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Marsh’s Global Construction Practice is organised to provide you with a full range of risk management services and insurance specialists for your every need.
2,500+ construction clients worldwide...350+ active projects with in excess of US$100 billion in total value
RESEARCH AND BRIEFINGS
The professional indemnity (PI) construction insurance market has seen narrowing coverage and increasing costs for placements and renewals since mid-2018; increases are highly likely in 2020, and the implications of COVID-19 are to be seen.
UK construction site security breaches cost the industry about £1.2 billion annually; with pandemic-related shutdowns and the changing CAR insurance market, could you afford a security breach?
In the seventh edition of our construction magazine Building Sight, we look at how the construction industry is helping to reduce waste by using less and finding ways to use more recycled materials.
risk in context
Contractors, developers, and civil engineers are committing themselves to improving workers' mental wellbeing, but the robustness of fledgling initiatives could be greatly tested by COVID-19.
Risk is ever present in the construction sector, creating uncertainties that can increase costs, erode stakeholder confidence, and negatively impact the delivery of project goals. A professional risk management strategy can reduce uncertainty and promote increased reward.
Our team helps you assess risks and opportunities and uncover ways to use working capital more efficiently. We measure your firm’s appetite for risk, recommend solutions that meet your needs, and take your programme to market knowing the best insurers for the optimum structure and pricing.
Our strengths include:
The result: Marsh’s Global Construction Practice is an international team operating across geographical boundaries, which offers you opportunities and solutions to meet your needs.
The International Energy Agency predicted that a total of 5,890 GW of additional power capacity would be required between 2012 and 2035. This need for ever-increasing sources of power on a global level continues to create ongoing opportunities for the construction of new plants and facilities. At the same time, competition is driving manufacturers to constantly develop new technology, presenting unknown challenges to contractors, risk managers, investors, and insurers. Marsh’s power specialists maintain an up-to-date knowledge of such developments through regular contact with clients, manufacturers, and sector insurers.
Marsh has an in-depth understanding of the complexities of projects financed on a limited recourse basis. The structure of such transactions can be complex, with many insurance obligations to be considered across various contracts, including engineering, procurement, and construction (EPC) contracts, purchase agreements, loan agreements, and operations and maintenance (O&M) agreements, etc.
Ensuring that the insurance requirements in all contracts are drafted in the knowledge of what is reasonably available in the markets, and also ensuring that the various contracts dovetail correctly, is an area of which we have thorough knowledge. We know insurance is not allowed to delay financial close and we proactively manage legal and financial counterparts to ensure that does not happen.
With the fluctuating environment of the oil, gas, and petrochemical industry comes the need to develop new and cutting-edge risk solutions to meet the sector’s needs and requirements. Every project demands a bespoke suite of cost-efficient insurance services.
Marsh's energy risk engineering team is well qualified to provide risk managers and underwriters with the essential information they need to determine the right limits, scope of cover, and price. Our in-depth knowledge and understanding of the sector provides you with comprehensive contract reviews and advice at the early stage of any project. Marsh's benchmarking capabilities enable us to compare new projects with the many projects we have already placed. This benefits you, as we bring that experience to bear when we present your projects to the market.
Losses encountered during the construction phase of a project can be hugely costly, both in terms of physical damage, and lost time. Marsh's energy claims team deals with some of the industry’s largest and most complex losses. Our professional approach to claims management has resulted in significant success for our clients; not only financially, but also facilitating a much sought-after, shorter claim life-cycle.
Experience has shown that the negative time and cost impact of major risks, such as varying geological conditions and exposure to natural hazards, can be particularly severe in the infrastructure sector.
These risks create a wide range of exposures linked to areas of design, construction, interfacing, and sequencing which must be continually evaluated and managed by the project team.
Risk management strategy must be tailored to minimise the impact of specific risks on the project works, existing infrastructure, construction equipment, and third parties, in particular.
Marsh experts work with owners, contractors, engineering consultants, and project partners to implement innovative risk management and transfer solutions for many of the world’s most technically challenging construction projects. Our dedicated risk engineering services and broking capabilities are proven to support project delivery — on time and on budget.
Some construction companies procure contract works insurance policies on a case-by-case ad-hoc basis when required to do so as a contractual obligation or requirement.
While this may be an appropriate and necessary approach for very large projects, for heavy civil works (such as tunnelling and wet works) and projects in specific natural catastrophe zones, there is an effective and advantageous alternative for a contractor’s portfolio.
Marsh works with many national and multinational contractors to design and arrange annual or multi-year insurance facilities that automatically include all projects within pre-agreed parameters and limits, without the need to arrange single project policies.
There are many advantages for a contractor adopting an insurance facility approach, including: