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Daily Insurance Industry News
Tuesday 16th of January 2018
January 19, 2011

Crossrail makes history with nine year policy

by Richard Kilner

Story link: Crossrail makes history with nine year policy

Crossrail makes history with nine year policy

The first ever nine-year Construction Project Insurance Policy to be placed in the global market has been negotiated by Crossrail, one of the largest infrastructure projects in the world.

The project’s span has been accommodated by going without a break clause, and the multi-year policies are jointly led by Swiss Re and Zurich, working in collaboration with the broker Heath Lambert.

Crossrail is a £15.9bn rail project of a vast and complex nature, which requires a unique insurance solution to help safeguard budgetary stability and provide the particular coverage necessary.

Swiss Re Senior Underwriter Cedric Wong described it as an unprecedented achievement in the insurance sector, adding that Crossrail required an immense and broad range of underwriting expertise and skills.

Heath Lambert head of Project Risk Mike Hawkes explained that the broker had collaborated closely with the insurers and client to ensure that the project enjoyed value for money, appropriate coverage and security.

 

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