Construction Risk and Insurance solutions Aon Latvia. Jaap Veenenbos, managing director Risk Consulting & Construction Aon Central Eastern Europe

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1 Construction Risk and Insurance solutions Aon Latvia Jaap Veenenbos, managing director Risk Consulting & Construction Aon Central Eastern Europe

2 Content 1. Introduction to Aon Construction 2. Aon Risk Based approach, crafting the right solution 3. Typical construction insurance 4. Innovative solutions for construction risk Jaap Veenenbos Managing director Risk Consulting & Construction Aon Central Eastern Europe Aigars Milts Country manager Aon Latvia 2

3 Aon plc. Aon s three main business units Aon plc. Aon Risk Solutions Retail Brokerage Risk Assessment and Advisory Employee Benefits Benefits Administration Captive Management Affinity Programs Premium Finance Claims Advocacy and Administration Select Personal Lines Aon Benfield Treaty reinsurance brokerage Facultative reinsurance brokerage Capital Markets Financial Advisory Analytics and Technical Services Claims Management Aon Hewitt Human Capital Consulting Executive & Broad Based Compensation Total Rewards Employee Communications, Engagement & New Media Solutions Human Resource Business Processing Outsourcing 4

4 Aon Baltics Aon Baltic Management Team CEO Aon Lithuania Aon Latvia Aon Estonia Pan-Baltic Business Lines Accounting and Finances Support functions The Largest Insurance broker in Baltic States The Head office held in Vilnius, branches are in Kaunas, Alytus, Klaipeda and Riga, Tallinn 104 employees The total amount of insurance premiums written in year 2013 reached 40.4 MEUR Aon Baltic Latvian Branch 13 employees high caliber professionals Written premiums in year MEUR Our Mission: To deliver superior client value! 5

5 Aon Construction Broker for 50 % of top 50 global contractors global team of construction specialist Advisor on 475 PPP projects globally Global Construction annual Premium total million $ Europe 390 million $ UK 200 million $ CEE 20 million $ 6

6 Aon CEE Risk Consulting & Construction team CEE, dedicated construction team, advising: Principals (public sector, private sector) Contractors Developers Financiers Industry sectors: Infrastructure (motor roads, rail roads, airports) Power generation (coal, gas, nuclear, wind, solar, thermal) On shore energy (gas distribution, electrical grid) Utility buildings (manufacturing plant new builts) Commercial real estate (high rises, amusement parks) 7

7 What Is the Risk?! 8

8 Expect the unexpected, in the old days 9

9 Expect the unexpected, nowadays Paris airport France Metro drilling M6 Motorroad concession Hungary car deck restaurant 10

10 Content 1. Introduction to Aon Construction 2. Aon Risk Based approach, crafting the right solution 3. Typical construction insurance 4. Innovative solutions for construction risk 11

11 Not all construction risks can be insured Non insurable risks high Reduce probability via preventive measures Remain in control over cause Partially insurable risks Show stoppers Reduce both probability via prevention and impact via repression or alternatives low Acceptable risk Reduce impact Insurable risks Probability Retain (self finance) Cost of risk in budget Anticipate on risk, ensure conditions Insure small impact 12 catastrophic

12 Risk Management Risk Allocation Risk Identification / Assessment Risk Quantification Risk Allocation Not Transferable Transferable On balance sheet Balance sheet protection Bonds Derivatives Insurance Products Financing ART JV / Third Party Transfer 13

13 Aon Risk Based Approach Contractor/Principle expertise Risk Analysis Aon expertise Project specific risk profile Max loss exposures Risk mitigation (contract, management) Limits, sub limits, deductibles Prelimanary design construction all risk policy Final design construction all risk policy 14

14 Aon Risk Based Approach Crafting the right policy-coverage Understanding project risks Prelimanary design Approach CAR insurers WW Assess offerings Advice client Negotiate and define final wording Rehearse until Lowest Cost of Risk solution Close covers 15

15 Insurance Standard build contract Investor ROI Principal Program of requirements Architect Engineer design General Contractor Project management Advisors Sub contracting Sub contracting Sub contractorr Sub contractor supplier Supplier 16

16 Categories of risk Property damage Third party damage Construction Direct financial loss Design Assets Revenues Continuity Liabilities 17 Legal Contractual Legislation 17

17 Aon Risk Based Approach We review following documentation: project information memorandum project layouts specifications for related works geotechnical report environmental report time schedule project structure: parties involved key project contracts (or drafts) with: Employer, Designers, Sub-contractors, Suppliers, others insurance requirements of: the Employer, financial institutions e.g. banks (if any), others copies of all insurance policies related to the Project 18

18 Aon Risk Based Approach 2. Risk & Insurance Strategy Risk and insurance strategy design, including risk and insurance allocation Insurance costs estimation / e.g. for tender purposes Advisory in negotiations with employers, designers, sub-contractors, suppliers etc. (hereinafter referred to as partners ) related to risk and insurance Advisory in designing Chapters Risk & Insurance in tendering and contracting the partners Review and comments, concerning insurance requirements provided by third parties eg. employers, subcontractors Aon Risk Solutions 19

19 Aon Risk Based Approach 3. Insurance Broking Services Designing complex insurance programs Obtaining insurance proposals from the insurance markets Obtaining insurance bonds proposals (bid, performance, maintenance, advance payment) from the insurance markets Placement & daily handling of insurance and bonds programs Insurance and claims handling procedures design and implementation Preparation of Insurance Manual Claims handling: site surveys if necessary, assistance and support in preparing documentation, claims letters, negotiations with the insurance companies, etc Insurance trainings 20

20 Content 1. Introduction to Aon Construction 2. Aon Risk Based approach, crafting the right solution 3. Typical construction insurance 4. Innovative solutions for construction risk 21

21 Main classes of insurance 1/2 Asset Insurances Revenue Insurances Liability Insurances 22

22 Main classes of insurance 2/2 Peripheral Insurances Statutory Insurances 23

23 Construction allrisk, true allrisk: Loss of, or physical damage to, interest insured, Whatever cause (closest to real all risk) Including: faulty design, faulty material and faulty workship, including the fault itself Maintenance cover based on full quarantee up to 3 years (exceeding by far, standard extended or visit maintenance) Triggers Delay in Start Up cover (compensates revenu losses) 24

24 Insurance Who should take out insurance? ROI Investor Principal Owner Engineer design Program of requirements General Contractor Architect Project management Contractor Advisors Sub contracting Sub contracting Sub contractorr Sub contractor supplier Supplier 25

25 Contractor controlled versus owner controlled 7/7 Program Features OCIP CCIP 1. Insurance Policy Control Owner / Developer - Flexibility Multiple contractors Low flexibility 2. Policy Administration Aon Centralized Contractors own insurance agencies? 3. Policy Wording Manuscripted broad-form policy All Stakeholders interests Standard wording designed for the contractor keep the costs down Contractor s interests 4. Insurer Selection & Security Owner Selected Contractor Controlled 5. Uniformity of Coverage 6. Delay in completion coverage 7. Phased completion and early generation coverage 8. Access to Insurance market Consistent Avoids cross party disputes Available Aids ability to finance Broad CAR expands coverage Yes Interfacing issues between construction and operation are addressed Streamlined consolidated approach efficiently utilizes market capacity Inconsistent among contractors Unusual No financial interest Confidentiality issues No Construction phase only Individual approach restricts available market capacity 9. Insurance Premium Cost Leveraged purchasing generates savings Profit center for contractors and their related insurance agencies and insurance companies 10. Premium Payment Owner directly Full Transparency Owner pays through contractors 26 Minimum transparency 2 6

26 Content 1. Introduction to Aon Construction 2. Aon Risk Based approach, crafting the right solution 3. Typical construction insurance 4. Innovative solutions for construction risk 27

27 Solutions per Construction Sector Investors and Principals Contractors Developers and Project Managers Architects, Engineers Banks, lenders Other parties 28

28 An innovative solution covering all parties involved Delayed Start Up / Business Interruption following damage / pure financial loss coverage, Aon Construct Integrated coverage Constructon All Risk Material Damage Erection All Risk Leg3/De5 Las Palm Directors & General Third Offciers Party Liability Environmental Liability Liability Environmental Damage Planning/Design Liability All parties at first party basis local fronting coverage 29

29 Contact details Aigars Milts Aon Baltic Latvia Branch Country manager T: M: Jaap Veenenbos MSc. Managing director Risk Consulting & Construction Aon Risk Solutions CEE, Russia and CIS Office: Paalbergweg AG Amsterdam, the Netherlands 30

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