Longdown|EIC has worked with many clients on construction projects on a variety of civil and O&G projects. We have acted as out-sourced risk management and claims advisors. With numerous parties involved in any construction project (Owner/GC/Sub-Trades/Architect/Engineer/Environmental) the importance of carefully crafted project insurance is vitally important to accurately identify and protect key risks.
Whether you are an Owner, General Contractor or sub-contractor, it is important to understand the scope of any project insurance coverage – whether it be under a contract form that requires a Wrap-Up program to protects all parties together, or under a contract where each party is responsible for its own protection. How that protection ties in with your contractual obligations is also important to understand so that uninsured risks can be identified and either mitigated or otherwise transferred to others.
We offer a wide range of services including:-
- Insurance Program Review and/or creation
- Contract review (Owner/GC & GC/Trades) and insurance program coordination
- Risk Identification and Mitigation
We have experience in the following classes of insurance:-
- Property All Risks & Machinery Breakdown
- Business Interruption/Delay in Start Up/Advance Loss of Profits
- Soft Costs (Coverage forms and approaches can vary drastically between policies)
- Wrap Up/Third Party Liabilities including Pollution risks
- Errors & Omissions/Professional Liability
When claims occur, ensuring all parties’ interests are adequately recognised while the claim process is pro-actively managed is the key to getting the project back on track as quickly as possible while ensuring interim payments assist with cash-flow needs.
From a Claim Management perspective we provide:-
- Coverage Advice and Advocacy
- Cost analysis and Validation
- Proactive Claims Oversight & Management
- Claim Cost Organization & Submission
- Cash Flow/Interim Payment Coordination
- Establishment of workable Claim Timelines and Milestones
If you have suffered a major loss and need advice on what to do next, or you are uncertain about the adequacy of your insurance program, please give us a call or email us and we will be pleased to give you some initial advice, as well as see whether we can be of help.
- Casman, a large construction company in Edmonton and Fort McMurray suffered a major fire to one of the buildings in a housing complex under construction. We created a robust cost tracking spreadsheet that captured all the costs within the correct coverage sections. This enabled us to minimise disputes or questions to ensure appropriate interim payments were made promptly.
- We are working with a large construction company that suffered losses in the 2016 Ft. McMurray Wildfires to review and analyse all impact costs to the project and to allocate them to potential sections of coverage under the project insurance program.
We worked with a large Canadian construction company to review their entire insurance program especially the interplay between the broad corporate insurance program and the project specific policies. We also reviewed the contractual terms under which they typically operate to ensure that their responsibilities are understood and adequately covered.
We assisted an ownership group on a large construction project to properly place their Owner Controlled Insurance Program (OCIP) including the Builders Risk, Wrap-Up, Soft Cost and Delay in Start-Up coverages. The project consisted of a multi-phased, partial occupancy project that tied into significant existing structures. The end result was a customized product that properly addressed all the unique risks of the project.