Civil and Risk Engineer Bandula Amarasekara, COO – Janashakthi Dayalanie Abeygunawardena, President of the Association of Consulting Engineers Sri Lanka Kamal Laksiri and Deputy Chairman – Janashakthi Insurance C.T.A. Schaffter participating in the panel discussion The workshop was hosted by Janashakthi as part of the company’s commitment towards knowledge management. As one of the strongest players in the segment, the workshop aimed to dispense knowledge on risk mitigation while building partnerships with engineers, given the surge of infrastructure development in the country. Janashakthi Chief Operating Officer – General Insurance Dayalinie Abeygunawardena delivering the welcome address said, “Infrastructure plays a vital role in economic development. Engineering projects are capital intensive in nature and are exposed to a wide range of risks throughout the construction period. Undue delay in the completion of these projects causes substantial losses as they are deprived of anticipated or projected projects. With a sound finance protection and risk management plan, you can minimise all these risks.” The event saw enthusiastic participation from contractors and those in the engineering and construction sector, who were educated on Janashakthi’s specialised insurance product to protect them against risk. General Manager – General Insurance Shani Ranasinghe took the audience through their Contractor’s All Risk and Erection All Risk insurance policies, explaining the terms of each in laymen’s terms. The presentation included the relevant exclusions that contractors and engineers had to be aware of before signing the policy, as well as important documents that had to be submitted at the time of signing up. Ranasinghe also explained relevant policy extensions such as architect’s fees and off-site storage that could be provided for, in an illuminating and wide-ranging presentation. Chief Risk Engineer Duminda Abeywickrema then took the participants through construction best practices to follow, especially when related to Janashakthi’s tailor-made policies. Abeywickreme stressed on the importance of proper shoring, sheet-piling and foundation laying.

Risk Engineer Indika Kumara then showcased some practical case studies where the policies had come into play. The workshop was followed by a lively panel discussion. Janashakthi Insurance Deputy Chairman C.T.A. Schaffter was a panellist alongside Association of Consulting Engineers Sri Lanka President Dr. Kamal Laksiri, Consultant Civil and Risk Engineer/Independent loss adjuster Bandula Amarasekara, Chief Operating Officer Dayalinie Abeygunawardena and Engineering Management Consultant/independent loss adjuster Jagath Bandaranayake. “Leveraging financial strength and underwriting expertise, the highly-skilled and experienced technical teams of Janashakthi Insurance offer the Engineering and Construction sector a comprehensive range of innovative risk management solutions. Our offerings are backed by globally recognised re-insurers in order to meet the unique needs of our clients,” Abeygunawardena said. Some of the major projects that Janashakthi has insured include the Customs building, House of Fashions, the Neuro-Trauma unit of the General Hospital, Liberty Plaza and the Institute of Personnel Management. Janashakthi has also lent its expertise to major infrastructure projects such as the Lower Kotmale hydropower project. Janashakthi offers a wide range of engineering risk solutions namely Contractors All Risk, Machinery Break down, Erection All Risk, Contractors Plant and Machinery, Plant All Risk, Boiler and Pressure Plant and Electronic Equipment Insurance. The company has paid out over Rs. 18.87 million in Contractor’s All Risk claims in September 2014 alone, it was revealed at the workshop. Whether it is a multi-billion road construction, hydro-power, water supply projects or high rise civil construction projects, Janashakthi’s project-specific insurance expertise allows for tailor-made comprehensive cover for clients involved with large and complex projects, building strong, mutually-beneficent partnerships through the lifecycle of the project.