A paper given to a meeting of the Society of Construction Law in Southampton on 21st March 2006.
Steve Bamforth introduces the concept of Single Project Financial Loss Insurance, which would provide the cover given by material damage project-based insurance plus pure financial loss protection. This would avoid the problems created by the traditional approach of turning construction risks into liabilities by way of contractual terms: the integrated team would be covered by the policy on a no-blame basis. By way of introduction, the author considers the background and results of the present insurance arrangements in the industry and the methods currently used to sort out disputes, before looking at various forms of partnering arrangements.
Introduction - The traditional approach to professional risks in construction - Effect on the insurance market - What solutions are available? - Arbitration - Adjudication - AD - Alternative procurement mechanisms - Single Project Financial Loss Insurance - Conclusion.
The author is senior partner of Griffiths & Armour, insurance brokers.
Text: 13 pages
PDF file size: 110k