 Contact: Rob Pasquini
Telephone: (03) 9603 2989
Construction projects inevitably involve complicated and onerous risks. In today's climate, these risks are compounded by changes in legislation, the efforts of WorkCover authorities to recover claims settlements (usually at the cost of the principal or head contractor), the adoption of non-standard building contracts and increased activity in design-and-build projects.
These additional risks require developers, builders, contractors and other construction professionals to constantly review and update their insurance programs. Traditional construction risks such as contract works, public liability, damage to contractors' plant and equipment and the inability to complete a contract continue to be relevant. However, companies in the construction industry need to extend their risk management practices to cover:
- liquidated damages
- pollution liability
- project specific professional indemnity claims
- force majeure
- delay in completion of a project (from any cause)
- system performance guarantees/efficacy of equipment
- contingent contractual liabilities
- insurance bonds
Marsh can assist the construction industry in all areas of risk management including identification, quantification, control, transfer and review. Industry-specific services include:
- risk-based 'fatal flaw' analysis
- development of a project risk profile including risk action plans
- review and audit of construction and operational physical risks including fire, health and safety, environmental, natural hazards and security
- negotiation of premium payment terms to meet with project cash flows
- reviews of site practices for compliance with applicable regulations
- employee benefits consulting and insurance
Marsh has worked with the construction industry for over 30 years to identify risks, analyse exposures and provide cost-effective risk solutions. As well as tailoring insurance programs to meet your needs, we can provide a full range of risk management services. |
