Munich Re Specialty has launched construction rescue insurance for large-scale tunnelling and underground infrastructure projects.
The Construction Rescue Insuranceproduct enables funding of the significant and often unforeseen costs of rescue and crisis response. The launch follows the success of Munich Re Specialty’s Miner Rescue Insurance consortium.
The product will fund response and recovery operations, the use of specialist equipment and personnel, technical and logistical co-ordination, and other day-one needs – subject to policy terms, conditions and limits. It is designed for major infrastructure projects including rail, road and other underground developments.
Construction Rescue will respond to events of tunnel collapse, flooding, power outage, fire, equipment failure, or any unexpected event where contractors or workers are unable to reach the surface.
Dan Rouse, group head of international casualty, Munich Re Specialty – Global Markets, saidfollowing the launch of the Miner Rescue offer, expanding access to large infrastructure tunnelling projects was an obvious next step.
“The ambition for this new offering further supports Munich Re Specialty’s experience providing Contractors’ All Risks and Erection All Risk solutions to some of the largest tunnelling and infrastructure projects in the world, to address risks that we are hearing from customers first hand,” he said.
CEO Stephanie Ogden said tunnelling was among the most technically demanding disciplines in global infrastructure, and when a collapse occurred, the priority was safety of people.
“By providing this product, our aim is to support customers with the costs that amass exceptionally quickly and give project owners and contractors the time to ensure their focus can remain on the preservation of human life and welfare,” she said.
