How to effectively manage key risks in the construction industry with contractor all risks insurance?
The construction industry in Asia is confronted with a range of interconnected risks today, including geopolitical tensions, extreme weather, economic challenges, and reputational risks stemming from inadequate risk management.
These risks impact each construction project and organisation differently but they have the same potential to cause delays and financial disruptions. To stay resilient, companies need to accurately identify and quantify risks, to prioritise and implement the right risk mitigation actions with the best-fit contractor risk transfer solutions.
What are the essential risk mitigation solutions for contractors?
Backed by extensive industry expertise and a global network of carriers, our tailored solutions are developed using robust data and analytics capabilities, ensuring their effectiveness:
Construction all risks / Erection all risks
Our extensive placement scale and specialised broking expertise, which we have gained from working with over 25% of Asia’s top 100 construction contractors have given us a distinct advantage and unrivaled leverage in negotiating optimal terms and pricing for our clients. With project experience that includes all sectors of the construction industry across Asia, the Marsh Construction team can customise innovative construction risk insurance solutions for contractors. These solutions cover all risks (except as excluded) of physical loss or damage to the permanent and / or temporary works occurring during the construction period until project completion.
Key risks covered by the policy include:
- Third Party Liability
Indemnity of legal liability to pay compensation to third parties for personal injury and / or property damage arising in connection with the execution of the construction works.
- Resultant physical loss / damage arising from defects in design, plan, specification, materials or workmanship
- Natural Catastrophe perils / Acts of God
- Fire
Other insurance programs to consider:
- Professional Indemnity (PI)
With dedicated PI specialists within the Marsh Asia's Construction team, our PI coverage solutions are customised to meet the specific needs of organisations and projects. These solutions provide indemnification against legal liability for claims alleging negligent acts, errors, or omissions in the performance of professional services related to a construction contract.
Advisory services and solutions
- Risk Engineering
Project risk reviews performed by the qualified Marsh Risk Engineering team to identify, manage and thoroughly evaluate project-related hazards and risks. Site survey plans are established to assess overall site working practices, aligning with industry best practice, and provides targeted loss control recommendations to enhance risk management.
- Claims Solutions and Advocacy
Independent support provided by Marsh Claims specialists with extensive legal practice experience, including dispute resolution in the construction industry, for recovering losses in connection with large, complex, or contentious claim events.
How well-prepared and resilient is your construction business?
Speak to our construction experts today to tailor an innovative and cost-effective risk transfer solutions program suitable for your construction projects.
Contact us