Standstill Risks. Daniel Abramson Head of Construction Asia Pacific & Middle East Zurich Insurance Company

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1 Standstill Risks Daniel Abramson Head of Construction Asia Pacific & Middle East Zurich Insurance Company

2 Introduction The financial crisis of resulted in failure of leading businesses and significant reductions in consumer wealth. The accompanying disruption in credit markets and a worldwide recession contributed to the postponement or cancellation of planned construction projects and the suspension of many construction projects underway. We discuss the hazards of standstill risks construction projects that have been interrupted and suspended in a state of partial completion. We take a detailed look at the concerns of construction insurers, and how insurance coverage can be maintained entering, during and emerging from standstill mode.

3 Contents Causes of project suspension CAR/EAR Insurance Policy conditions regarding work stoppages Special hazards during standstill periods Conditions for protection and conservation of property Silent risk insurance

4 52% of UAE s construction projects suspended By Joanne Bladd on Thursday, 05 February 2009 The future of more than half of the UAE s 1,289 construction projects hangs in the balance, a new report has revealed. Nearly 53 percent of the UAE s development portfolio, worth a combined $582bn, has been suspended as the construction industry grapples with the country s dramatic real estate crash. The findings by Dubai-based market research firm Proleads show that of a $1.3 trillion-strong industry, only $698bn is still in operation on active construction projects. The report, which reviews the real estate, leisure and entertainment and infrastructure sectors, shows the real estate market to be the worst hit. Some 180 projects have been suspended while projected cash flow, the marker of the industry s health, is set to drop 43 percent in the first quarter of 2009, the report noted. Real estate comprises around 74 percent of the UAE s construction portfolio. While the numbers are daunting, Emil Rademeyer, director at Proleads, said the report also offers glimmers of hope. UAE projects worth $300bn on hold or cancelled By Tom Arnold on Tuesday, 28 July 2009 More than 400 projects with a total value of over $300bn had been placed on hold or cancelled altogether in the UAE, according to a new report on the construction sector released on Tuesday. However, stability would begin returning to the Gulf state s construction sector this year, with signs of recovery emerging during 2010 as cash flow shortages eased, according to the report by Dubaibased research house Proleads Group. From our cash flow projections for the industry, we see the UAE construction market beginning to stabilise at current levels and showing some signs of recovery during 2010, said Emil Rademeyer, director of Proleads Global. Although a slowdown had cut the number of new projects launched since mid-2008, the UAE remained one of the most active construction markets in the world, with more than 750 projects under construction and 450 completed recently, it said. The commercial and retail sectors had seen a reduction in new construction projects being started, with education and healthcare projects being placed on hold more often than in the past. $20bn Saudi projects cancelled, delayed By Soren Billing on Sunday, 02 August 2009 Less than 80 active projects, with a total value of around $20bn, have been put on hold or cancelled in Saudi Arabia, Dubai-based research house Proleads Group said on Sunday. By contrast, more than 400 projects with a total value of over $300bn have been suspended or cancelled in the UAE, Proleads said last week. The Saudi study examined more than 720 construction projects with a total budget of more than $430bn across the commercial and retail; education and healthcare; leisure and entertainment; and residential sectors. The economic crisis has not had a great effect on the rate at which projects have been cancelled in Saudi Arabia, said Emil Rademeyer, director of Proleads Global. Cashflow in the Saudi construction industry grew throughout 2008 and stabilised in The market in Saudi Arabia is expected to maintain current levels throughout 2010, although slight decline is expected in the education and healthcare sectors countered with an expected slight growth in commercial and retail, Rademeyer said. Residential projects made up the biggest share of the market in terms of value but education and healthcare had the most projects.

5 Standstill Risk cover Silent Risk cover Suspended Risk cover Mothballed Project cover Project suspension Project delay Project cancellation

6 Causes of project suspension Investors unable to fulfil commitments Change in economic conditions impair project viability Dispute between Contractors and Principal Shortage of labour, material or equipment Currency devaluation, liquidity problems Breach of local regulations

7 Financial Uncertainty Can Affect All Parties Investors Owners Contractors Architects and Engineers Suppliers and Manufacturers End-Use Customers

8 CAR/EAR Insurance Policy Conditions: Cessation of Work Insurers will not indemnify the Insured in respect of loss, damage or liability directly or indirectly caused by or arising out of or aggravated by cessation of work whether total or partial

9 CAR/EAR Insurance Policy Conditions: Material Change of Risk The Insured shall immediately notify the Insurers of any material change in the risk and the scope of cover and/or premium shall, if necessary, be adjusted accordingly» Investors/Principal abandon the project» Contractor abandons the site» Works temporarily suspended by mutual agreement between Principal and Contractors

10 Standstill hazards depend upon the project type Buildings (residential, office, hotel, shopping mall) Tanks, storage facilities, warehouses Civil Engineering and Infrastructure (bridge, airport, pipeline, tunnel, road/rail, port/harbour) Industrial/Manufacturing (power plant, oil refinery, metals production, paper manufacture, light/heavy industry) Mining

11 Hazards during standstill Weather-related exposure to excavations, foundations and incomplete structures Subsidence, collapse, erosion Fire Machinery and equipment deterioration Corrosion Theft and vandalism

12 Hazards during standstill Building project in Wuhan China showing an exterior glass curtain under construction

13 Mothballing a Refinery: ❶ Preservation of equipment Periodic maintenance must be performed Some equipment must be operated, gas blankets maintained, oil recirculated Inspection for leaks and deterioration Care required to prevent chloride or sulfide deposits when drying out equipment normally wet Install electric heaters and dehumidifiers with drains where needed

14 Mothballing a Refinery: ❷ Fire Protection Probability of fire is lower Severity of fire may be higher flammable liquid/gas quantities may exceed quantities during operation All protective and emergency systems in operating condition Fire pumps run weekly Fire brigade on premises; inspections more frequent Electric power circuits remain energized

15 Mothballing a Refinery: ❸ Security Gates and fences tightly closed Adequate perimeter and internal lighting Chain and padlock valves that can release flammable or hazardous material Watchmen trained in emergency response

16 Mothballing a Refinery: ❹ Protection against weather Empty tanks can be floated during heavy rainfall (dike drains locked open) Empty tanks susceptible to wind damage Snow loading may be a problem for unheated buildings and tanks American Petroleum Institute API IRE C18: Guide for the Protection of Idle Equipment

17 Early Stages: When Financial Difficulties Arise Cost saving measures e.g., lowering skilled labour qualifications or site safety standards can stress the project Once decision is made to suspend the project, risks of theft and fire increase as workforce reductions are made As soon as the decision to suspend is made, a written policy should be promulgated identifying conservation practices and establishing responsibilities across the project team Contractors may not remove CPE for fear of appearing to abandon project and incur contractual penalties

18 CAR/EAR Insurance Policy Conditions: Reasonable Precautions The Insured shall at his own expense take all reasonable precautions and comply with all reasonable recommendations of the Insurers to prevent loss, damage or liability and comply with statutory requirements and manufacturers recommendations

19 Risk Information for Standstill Cover ❶ Cause of project suspension, expected delay if known Current stage of construction:» Excavations and foundations» Temporary works (cofferdams, sheet piling, access roads)» Substructure and superstructure works» Cladding, roofing, interior fit-out works

20 Risk Information for Standstill Cover ❷ Insurable values at risk Critical works not yet completed (load-bearing structures, supports, bracings, linings, seals, waterproofing, etc.) Integrity and longevity of temporary works Dewatering operations and requirements Scaffolding, curtain walls (windstorm exposure)

21 Risk Information for Standstill Cover ❸ Fire load: timber, combustible materials, plastics, insulation Fire-protection and fire-fighting facilities Lightning protection Machinery and equipment: storage location, security, protection against elements, separation, humidity and corrosion control, required maintenance Loss record to date, outstanding NCRs Adjacent unmanaged plots (subsidence, coastal erosion)

22 Standstill cover: Conditions for protection and conservation of property ❶ Temporary works and incomplete structures secured and stabilized Safeguards against wind and water damage Stabilization of slopes, maintenance of drainage Adequate dewatering facilities and standby pumps Instrumentation and monitoring of ground movement, settlement, groundwater/surface water

23 Standstill cover: Conditions for protection and conservation of property ❷ Site fully fenced, controlled access, 24-hr patrols Locked storage of valuable property Equipment in storage properly maintained and monitored, in compliance with Original Equipment Manufacturer recommendations

24 Standstill cover: Conditions for protection and conservation of property ❸ Removal of combustible waste materials, flammable and explosive gases, liquids and other materials Separation of construction materials, equipment and stores Installation and inspection/maintenance of fire-fighting equipment Adequate supply of fire extinguishing water (quantity and pressure) Fire department consulted and emergency response plans formulated

25 From CAR/EAR to Standstill Risk Policy: Initial steps Establish values exposed Risk engineering survey of site Agree safety precautions and loss minimization measures to be taken Agree upkeep, maintenance and monitoring protocols Establish OEM position on maintaining original warrantees Establish absence or continued involvement of parties to the original contract (contractors, architects, consultants)

26 From CAR/EAR to Standstill Risk Policy: Re-underwriting the risk ❶ Impose Limit of Indemnity Specify period of standstill insurance cover (renewable) Specify Named Perils» Fire» Earthquake, Windstorm, Flood» Act or omission of the contractors during the construction period»

27 From CAR/EAR to Standstill Risk Policy: Re-underwriting the risk ❷ Specify premium rate and deductibles Conditions and warrantees for protection and conservation of property No construction or erection works permitted Premium payment conditions Monitor sum insured and deductibles (adjust for inflation and currency ROE movements) Adjust and partial return original premium if paid in advance

28 Restarting the Project: converting from Standstill Risk back to CAR/EAR Policy Survey of site and property condition Determine rehabilitation works required, if any Update sum insured Review changes in contractors and other parties to the contract Establish premium rate, terms and conditions

29 Communications Routine and effective communications should be maintained: Owners and contractors Facility Maintenance Finance Vendors and suppliers Insurers

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