Energy construction projects, both onshore and offshore, are facing a complex network of evolving risks. Expansion of projects into new geographies and emerging markets introduces new challenges such as geopolitical risks, kidnap and ransom, and terrorism, in addition to other threats such as volatile weather and natural catastrophes, in addition to:
- Contractor all risks
- Erection all risks
- Delay in start-up & supply chain failure
- Third party, contractual & employers liability
- Project finance
- Professional indemnity
- Performance and commercial risk
Exposure to these risks demands innovative solutions with a specialised focus on the energy industry.
Building a sustainable future: risk management
An understanding of the potential risks during design, construction and operations phases is vital to developing the ideal risk management approach. Identifying all possible risks related to the project is essential, but then modelling the likelihood and impact of each risk to deploy solutions effectively, is critical for ongoing resilience.
Project solutions consolidate insurance coverage on large projects into one program negotiated, purchased and managed by a single sponsor such as the owner (owner-controlled insurance program) or the contractor (contractor-controlled insurance program), targeting greater control over coverage construction costs while enhancing overall project safety and performance.
Many project operators and/or contractors will benefit from a broker that has extensive capabilities to deliver construction project wrap-ups through a team of professionals focusing solely on designing and implementing successful wrap-up programs to deliver superior protection, risk control, claims administration and cost savings, all contributing to successful project delivery.
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When operating in diverse and remote regions, clients should expect an approach to risk management that is truly global and delivers collaborative solutions across the full risk profile.
At Aon, we deliver localised expertise on a global scale. Our market share and global footprint enable our teams to monitor market trends through sophisticated data and analytics, and develop models to forecast how these trends affect our clients. Our energy hubs operate in many regions, providing direct access to our global industry specialists, risk engineers, consultants and local and international insurance markets.