WTW’s construction team outlines the key areas, both in terms of logistical challenges and risk management and mitigation strategies, that underwriters are looking for to offer capacity to interconnectors, transmission and distribution projects.
How do interconnector, transmission and distribution line project owners and developers deal with the insurance environment? George Karalis, Iain Drennan and Kishan Dasan from WTW’s specialist construction team provide insights on key underwriter considerations for this highly complex area of energy production.
This short video looks at the major logistical challenges, including Geotech concerns, particularly in areas often affected by natural catastrophe events, as well as the use of drones and cranes and construction methodology.
Insurers are also seeking to gain confidence that projects have sufficient resources to deal with ‘known unknowns’ and have addressed the significant physical distances involved, particularly if remediation is required. There is also heightened scrutiny on the type of technology, and tech partners being employed on any given project.
The WTW team works with clients to ensure quality information on risks is provided to insurers, which remains the key to maximising success in attracting capacity.
Iain leads our Australasian Construction team servicing all facets of the industry, managing global insurance programs for large international contractors, principals and financiers.
