Construction insurance is an important element to mitigate risks. Project managers, finance directors and construction professionals must understand the parameters of each contract.
Health, Safety and Security is Paramount in Construction Projects
The construction industry can be a dangerous place to work, creating many health and safety challenges. This is why we think it is essential to work with a dedicated risk management team who have the expertise to advise on the best ways to mitigate risk during the construction process and beyond as the building is occupied.
Proactive Risk Management: The Insurer by the engineers’ side to advise and help prevent incidents
Most insurance companies now provide risk engineering advice on best practices in health and safety on site, adherence to engineering standards, and/or compliance with applicable standards and regulations related to the protection of construction sites.
Risk engineers can provide auditing and testing of project risk management as well as support customers who require an independent organization to oversee contractors from a risk management perspective.
Construction Insurance and Risk Management: Why is the insurer one of the corner-stones of complex projects?
The parties at stake in a construction project form a complex ecosystem indeed! From a developer and lender point of view, project safeguards and financial security are fundamental to obtaining investment. Insurance companies act both as large investors and as risk transfer partners during the complex construction phase of a new project.
In line with these needs, the range of insurance products has never been so wide or indeed affordable. Along with a programme of proactive risk management, they form a powerful tool in reducing the risk to both the insured and the insurer.
Insurance Cover for Construction Projects: What Does It Protect?
Whether it’s a new construction, conversion or renovation, the main reason why insurance policies are sought in a construction project is to comply with the insurance requirements of the contract. In that view, the cover is usually taken in the joint names of the contractor and the principal.
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