Aon’s Post

Working near water introduces a unique set of construction-stage risks that can rapidly transform into a major project loss. A failure of temporary works, unexpected wave action or rapid groundwater ingress can all result in significant physical damage, critical path delays and complex contractual disputes. As wet risk construction projects become larger and more complex, insurers are placing increasing emphasis on how these exposures are understood and managed before construction begins — at the design conception stage. When insurers are engaged at this point, says Aon's Vincent Banton, projects can be better positioned to meet underwriting requirements by the time they reach placement. Discover how to effectively navigate the insurance market for your next project in our latest insights: https://aon.io/4wL4Pjh