ABSTRACT
All tunnels and underground works, from concept to operation, carry inherent risks albeit diversified through time. These risks may vary, alternate and transform upon the project’s maturity level, affecting and reshaping its overall risk profile. The transition from a high level to a more detailed risk allocation, the timely identification, evaluation and mitigation is of utmost importance to all project stakeholders such as project owners, contractors and insurers. A powerful and proven tool that can contribute in this direction, as integral part of the project’s lifecycle risk management and inextricably linked to its insurability is risk engineering surveys. The particulars of a well-structured and professionally executed risk survey, such as planning, structuring and objectives are presented and analyzed. Their focal role and contribution is clarified with explicit references to the tangible benefits gained and concurrent reduction of the total cost of risk for the interest of all major project stakeholders.
