ABSTRACT
Insurance policies which are fundamental for a tunnel project to commence and finalize are managed primarily by the Insurer and the Insurance Broker (acting on behalf of the Insured) and are premised upon specific conditions and requirements.
Because of the extremely technical nature of tunnel projects, the placement of the appropriate insurance policy presupposes the availability of specific information to establish bespoke policy wordings and clear terms & conditions. These can influence the level of the insurance premium and other critical elements (e.g. deductibles, sub limits, etc). A crucial role in this lengthy and (occasionally) attritional process is delegated to Risk Engineers, who can facilitate the entire process by delineating the project’s overall “risk profile” through discernible services assisted by dedicated aids. These could create a healthy competition among Insurers, highlighting the Insurance Broker’s invaluable role and finally satisfy the project’s needs.
