As the global economy develops, companies are once again expanding their operations. Major construction projects provide a multitude of on-site and off-site risks and delays in completion can have expensive consequences. Our construction policies protect against the cost of physical loss or damage to building works, contract materials and equipment involved in onshore construction projects. In addition, we provide third party liability cover and advance loss of profit coverage.
Our dedicated underwriting team possesses the technical expertise, multi-lingual capabilities and breadth of knowledge necessary to mitigate the specialty risks associated with major construction and erection projects. At Allied World we pride ourselves on offering exceptional client support by being a committed and long-term insurance provider and partner.
Key coverage
- Contractors All Risks
- Erection All Risks
- Third Party Liability (TPL) in conjunction with C/EAR cover
- Advance Loss of Profit (ALoP) in conjunction with C/EAR cover
- Contractors Plant and Machinery (CPM)/ Contractors Plant and Equipment (CPE) in conjunction with C/EAR cover
- Operational cover in conjunction with CAR/EAR
- Bespoke coverage solutions
- Package and multi-line placements
Additional Services / Capabilities
- Delay in Start Up / ALoP Monitoring
- Construction Risk Engineering
Target classes
Contractors All Risks (CAR) – Civil works
- Dams, canals and irrigation
- Harbour construction/wet work
- Infrastructure
- Mining
- Pipelines and storage tanks
- Power transmission and distribution
- Roadways, bridges, railways and tunnels
- Telecommunications networks
- Water and wastewater distribution
Contractors All Risks – Building construction
- Commercial
- Government
- Industrial
- Residential
Erection All Risks (EAR)
- Chemical and pharmaceutical plants
- Mining (processing) and mineral extraction
- Manufacturing and process industries (e.g. automobiles, electronics and semiconductors, food and beverage, metals production and refining)
- Oil, gas and petrochemicals
- Power generation and transmission and utilities
- Renewable energy (e.g. wind, solar, hydro, etc)
Capacity
- Up to US$100M on a Probable Maximum Loss basis
- Direct and reinsurance placements, lead or follow capacity
Territories
Our team based in Singapore, Hong Kong and Australia primarily focus on projects located in South Asia, North Asia, Australia and the Pacific Region, but can support Asia Pacific based clients who have projects in Africa, Europe, North America and South America. For those projects located in North America, our focus is on highly-technical projects, such as power plants, tunnels or projects which are part of a non-North American portfolio.
Underwriting strategy
- Building and maintaining long-term and reciprocal relationships with our brokers, cedants, and insureds
- Delivering commercial underwriting expertise, excellent service and responsiveness
- Providing excellent financial security
- Working with brokers and insureds to provide innovative solutions and coverage provisions in line with local market conditions
Risk Management
To support this complex business , we have a team of highly experienced in house engineers, including Power & Utilities, Mechanical, Civil Construction & Tunneling, Marine and Logistics. Through their combination of hands-on industry experience with sound loss prevention knowledge, this team adds value for our customers by identifying risk exposures and offering economical recommendations to mitigate them.
We are offering a range of services, tailored to the type of project and level of coverage that is required, including but not limited to:
- Onsite surveys throughout the life cycle of a construction project starting with initial project set up through to final commissioning
- Desktop reviews of project designs to advise on construction materials, occupancy related hazards, fire protection, and natural hazards
- Delay in Start-up (DSU) Monitoring, ensuring any such claims settle quickly and smoothly if they arise.
By developing a close relationship and having a solid understanding of the projects we underwrite, we are seen and accepted on site as second set of eyes for the Insured and welcomed on site as part of the project team.