This is a comprehensive policy covering all the physical risks associated with a project. This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.
Project insurance options have and will continue to change driven by market conditions, underwriting strategies and project delivery methods including the use of more collaborative approaches such as IPD. The use of an Integrated Project Delivery (IPD) process is gaining momentum in certain building and construction sectors. The objective of IPD is to have all parties involved in design aspects, including contractors and construction managers, share risk to protect project-based interests. Each project insurance product has their own application, benefits and associated cautionary points to be considered.
