Projects have the goals of achieving desired results within a defined time framework and scope with budgeted allocated resources. Projects can be defined according to their nature; a replacement investment, a capacity increase investment or a totally new investment.
Naturally, a project is regarded as being successful when the project is delivered according to the initial planning goals. However, there is always the potential that something adverse can occur. The exposure to unexpected risks and their impact on a business or service are normally assignable to an insurer utilizing a Project Insurance which covers the investor's project and any ensuring financial losses resulting from a damage.
Let's go underground
The Metro is an important part of the urban mass transport system in Copenhagen. The new extension 'Cityringen' is under construction and adds new routes.
Several risk management challenges have to be dealt with on a daily basis in order to
keep disruption to a minimum.
At an estimated cost of 2.95 billion EUR, connecting 17 new stations and measuring 15 km, the construction of Cityringen is the biggest infrastructure project in Copenhagen since the 17th century. Read the article
When loss delays start-ups, insurance can help
The principal can cover him or herself against a loss in several ways. Principals can be careful when choosing contractors and suppliers to realize the project. They can require all parties of the project to ensure a high level of risk management during the project phases.
The principal can also take out insurance against physical losses during the project phase to ensure his or her profit starts to flow as planned in the specification stage of the project. This insurance is called Delay in Start-Up. Read the article
Minimising risk at planning stage
If's risk engineers give credit to Wipak for the opportunity of being involved in the plant planning process from the very beginning. The installation of piping and fire detectors as well as the division of the production premises into fire compartments is easier in planning stage. Read the article