Marine insurance for Construction companies
Products & Services
Insurance cover for loss or damage to tiems during transportation from the point of origin to the project site. We can provide up to £75m limit per conveyance.
Protection against loss of income, costs, and expenses, due to a delay to the project caused by a Project Cargo loss. It can only be bought in conjunction with Project Cargo. We can provide up to GBP 150m limit for both Project Cargo and DSU combined.
Risk scenarios
Specialist marine insurance protection for the Construction sector
Where a contractor is responsible for the transport of goods and materials the principal or lender will require sufficient protection to be in place for items critical to the project, including for delay. We can provide cover for Project Cargo and Delay in Start-up (referred to as DSU).
Who it's for
- Project Owners
- Contractors, Builders
- Manufacturers and Suppliers responsible for transporting equipment and materials to the project site.
FAQs
Every project has a schedule commercial operation date (SCOD). In the event of loss or damage to project cargo it will need to be replaced, reshipped, installed, and tested in sufficient time to facilitate completion by the SCOD. In addition to the replacement cost, any delay beyond the SCOD will result in loss of income to the principal. As a result, where a contractor is responsible for the transport of goods and materials the principal or lender will require sufficient protection to be in place for items critical to the project, including for delay.
A description of goods and any project critical items, details of how it is being packed and shipped, origin location and destination, estimated lead time to replace goods, and the scheduled commercial operation date (SCOD). For project critical items a survey may be required.