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Project Specific Owner Coordinated Programs

A project-specific, owner 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:

  • All parties; i.e., owners, financiers, contractors, subcontractors, consultants and suppliers are insured and voids in cover and disputes and claims between the parties are avoided
  • Consolidation produces premium savings
  • Wider cover is achieved
  • Claims are managed to ensure delays or interruption to the project are minimized. It is possible to remove the boundaries of the individual coverage classes and adopt a multiline approach that is non-cancellable by insurers and may encompass:
    • Construction/Erection “All Risks”
    • Third-Party Liability
    • Consequential Loss (both Delay in Start Up and Business Interruption)
    • Property Damage
    • Marine Cargo & Marine Cargo Delay in Start Up
    • Contingent Employers and Motor Liability

At Willis we specialize 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.

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Did you know Willis was the broker for the Piper Alpha North Sea oil rig disaster which was the largest energy property claim to occur in the energy market?