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A project specific coordinated insurance program is a policy protecting the interests of all parties involved in a construction project with a single panel of insurers.

The result is that:

  • owners, financiers, contractors, sub-contractors, consultants and suppliers are insured and disputes and claims between the parties are avoided
  • consolidation produces premium savings
  • a wide scope of cover is achieved and gaps and overlaps between fragmented, separately arranged programs are avoided
  • claims can be managed in such a way as to ensure that any delays or interruption to the project are minimised.

Project specific coordinated programs also make it possible to remove the boundaries of the individual coverage classes and adopt a multiline approach to the purchase of cover.

Multiline programs are non-cancellable by insurers and may encompass:

  • marine transit
  • construction "All Risks"
  • comprehensive general liability
  • consequential loss
  • property.

The effect of this is that

  • losses occurring during the course of ocean marine transit, during construction or commissioning or as a result of damage to the completed works during the early operational phase are all protected.
  • consequential financial losses following insured loss or damage at any stage may also be included.

At Willis we specialise in tailor-made project specific coordinated insurance programs to meet all the risk transfer requirements of a project from the pre-construction phase until completion and beyond.

Willis Towers Watson In History

Did you know Willis Towers Watson was the broker for the first “project finance” coal fired power project to be constructed in China?