According to a recent Asian Development Bank report, Asia is set to spend $26 trillion through 2030 on various massive infrastructure projects currently underway in the region. This has been spurred to a large extent by China’s ambitious Belt and Road Initiative which seeks to build a trade, investment, and infrastructure network connecting Asia with Europe and Africa.
Construction projects are complex and involve many stakeholders – which present high levels of risk. In addition, each unique project has its own specific construction risks which need to be identified and addressed.
Failure to adequately address the inherent risks in construction projects have the potential to result in millions of dollars in cost overruns and months of lost production and profits due to the delay caused to the overall project.
As such, it is vital for project owners/developers and contractors to ensure they get the right protection and coverage during the early stages of the project’s development through the application of appropriate risk transfer and finance mechanisms from a reputable insurer.
In this eBook, aimed at project owners and sponsors, we will broadly explore three key methodologies for structuring insurance programmes for construction projects and address the merits and risks associated with each option. We also delve into greater detail on the main features of an owner controlled insurance programme (OCIP) or wrap policy which provides an effective way to insure the project in a cost effective manner and offers the broadest protection and flexibility.
Please click the download button to access the eBook.
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