What is single project insurance?
Single project insurance programs are an increasingly popular risk management technique used by property owners, developers and contractors for large construction projects to reduce total construction costs whilst controlling the scope of risks to be insured and enabling the quality and solvency rating of the desired Insurer to be vetted.
The policy typically consolidates insurance coverage for main contractors and subcontractors working on a project into one program negotiated, purchased and managed by a single sponsor. That sponsor can be either the owner or developer (owner-developer controlled insurance program) or the contractor (contractor controlled insurance program).
Construction project arrangements may include insurance of the works, public liability insurance, excess liability insurance, 6.5.1 type non-negligence insurance, existing structures buildings insurance, advanced loss of rent/ additional cost of interest business interruption cover, professional indemnity insurance, environmental impairment insurance and buildings defects insurance.
