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The full implication of risk transfer obligation imposed on contractors may need explanation and clarification. Contract conditions may be complex and the assumption by a contractor of risks such as liquidated damages following damage to the contract works, unforeseen ground conditions and onerous collateral warranties are not uncommon.

Even without such burdens each contractor has a business to manage and with it the inherent financial exposures arising from loss of or damage to structures, stored materials, construction plant and equipment, motor vehicles and legal liability to employees and third parties.

In Willis we help contractors throughout the world to survive and succeed through effective management of their exposure to risk. Widely recognised as a market leader, we provide professional risk management consultancy and insurance broking services that include the design of innovative, bespoke annual insurance programmes for our clients' protection. By finding the optimum balance between risk retention and risk transfer, our function is to directly influence and minimise the cost of risk.

To minimise contractors' exposure we provide risk transfer protection for:

  • construction and erection of contract works
  • public, products and employers' liability
  • construction plant and equipment
  • transit/cargo
  • motor fleets
  • loss of or damage to property and assets
  • plant hire liability
  • professional indemnity/collateral warranties
  • legal expenses
  • contractual indemnities
  • delay in completion risks arising as a result of:
    • archaeological discoveries
    • unforeseen ground conditions
    • other causes
  • cost overrun
  • developers' consequential loss
  • environmental risks
  • liquidated damages
  • latent defects
  • terrorism
  • guarantees

Related services include:

  • plant inspection services
  • health and safety services
  • construction design management (CDM) regulations services
  • environmental surveys

Willis Towers Watson In History

Did you know Willis Towers Watson was the insurance broker for the first commercial service of the Boeing 747 as operated by Singapore Airlines in 1973?