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Aon Energy Risk Engineering - Design and Construction Reviews
Designing a New Facility? Focus on Insurance.
Insurance during the operational phase of a project is a significant cost, often representing millions of dollars of revenue expenditure. The cost of this insurance, the required insurance limits and the extent of available coverage will be dependent to a large extent on the perceived risk of the facility in the eyes of the underwriters and their engineers. This cost is related to the risk and reflects the losses that have occurred in the past – both in terms of the size and frequency. Design stage and construction risk review aims to assist in the reduction of the likelihood and severity of losses during hot testing/commissioning and the operational phases.
“Best in Class” Risk Management Practice Worldwide
Insurance focused design and construction reviews highlight opportunities to recommend improvements to the design and plot plans of the facility to maximize benefit to insurance considerations during the operational phase, at which time any expensive retrofitting could be prohibitive. These insurance focused design reviews will:
- Ensure loss control is incorporated at an early and cost effective stage of the project
- Facilitate understanding of the loss control features of the new facility from an Insurer’s perspective
- Provide a ranking of these features against best practice
- Provide recommendations for improvement where appropriate
- Provide independent assurance that design criteria are being followed
- Provide an EML analysis using insurance risk models with a view to minimizing 1st party and 3rd party consequences and production interruption
- Provide a report to support the placement of Construction All Risks (CAR) insurance for the project
Benefits
Aon Energy Risk Engineering’s reports for construction risks are designed and compiled for easy reference and an expert, informed opinion. A Construction Underwriting Report will be completed at the beginning of the project to insure the construction and commissioning phase of the project. This should be updated at least annually during the course of the project. The Construction Underwriting Report can be used to:
- Provide options for insurance
- Provide recommendations to prevent costly retrofits after start-up
- Prevent project delay for accidents during construction
