Ms. Rima Antonios was the speaker with PMI Lebanon Chapter for November 2019 and delivered a lecture about the Hidden Insurance Policies in Projects.
PMI Lebanon Chapter Monthly Talk
3. AGENDA
Correlation between risks and insurance types
Common Insurance types and policies
Stakeholders related insurance policies
Project sponsor
Project Manager
Staff
Case Studies and impact assessment
Q&A
5. RISK MANAGEMENT
Project risk management is the process of identifying, analyzing and then responding to any
risk that arises over the life cycle of a project to help the project remain on track and meet its
goal. Risk management isn’t reactive only; it should be part of the planning process to figure
out risk that might happen in the project and how to control that risk if it in fact occurs.
A risk is anything that could potentially impact your project’s timeline, performance or budget.
Risks are potentialities, and in a project management context, if they become realities, they
then become classified as “issues” that must be addressed. So risk management, then, is the
process of identifying, categorizing, prioritizing and planning for risks before they become
issues.
7. RISK MANAGEMENT
Every project is in need of different types of insurances:
What types of insurance policies your project needs.
What insurance policies are needed to manage the transferable risk ….
8. Common Insurance types and policies
1. WORKMEN COMPENSATION
2. FIRE AND BURGLARY
Insuring your business against Fire and Burglary will most of all relief you from the financial burden triggered by the
damages resulting and help you restart your activity.
3. LIABILITY
‣ Third Party Liability protects you against any financial loss as a result of your activity or of an accident at your
property.
‣ Professional Liability protects professionals against claims initiated by their clients and resulting from the practice
of their profession. It is required by professionals who have expertise in a specific area, and offers protection
against claims arising out of business or professional practices such as negligence, malpractice,
misrepresentation, errors or omission.
‣ Product Liability & Recall
9. 4. VEHICALS AND MOTOR
5. MARINE
Making sure that your goods arrive safely to port is vital for you. Marine Cargo policy provides wide-ranging
coverage whether your cargo is on land, at sea or in the air.
6. POLITICAL VIOLANCE
‣ Act of Terrorism
‣ Sabotage
‣ Riots, Strickes and/or Civil Commotion
‣ Malicious Damage
‣ Insurrection, Revolution or Rebellion
‣ Mutiny and/or Coup d'Etat
‣ War and/or Civil War
7. TRAVEL
8. MEDICAL
10. STAKEHOLDERS
What other insurance policies are needed to manage the risk of continuation.
What are the risks if any of the stakeholders dies or disabled, who will replace him..
and what are the risks …
We should take into consideration in long and short term projects
11. EMPLOYEES BENEFITS AND LAW DECREE 136
DISABILITY BENEFIT
‣ AGE < 35 YRS 800 days (average daily income)
‣ 35>AGE <50 YRS 700 days (average daily income)
‣ AGE >50 600 days (average daily income)
ACCIDENTAL DEATH
500 days (average daily income)
12. EXAMPLES
Employee income 1 000 000 LL
Average daily income 1 000 000 /25days = 40 000 LL
675 000 /25 = 27 000
40 000 – 27 000 = 13 000 LL
Death benefit 500 days
((13 000 *25%) + 27 000 )*500 = 16 875 000 LL
13. KEY MAN
Key people are individuals whose skills, knowledge, experience or leadership
are important to a business’ continued financial success.
Should something happen to one of these individuals it is likely that their loss
will have a detrimental impact on the profitability of the business and will
cause financial strain.
Examples of a key individual include, but are not limited to: company
directors, sales directors, IT specialist, managing directors and heads of
product development.
14. KEY MAN
Losses related to the extended period when a key person is unable to work, to
provide temporary personnel and, if necessary, to finance the recruitment and
training of a replacement.
Insurance to protect profits. For example, offsetting lost income from lost
sales, losses resulting from the delay or cancellation of any business project
that the key person was involved in, loss of opportunity to expand, loss of
specialized skills or knowledge.
16. PARTNERSHIP INSURANCE
Partnership insurance is a type of insurance that is commonly purchased by partners in a
business. It generally involves partners purchasing life insurance policies on each other and
naming themselves as the beneficiary. This way, if one of the partners dies, the other can use
the life insurance payout to purchase the deceased partner's share of the business.
Partnership insurance protects businesses by helping to prevent a third partner from coming in
and purchasing a partner's share when they die. With partnership insurance, the control of the
business is generally consolidated into the surviving partner's hands.
17. Q & A
Q &A
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