ABSTRACT
Partnership-based contracting models such as Integrated Project Delivery (IPD) are increasingly being used in tunnel construction projects. Joint and continuous risk management plays a key role, with the ultimate goal of delivering projects loss-free, of high quality, on time and within budget. Until now, insurers were not actively involved in the risk management of projects. This paper describes the current role of project insurance and illustrates how to involve insurers early and actively in risk management of future IPD projects. The project partners could thus benefit from more attractive policy conditions and new insurance products. In addition, they could draw on additional expertise in the risk management process. Through their active involvement, insurers would gain a much more transparent insight into the risk profile of the respective project phase, which should have a positive effect on their underwriting and ultimately on the profitability of their insured project portfolio.
