UIB. Used in Construction & Engineering Insurance. Selected Abbreviations. A short guide

Transcription

1 This short guide was prepared as an aid for trainees and newcomers to Construction and Engineering Insurance. Although it includes a number of abbreviations that are found in construction contracts, construction and engineering and other classes of insurance and brokers slips, the guide is not comprehensive. The user of this guide will notice that some of the abbreviations are not universal. These were included because they are used in the London market. The compiler thanks Gary Lille and Ishaq Awad Sahhar for their interest and contribution. The compiler would be pleased to receive corrections or additions to this guide. Compiled by Misbah G A Kamal

2 A ACE AGCA AGG ALOP AOA AOL AOO AP ARPI B/D BAR BI BO BOM BOO BOOT BOT Association of Consulting Engineers Associated General Contractors of America Aggregate Advance Loss of Profit [Delay in Start Up] Any One Accident Any One Loss Any One Occurrence Additional Premium All Risks Property Insurance [Policy for covering operational risks, also known as Industrial All Risks Insurance] B Barrels per Day Builders All Risks Bodily Injury/Business Interruption Build-Operate Build-Own-Maintain Build-Own-Operate Build-Own-Operate-Transfer Build-Own-Transfer/Build-Operate-Transfer

3 CAR CCC CCC CCTV CCU CD CECR CGL CIF CM/D CM/S CM/Y CMI COC CON LOSS CP CPA CPE CPM CSL CTC CW C Contractors All Risks /Construction All Risks Care, Custody and Control Claims Control Clause/Claims Co-operation Clause Closed Circuit Television Combined Cycle Unit Closing Date Civil Engineering Completed Risks Comprehensive General Liability Cost, Insurance and Freight Cubic Metres per Day Cubic Metres per Second Cubic Metres a Year Comprehensive Machinery Insurance [A Munich Re policy form] Course of Construction Consequential Loss [Business Interruption] Comprehensive Project Insurance [A Munich Re form made up of four sections. Section 1a Project Works(which is compulsory under this form), Section 1b Plant, machinery and equipment, Section 2 Third party liability, Section 3 Delay in start-up, Section 4 Marine cargo. Contractors Plant Association Contractors Plant and Equipment/Construction Plant and Equipment Construction Plant and Machinery Combined Single Limit Cut Through Clause Contract Works

4 D DBFO DE DE DESAL DIC DIE DSU DTEP EAR ECA ECC ECGD EEL EIL EL EML ENDT EPC EPCM EPIC Design-Build-Finance-Operate Damage to Existing/Surrounding Property Defects Exclusion Desalination Difference in Conditions Difference in Excesses Delay in Start Up [Advance Loss of Profit] Damage to Existing Property E Erection All Risks Export Credit Agency Engineering and Construction Contract Export Credits Guarantee Department Each and Every Loss Environmental Impairment Liability Employer s Liability Estimated Maximum Loss Endorsement Engineer-Procure-Construct/Engineering, Procurement and Construction Engineering, Procurement, Construction & Management Engineering, Procurement, Installation and Commissioning

5 F FAC FCC FCEC FCV FEED FIDIC FIEC FIIC FM FOB FOR FTRRI G/D GOSP GSM GT Final Acceptance Certificate/Facultative Fluid Catalytic Cracker Federation of Civil Engineering Contractors Final Contract value/full Contract Value Front End Engineering and Design Federation Internationale des Ingenieurs-Conseils Federation Internationale Europeenne de la Construction Inter-American Federation for the Construction Industry Force Majeure Free on Board Free on Railway For their respective rights and interests G Gallons per Day Gas/Oil Separation Plant Global System for Mobiles Gas Turbine H H/C HAZOP HRZ Held Covered Hazard and Operability Studies High Radioactive Zone

6 I I CHEM E I MECH E ICE ICOW ID/IQ IFAWPCA IFC IOCs IPMA IPO IPP ITB IUA IWPP IWSPP Institution of Chemical Engineers Institution of Mechanical Engineers Institution of Civil Engineers Increase in Cost of Working Indefinite Duration/Indefinite Quantity [contingency contracts] International Federation of Asian and Western Pacific Contractors Association International Finance Corporation International Oil Companies Integrated Project Management Agreement Initial Public Offering Independent Power Plant, Independent Power Project Invitation to Bid International Underwriting Association Independent Water and Power Project Independent Water, Steam and Power Project J JCT JV L/U LCB LD Joint Contracts Tribunal Joint Venture Leading Underwriter Low Claims Bonus Liquidated Damages L

7 LEG London Engineering Group [An open forum whose members meet for general discussions on topical engineering underwriting issues which may assist in maintaining underwriting standards. LEG consists of representatives of a large number of insurance and reinsurance entities trading in the London Market.] LNG Liquefied Natural Gas LPG Liquefied Petroleum Gas LSTK Lump Sum Turnkey [A type of construction contract] LSW 1001 London Special Wording (Insurance)/London Special Wording (Reinsurance) [standard clause defining severality of liability as opposed to joint liability of underwriters] LTA Long Term Agreement M M&E MB MCC MD MED MENA MIGA MIN MLOP MPL MR MSF Mechanical and Electrical [contract or sub-contract] Machinery Breakdown Mechanical Completion Certificate Material Damage Multi-Effect Distillation [A desalination process] Middle East & North Africa Multilateral Investment Guarantee Agency [party of the World Bank Group. It provides investment guarantees against certain non-commercial risks (political risk insurance) to eligible foreign investors for qualified investments in developing member countries. MIGA covers the following risks: Transfer Restriction, Expropriation, Breach of Contract, War & Civil War Disturbance] Minimum Machinery Loss of Profit Maximum Possible Loss/Maximum Probable Loss Munich Re/Munich Reinsurance Company Multi-Stage Flash [A desalination process]

8 MTCE Maintenance N NBI NC NCB NCG NMA O&M O/I OCC OCIP P&W PAC PCW PD PFI PI PL PMC PML PPP PT Non Binding Indication Numerically Controlled No Claims Bonus No Cover Given Non Marine Association [A Lloyd s association] O Operation & Maintenance Original Insured Occurrence Owner Controlled Insurance Programme P Power & Water [Projects] Provisional Acceptance Certificate Practical Completion of Works Property Damage/Malicious Damage Privately Finance Initiative Professional Indemnity Public Liability Project Management Contract/Project Management Consultancy Probable Maximum Loss Public Private Partnership Proto Type

9 PWPA R/I RAIA RFA RFP RFT RIB RIBA RO ROD RP Power and Water Purchase Agreement R Reinsurance/Reinsured The Royal Australian Institute of Architects Request for Application Request for Proposals Request for Tender Request for Indicative Bids Royal Institute of British Architects Reverse Osmosis [A desalination process] Removal of Debris Rust, Oxidation & Discoloration [mainly in Marine Cargoinsurance] Return Premium S S&P S&T SCMS SMY SPA SR SRCC Seepage and Pollution Sabotage and Terrorism Supply Chain Management System [Management of shipment of supplies and materials on receipt from freight forwarders until final destination(s)] Specified Minimum Yield Sales and Purchase Agreement Swiss Re/Swiss Reinsurance Company Strike, Riot and Civil Commotion T T&C Testing and Commissioning

10 T/Y TBA TCP TCV TOC TOR TP TPL TPPD TSI Tonnes per Year To be advised/to be agreed Total Contract Price Total Contract Value Taking-Over Certificate Time on Risk Third Party Third Party Liability Third Party Property Damage Total Sum Insured U U/W UPVC USAID Underwriter Unconfined Vapour Cloud Explosion US Agency for International Development V VAT VCE VRI Value Added Tax Vapour Cloud Explosion Very Rough Indication W WCA WLOW Workmen s Compensation Act Without Limitation or Warranty

11 WP WW Without Prejudice Worldwide X XL XS Excess Liability/Excess of Loss Excess