SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Explain Contract Works Insurance as a way of managing risk on a construction site 
SAQA US ID UNIT STANDARD TITLE
14981  Explain Contract Works Insurance as a way of managing risk on a construction site 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2003-10-08  2006-02-09  SAQA 0150/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2007-02-09   2010-02-09  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
120134  Apply technical knowledge and understanding of Contract Works Insurance  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners who manage asset risk in insurance and other organisations. It will be useful for risk management generalists, loss adjusters and learners in short term insurance.

The qualifying learner is capable of:
  • Explaining why contractors need works insurance.
  • Explaining the cover in a contract works insurance contract.
  • Analysing the risks associated with a specific contract.
  • Interpreting a contract works insurance policy document. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should be competent in Communication and Mathematical and Financial Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is
  • Stakeholders are the visionary/developer, financier, contractor, insurer, project manager and broker.
  • Legal risks include common law, contract law and statutory risks. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain why contractors need contract works insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The stakeholders involved in contract works insurance are identified and an indication is given of the relationship between them. 

    ASSESSMENT CRITERION 2 
    2. The five main construction contractors based in the Southern African region are identified and an indication is given of the major type of contracts handled by each. 

    ASSESSMENT CRITERION 3 
    3. The associations that produce the most frequently used standard contract documents in contract works are investigated and an indication is given of who determines the standard contract to be used for a specific project. 

    ASSESSMENT CRITERION 4 
    4. The merits and demerits of individual contractor insurance versus principal controlled programmes of insurance are explained using case studies. 

    ASSESSMENT CRITERION 5 
    5. Five large local development programmes and five large African based contracts are researched with reference to what the project is/was, main players, costs of the project and term of the project. 

    SPECIFIC OUTCOME 2 
    Explain the cover in a contract works insurance contract. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The different sub classes of contract work insured under a contract work insurance policy are named and an indication is given of what is covered by each section. 

    ASSESSMENT CRITERION 2 
    2. The insurance clauses within a project contract are analysed and explained with reference to the insurance obligations of each party. 

    ASSESSMENT CRITERION 3 
    3. The insurers and underwriting managers who offer contract works insurance are identified and an indication is given of how a broker would decide where to place the insurance. 

    SPECIFIC OUTCOME 3 
    Analyse the risks associate with a specific contract. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The potential financial risks are identified in a specific contract. 

    ASSESSMENT CRITERION 2 
    2. The potential liability risks are identified in a specific contract. 

    ASSESSMENT CRITERION 3 
    3. The potential legal risks are identified in a specific contract. 

    ASSESSMENT CRITERION 4 
    4. The potential material damage risks are identified in a specific contract. 

    ASSESSMENT CRITERION 5 
    5. The potential interruption risks are identified in a specific contract. 

    ASSESSMENT CRITERION 6 
    6. The potential SASRIA risks are identified in a specific contract. 

    ASSESSMENT CRITERION 7 
    7. The risk analysis is used to determine the type of insurance required for a specific project. 

    SPECIFIC OUTCOME 4 
    Interpret a contract works policy document. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Three sections of a standard contract works policy document are interpreted with reference to a specific contract document and development. 

    ASSESSMENT CRITERION 2 
    2. The concept of a maintenance period is explained and an indication is given of the implications of a maintenance period on insurance. 

    ASSESSMENT CRITERION 3 
    4. Ancillary covers are identified in a specific contract. 

    ASSESSMENT CRITERION 4 
    3. The concept of handover is explained and an indication is given of the implications on insurance. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the INSQA or with an ETQA that has a Memorandum of Understanding with the INSQA
  • Moderators must be registered as assessors with INSQA, or with an ETQA that has a Memorandum of Agreement with INSQA.
  • Training providers must be accredited by the relevant ETQA.

    Moderation should include both internal and external moderation where applicable 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are capable of identifying and solving problems in which responses show that responsible decisions using critical and creative thinking have been made in determining the type of insurance required for a specific project. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in analysing the risks associated with a specific contract. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 120134, which is "Apply technical knowledge and understanding of Contract Works Insurance", Level 4, 4 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2006-10-08  Was INSETA until Last Date for Achievement 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.