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QS 1963 cutter guide cover.

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Willis
Construction Risks

Willis Limited
Construction Risks
Ten Trinity Square
London EC3P 3AX
United Kingdom
Tel: +44 (0)20 7488 8111

25B Vreeland Road


Suite 212
Florham Park
New Jersey 07932
USA
Tel: +1 973 410 1022

www.willis.com

Front cover image, top left


Plantation Place, London courtesy of The British Land Company
PLC and Simon Hazelgrove

Designed by Willis, Global Design Centre. Printed by The Astron Group.

Willis Limited, Registered number: 181116 England and Wales.


Registered address: Ten Trinity Square, London EC3P 3AX.
CON/1963/05/04 Lloyd's Broker and Member of the General Insurance Standards Council.
QS 1963 cutter guide cover.qxd 01/06/04 17:55 Page 2

Client:
The British Land Company PLC

Project:
51, Lime Street.
24 storey development of the most
modern office accomodation in the
heart of the City of London, adjacent
to the Lloyds Building.

This site is set to be the new Willis


headquarters in 2007

Construction Period:
3 years

Lime Street Courtesy of The British


Land Company PLC

2 Willis Construction
Willis Construction Risks strength
through diversity and market leverage

Willis was founded in 1828 and is one of the construction risk managers all working together
longest established and largest insurance brokers to design and deliver solutions for all aspects of
in the world. the industry from specific projects to bespoke
annual programmes for contractors. Our diverse
Willis Construction Risks, part of the Willis array of expertise and strong market leverage
Group, was formed in 1964 and comprised 4 means we bring our clients the most cost-
people; we now employ over 600 people effective programmes.
worldwide and place a total of $1.5 billion worth
of premium per year. Willis Construction Risks specialise in risk
identification and analysis and in the design and
We provide services from London and the USA delivery of tailor-made risk transfer programmes.
to our regional operations in Europe, the Far East,
the Middle East, Australasia and South America. We deliver a wide range of products and
services to owners, developers, contractors,
We can boast a London based team of 65 project managers, project financiers, professional
construction specialists from a variety of different consultants and insurers, from the planning stage
backgrounds, each contributing to what makes of any construction project through to its final
us unique breadth and depth of experience, completion and beyond.
client-focused global expertise delivered locally
and unified industry commitment. Willis Construction Risks' unique blend of
technical know-how, market experience and
We have brokers, engineers, lawyers, insurance service commitment underpins its reputation
technicians, former underwriters and former for innovation, creativity and professionalism.

A specialty within a global player


We do not believe in one-size fits all, and pride ourselves
on tailoring bespoke programmes that will fit your needs,
ensuring you never have gaps in cover.

Willis Construction 3
Client: London and Continental Railways

Project:
Channel Tunnel Rail Link
The United Kingdoms largest infrastructure project, including
108km of railway, over 25% of the route (26km) in deep
tunnel and a 1.3km viaduct

Construction Period: 9 years

Construction Cost: 3.2 billion

Channel Tunnel Rail Link images Courtesy of Union Railways


and Rail Link Engineering

4 Willis Construction
The Willis difference why Willis?

Proven track record our claims team are co-located in the same
building. This guarantees that any issue arising
We've consistently developed innovative risk around a claim will be dealt with immediately.
solutions for some of the most famous worldwide
projects to date, including: All our services are managed under one
convenient roof including research and
the Channel Tunnel Rail Link in the UK development, business development, broking
the new Hong Kong Airport resources, account executives and claims.

the world's first ever world-scale privately- Bespoke programmes


financed Gas-To-Liquids project in Qatar.
Our services are bespoke because your needs
Best people giving the right advice are individual. We never assume otherwise.

Quality people work for quality companies. Willis The values that drive us
Construction attracts the best people in the
market because we are a market leader. For our We know without a loyal client base, we
clients, the benefits are simple - expert advice can't deliver value. The client is first, ALWAYS.
that is prompt, accurate and concise. We take pride in our service.

Willis Construction Risks focuses on The Client Advocate model:


one industry construction unique to Willis

Construction is a highly complex and extremely The Client Advocate is a dedicated professional
technical industry. With the right people, who acts as a portal between, you, the client and
specialisation and volume of business, we ensure the Global Willis Team drawing on our worldwide
that we remain at the cutting edge in this sector. resources to deliver you the best possible
solutions where they are required.
Our clients get the best advice available and the
attention to detail that can only come from a While you may be helped by Willis specialists in
specialist broker like Willis. many offices around the world, it is the Client
Advocate who will be dedicated to your account.
The only totally integrated construction
department among the global brokers You can have peace of mind knowing that
a focused individual will be responsible for
As the only totally integrated construction your needs.
department amongst the major global brokers,

"The expertise and skill of the Willis team has made the insurance
management of this huge project very straight-forward. Our Client
Advocate delivered the solutions in a truly professional and
pro-active manner."
Union Railways, CTRL Project.

Willis Construction 5
Global resources, local delivery - 'glocal'

Our Client Advocates take advantage of global resources to bring


you the best solution locally. Client interests remain paramount.

We have on the ground specialist construction resources around


the world, ensuring you have local expertise wherever you are.

Our major construction hubs are:


Client: Nigeria LNG

UK
Project: The Nigeria LNG Plus Project - construction of two
USA additional trains to produce 8.2 Mtpa of LNG, 1.1 million
Australia Mtpa of LPG and 0.4 Mtpa of condensate. The project also
China/Hong Kong provides for extension/modification of the LPG jetty to load
France (in association with Gras Savoye) LNG, a new materials off-loading facility, and expansion of
common and off-site facilities.
Italy
Spain Construction Period: 3 years
Germany
UAE
Scandinavia Images courtesy of Nigeria LNG

6 Willis Construction
Our passion is protecting
your balance sheet

Our Client Advocates aspire to know and Our credentials


understand your business, and realise the necessity
of protecting both the physical assets of your We are proud to be a driving force in developing
balance sheet and the liabilities you assume in your innovative risk solutions. Below are a selection of
day-to-day business. This gives you peace of mind. the major world-wide projects for which we have
provided a risk solution:
We think beyond insurance, helping
our clients achieve their business goals. Energy
Nigeria LNG, Nigeria
Our formula is simple: Oryx GTL, Qatar

We do not judge Civil engineering


We listen Channel Tunnel Rail Link, UK
We take notes Phase 2 Extension to Dubai International Airport,
UAE
We listen some more
We work under 'One Flag' that is, one Property development
team, to find our answers. MTR Corporation Property Developments,
Hong Kong
We then deliver you the best solution locally, Canary Wharf, UK
to enhance your business success drawing
on our global resources and various world
Power/Utilities
insurance markets.
Sarlux IGCC Power Plant, Italy
Rijnmond Power Plant, Netherlands
When we identify the right solution for your
needs, we're able to match that to the right
Metals
provider in any of the major markets - that
Aluminium Bahrain Potline 5 Expansion, Bahrain
means the best solution at the best terms.
BHP Billiton Hillside III Expansion Project,
South Africa
Why what we do works
Manufacturing
Through our strong market presence we place
BAT Production Plants
over $1.5 billion worth of construction premium
UMC 12inch Wafer Fabrication Plant, Singapore
globally we have competitive advantage,
forging strong relationships and developing new
and exclusive products.

This market presence, combined with technical


know-how, means we have successfully delivered
1000's of bespoke solutions to companies
like yours.

Willis Construction 7
8 Willis Construction
Client: Tacoma Narrows Constructors being a
joint venture between Bechtel and Peter Kiewit

Project: Tacoma Narrows Bridge Project comprising


construction of a new suspension bridge (5,400 feet in
length with a main span of 2,800 feet) and a seismic
upgrade & redecking of the existing bridge

Construction Period: 51/2 years

Construction Cost: US$570 million

Image courtesy of Bechtel Corporation


and Tacoma Narrows Constructors

Willis Construction 9
Our products

Our principal products for Owners and Contractors include:

Construction "All Risks"


Third Party Liability
Advance Loss of Profits/Delay in Start-Up
Latent Defects & Decennale
Contractors Annual Insurance Programmes
Professional Indemnity
Pollution & Environmental
Bonds & Surety
Political Risks
Marine Transit
Marine Consequential Loss
Kidnap and Ransom

"Willis responded to every one of our tender requirements


and was superior in every scoring category."
MTRC, Hong Kong's main rail transport provider.

10 Willis Construction
Bespoke services for owners
and contractors

Risk identification and analysis


We identify those risks which might adversely affect project
completion on time, on budget and to specification. We identify
the insurability of those risks, advise on risk retention and
prepare an outline of insurance solutions to the parties involved. Contract Review and drafting of risk provisions
We advise on appropriate revisions to insurance-related
indemnity provisions contained in commercial
contracts. Insurance summaries or draft wordings are
available to assist you with commercial contract
Production of underwriting presentations negotiations.
Our underwriting information presentations are thorough, accurate
and professionally presented. We spend time with the client and, if
appropriate, members of their project team, in order to understand
all of the risk management and control features implemented. This
ensures that each risk attracts the attention it deserves from the
insurance market. Liaison and negotiation with financiers or
lending institutions
We are expert in the provision of services for projects
where structured finance is employed and, in particular,
managing the requirements where lending is on a non
or limited-recourse basis. We have advised on more
Design of bespoke policy wordings than 700 projects in all sectors.
Policies that are designed around your needs,
with protection for your key assets, liabilities
and financial exposures. Marketing of risks
Our pre-eminent position in the worldwide
construction insurance market enables us to keep
our clients fully advised of market developments. It
also allows us to comment widely on the scope
and availability of coverage from insurance markets
globally and through our market leverage,
negotiate exclusive capacity.

Willis Construction 11
Insurance market security review

Willis takes the issue of market security very seriously.

Willis monitors closely the security of insurance and reinsurance markets world-wide. We seek to
ensure, as far as we are reasonably able, that our clients risks are placed with secure and solvent
carriers, which will meet valid claims as and when they fall due.

Whilst we do not guarantee the financial strength or solvency of any carrier utilised, Willis does attach
the highest priority to security issues.

Willis has a team of 25 professionals globally, trained in a range of disciplines, including financial and
management accountancy, insurance, banking, insolvency and general research. This includes analysts
who have particular responsibility and experience in respect of Lloyds of London.

Willis Market Security Department monitors all carriers in use on an annual basis, which requires an
in-depth understanding of the factors and influences affecting different markets around the world. The
review includes consideration of the opinions of rating agencies and market commentaries globally.

Client: Borealis A/S

Project: Borstar Polypropylene Plant Project, Austria

Construction Period: 2 years

Construction Cost: US$175 million

Image courtesy of Borealis and Tecon Engineering GmbH

12 Willis Construction
"These days the strength of your broker and the financial security of
your insurer are the two most important factors to consider when
determining who you deal with. Willis Construction delivers on the
key issues."
Lewis Yazbek, Managing Director, Southern Cross
Constructions, Australia

Willis Construction 13
Claims management and consultancy

Our claims management experts are an integral part of our client servicing team, playing an active
role in designing claims procedures, establishing policy liability, and negotiating quantum with insurers
leading to settlement.

This co-ordinated approach ensures that when a claim event does occur all parties are fully aware of
policy coverage issues. Early involvement of the claims team facilitates efficient loss notification and
adjustment, leading to prompt and fair settlement of claims. This helps minimise any delays in project
completion and the adverse financial consequences these may bring.

CLAIM EXAMPLE:

LARGEST EVERT SINGLE CIVIL ENGINEERING CLAIM PAID BY THE LONDON INSURANCE MARKET!

Project: Heathrow Express 100 million plus

Description: Rapid Transit System Tunnel Collapse.

Willis supplied a senior member of the claims department to the assured for two years to
co-ordinate the claims presented from the many different contractors involved. The collective
claims resulted in the largest single civil engineering claim paid by the London insurance market.

14 Willis Construction
Willis Limited
Construction Risks
Ten Trinity Square
London EC3P 3AX
United Kingdom
Tel: +44 (0)20 7488 8111

25B Vreeland Road


Suite 212
Florham Park
New Jersey 07932
USA
Tel: +1 973 410 1022

www.willis.com

Willis Limited, Registered number: 181116 England and Wales.


Registered address: Ten Trinity Square, London EC3P 3AX.
CON/1963/05/04 Lloyd's Broker and Member of the General Insurance Standards Council.