Employer Controlled Project Insurance
Whatever the size of construction project, as the primary owner or developer responsible for managing contractors, suppliers, financiers and consultants, it’s important to control the controllable and remove uncertainty from the project at every opportunity.
Often cover provided by suppliers or contractors appears to be the most convenient solution when presented at the tender stage of the process.
There are however potential pitfalls for project owners or developers in adopting this more traditional approach to risk transfer.
At Griffiths & Armour, our team of construction industry risk management specialists have developed a solution that addresses all concerns, issues and some of the potential pitfalls experienced by developers which have included:
- Contractors unable to insure potential loss of revenue and income streams
- Reliance on suppliers to have sufficient cover in place
- Duplication of policies by several parties incurring unnecessary costs
- Excessive time reviewing contractor policy documents and the myriad of exclusions and conditions that risk invalidating your protection
- Varied contractor cover costs vs project term fixed price option
Employer Controlled Project Insurance by Griffiths & Armour puts you in total control of protecting your project through certainty of cover, leaving you and the stakeholders to concentrate on delivering the project.
So how does Employer Controlled Project Insurance work for you?
Put simply, it delivers a single, fully integrated solution for the entire construction phase, addressing all of the issues listed above and encompassing cover for the full range of risks including:
Contract Works and Public Liability which protects the interests of:
- The employer / developer / main owner
- The main contractor
- All nominated sub-contractors
- Suppliers (site based activities)
- Consultants (site based activities)
- Financiers and lenders
- Delay in completion, including loss of revenue / rental income / additional debt service costs
- Professional Indemnity
Latent Defects, including:
- First party cover without the need for litigation
- Covering all parties in the building process
- Covering all parties with a financial interest
- Non-intrusive audit to reduce risks of defects occurring
- Legal indemnities e.g. rights of light, judicial reviews etc
If you our Employer Controlled Project Insurance could be the right solution for your project, we’ll be delighted to answer your questions. You can get in touch or request a call back and we’ll be happy to contact you at a convenient time.
The PI insurance market in the UK for D&C Contractors are facing significant challenges… This is a cause for concern for all… (read more)
Contractor Insolvency is a risk to all projects and numerous exposures have been evidenced over the last year… (read more)
Latent Defects Insurance (LDI) is regularly mistaken as an unnecessary additional cost to the project. We frequently come… (read more)